中国上市公司换股并购研究

发布时间：2018-03-22 02:25

本文选题：换股并购　切入点：公司治理　出处：《武汉大学》2013年博士论文　论文类型：学位论文

【摘要】：企业并购是企业发展的重大决策。西方企业的并购已经经历了长时期的发展。不同的并购浪潮触动并激发了各国商业结构的重要变革,在中小企业集结商业群模式向现有的、包含成千上万跨国公司模式转变的过程中,并购扮演了极为重要的角色。迄今为止世界范围内已经有六次大规模的并购活动,它们如同浪潮一般一波波来袭,但又并非一层不变。事实上,各次并购浪潮都富有鲜明的时代特征。回顾世界主要资本市场上六次大的并购浪潮,并购涉及的主体、规模、范围、形式等都愈演愈烈。随着全球经济化的进程,国际金融环境日趋宽松,金融特别是金融服务贸易自由化,以换股并购的方式开始风行全球。一方面,尽管换股并购目前仍未占据中国并购市场主导地位,然而换股并购相比现金并购能够节约公司现金流、丰富公司支付手段、合理避税、降低负债率、增强抗风险能力等,加之资本市场上逐渐放宽的法律管制为换股并购在中国的发展扫清了部分障碍。伴随着股权分置改革的完成,上市公司换股并购之间的计价难题也得到较为有效的解决。因此,换股并购在中国市场上有很大的发展前景。另一方而,由于我国资本市场‘发展历史较为短暂,并购发展史则更不成熟,从1999年我国第一起换股并购案例清华同方成功换股并购至今,不过短短14年。截至2013年5月,我国通过换股并购成功的企业仅仅50余家。对比世界资本市场并购进程可预知,在今后中国的并购市场上,换股并购的比重将逐渐加大,成为未来我国上市公司并购的主要方式之一。但并购方案、手段、法规以及并购绩效低下等都从一定程度上表明换股并购亟需得到进一步的关注和研究,因此对我国上市公司换股并购问题进行系统性研究就很有必要,具有一定的理论意义和实践指导意义。本文旨在对中国上市公司换股并购问题进行系统研究,从理论、战略、操作和绩效四个层面组织文章整体架构,主要包含八个章节。其中理论层面为本文第二章节,在这一部分对换股并购方式之于资本市场的重要意义进行了阐述,对并购、换股并购等概念、分类、优劣、异同和支付形式等进行梳理,并在此章节对国内外换股并购的研究现状进行梳理回顾,提出换股并购流程及其存在的问题。战略层面主要体现在文章第五章节,即对换股并购的公司治理研究。这一部分对公司治理的机制和公司并购之问的关系进行了分析研究,并购做为公司治理外部机制的一种,对公司绩效会产生什么样的影响是本章研究的重点内容。在此基础上,换股并购做为并购的一种,又会进一步对公司治理和公司绩效产生什么样的影响。操作层而则主要体现在对公司价值评估、会计方法和法律解析的研究上,分别为本文的第三、四、六章节。第三章则主要对换股并购的实际操作中涉及到的估值问题和换股比率确定方法进行介绍。由于合理的换股比例的确定需要满足对并购双方公司进行合理估值的前提,因此首先介绍了现有常用的几种公司价值评估方法,包括自由现金流法、经济增加值法和可比乘数估算法。确定了公司价值后,进一步对换股比例换算方法分析介绍,主要包括每股净资产法、市场价值方法、每股盈利能力法。最后通过对比我国实际发生的换股并购的案例及其中对换股比例方法的确定进行分析和总结,就实际操作层面中需要注意的估值和比例确定问题提出建议。第四章重点分析研究换股并购中涉及到的会计处理方法和财务信息披露等问题。该章节以有效市场理论与代理成本理论为基础,阐述了财务信息的披露对于企业、投资者、证券市场的重要性。通过介绍在公司合并问题上主要的国际会计准则、美国财务会计准则和我国企业会计准则的发展历程及各自规定,发现各准则有趋同变化倾向,但由于我国特定的国情,在具体的会计处理上还是有很多不同之处。随着会计准则越来越国际化,财务信息披露变得更为重要。本章从会计制度、监管机构、企业自身和投资者四个角度探讨了制约我国财务信息披露制度的因素,为了保证投资者能获得信息,会计准则强制性迫使公司披露信息,市场竞争也会使得公司自愿披露信息来以更低的成本获得更多的资金。对社会而言,信息的披露有助于实现资源的最优配置,影响财富的分配。第六章对上市公司换股并购的法律条款进行了介绍和分析,通过梳理美国、英国、欧盟等市场换股并购的市场法律史、立法流程以及其法律环境,对国外法律经验进行总结和参照,对比分析了中国金融市场的法律环境以及制度欠缺的地方,并提出相关建议。绩效层而主要是指本文的第七、八章节。第七章主要对潍柴动力并购湘火炬以及蓝色光标为实现高速扩张进行一系列并购的两个案例进行了详细介绍,按照并购双方的背景介绍、并购动因探究、并购方案解析以及并购绩效评价几个角度展开了详细的论述。潍柴动力并购湘火炬的案例对于国内企业标杆式的意义在主并方实现了跨资本市场换股并购的操作,较好整合了双方企业的优势,最大限度地实现了并购协同效应。其换股并购方案充分考虑了不同类型股东的利益,特别是为流通股股东提供了合理的选择权,体现了股东保护的理念。在蓝色光标通过并购快速扩张的案例中,本文研究了其在并购非上市公司时所采用的三种交易结构以及各自的优劣,并且从公关传媒行业自身特点的角度出发,结合国外类似公司的成功案例,对蓝色光标的发展路径进行了对比分析。充分揭示了换股并购对企业而言的积极作用。第八章为本文的实证研究部份,在该部分,本文运用事件研究法和财务指标对比法进行了对比分析,并利用事件研究法以检验资本市场对换股并购事件的反应。本部分的实证样本山384个主并公司组成,通过描述统计分析可得,上市公司换股并购非上市公司是我国换股并购市场上的主流模式。通过对异常收益以及累计异常收益的计算和检验,发现我国市场上存在一定的内幕交易行为,并且换股并购能给主并公司股东带来显著的正向财富增加,该实证结果也和相关的国内研究较为一致。在实证基础上,本章还给换股并购的具体实践提供了四条建议,分别为继续完善相关法律,防止内幕交易扰乱市场秩序；加强公司治理的合理性,完善内部制约机制；加强会计信息的披露；推动市场竞争,进一步让市场发挥自身的调节和资源配置作用,实现企业的合理定价。本文的创新点主要体现在以下几个方面：第一,对换股并购问题进行了比较系统和全面地分析研究。由于换股并购问题在中国仍然属于一个较为新鲜的话题,纵观国内已有的关于换股并购问题的文献,主要集中于对换股并购的某一个具体方面如换股比例确定、换股并购法律问题或并购财务分析等进行研究,尚缺乏一篇较为完整和全面地文章对换股并购问题进行详细和深入探析,这也是本文的出发点。第二,对换股并购的法律问题进行了详细和充分地研究。对比国内外的法律制度环境和条款,由于国外资本市场发展比较充分,法律规定也比较完善,因此借鉴国外换股并购法律规定为国内换股并购不足条款的完善和建设提供了参考。本文对美国、英国、欧盟等地区换股并购法律的重要规定和先进经验进行了梳理介绍,并整理出国内法律欠缺部分,在理论上具有一定的指导意义。第三,较为全而的案例分析和总结。目前国内关于换股并购问题的文献大多集中于某个特定的并购案例,本文对国内多起较为成功的换股并购案例均有详有略地进行了介绍,并对其并购经验进行了总结。对国内具有代表性案例的深入分析以及比较,使得我们的研究成果更具备指导实践的作用,同时也更能为监管层提供参照。第四,更为全面的数据。实证方面,本文选取了沪深两市1998-2013年的384个换股并购案例作为研究对象。运用事件研究法对目前国内发生的换股并购的绩效进行了检验,我们的数据更为全面,也更具备代表性。
[Abstract]:Enterprise merger is an important decision for the development of enterprises. The western enterprise M & A has experienced a long period of development. Different touch and inspire a wave of mergers and acquisitions important changes in the business structure of various countries, business model to the existing group gathered in the small and medium-sized enterprises, the process of transformation of mode of multinational companies including tens of thousands of mergers and acquisitions, play a very important role. So far the world has six large-scale mergers and acquisitions, they are like the tide waves struck, but not the same. In fact, the wave of mergers and acquisitions are full of distinctive characteristics of the times. Reviewing the six tides of merger and acquisition in the world's main capital markets, mergers and acquisitions involving the subject, scale the scope, form are intensified. The globalization process, the international financial environment is becoming increasingly loose, especially the financial liberalization of trade in financial services, with the acquisition of the convertible. The style began to go around the world.
On the one hand, although the convertible merger has yet to occupy Chinese merger market dominant position, but compared to save the company's cash flow cash merger convertible merger, rich means of payment, reasonable tax avoidance, reduce the debt ratio, enhance the ability to resist risk, legal regulation and the gradual relaxation of capital market for the development of the convertible merger cleared in the Chinese part obstacles. With the completion of the share reform of listed companies, between the acquisition of the convertible pricing problem can be solved more effectively. Therefore, convertible merger has great prospects in the Chinese market. On the other hand, because of China's capital market "the relatively short history of the development history of the development of mergers and acquisitions is more immature. From 1999 China's first convertible merger case qinghuatongfang convertible merger success so far, but within 14 years. As of May 2013, China's successful enterprises through convertible merger Just more than 50. Compared to the world's capital market mergers and acquisitions process can predict, in the future Chinese market mergers and acquisitions, the acquisition of the convertible proportion will gradually increase, become one of the main ways of mergers and acquisitions of Chinese Listed Companies in the future. But the acquisition plan, methods, regulations and low performance of mergers and acquisitions show to some extent from the convertible merger need further the attention and research, so the listed companies in China stock exchange merger problems in systematic research is necessary, it has certain theoretical significance and practical significance.
The purpose of this paper is to systematically study the issue of M & A in China's listed companies, and to organize the whole framework from four levels, including theory, strategy, operation and performance, including eight chapters.
The theory in the second chapter, in this part of the convertible merger way to capital market significance is discussed, on mergers and acquisitions, convertible merger concept, classification, advantages and disadvantages, similarities and differences and the form of payment to sort out, and the present research status at home and abroad this chapter combs the convertible merger review, put forward to change the acquisition process and the existing problems.
The strategic level is mainly reflected in the fifth chapter, the research on the acquisition of the convertible corporate governance. This part of the corporate governance mechanism and corporate mergers and acquisitions are analyzed, mergers and acquisitions as a external mechanisms of corporate governance and will affect what is the focus of the research content of the performance of the company. On this basis, convertible merger is a merger, will produce what kind of impact on corporate governance and corporate performance.
The operation layer is mainly embodied in the assessment of the value of the company, accounting research methods and legal analysis, respectively in the third, fourth and six chapters. The third chapter mainly introduces the method of determining the actual operation of the acquisition of the convertible relates to the valuation and conversion ratio. Due to determine the reasonable exchange rate to meet the needs of the premise reasonable valuation of the acquisition of two companies, so firstly this paper introduces several evaluation methods, the existing value, including the free cash flow method, economic value added method and comparable multiplier estimation method. To determine the value of the company, to further exchange rate conversion method introduced, mainly including the net assets per share, the market value method. Profitability per share method. Finally by comparing China's actual case occurred and determination of the convertible merger exchange ratio method are analyzed and summarized, it To determine the proposed problems need attention valuation and the proportion of the actual operation level. The fourth chapter focuses on the analysis of convertible merger related to the accounting treatment and financial information disclosure and other issues. This chapter is based on the theory of effective market theory and agency cost, expounds the financial information disclosure for enterprises, investors, the importance of the securities market the merger of the company. Through the introduction of the major international accounting standards, the development course of the financial accounting standards and accounting standards for enterprises of our country and their respective regulations, found that the convergence criteria tend to change, but because of the special situation of our country, there are still many differences in the specific accounting treatment with accounting standards. More and more international financial information disclosure becomes more and more important. This chapter from the accounting system, supervision mechanism, four aspects of the enterprise itself and to restrict investors The system factors of financial information disclosure in our country, in order to ensure that investors can get information, the mandatory accounting standards forced the company to disclose information, market competition will make the company voluntary disclosure of information to get more funds at lower costs. For society, the information disclosure can help to achieve the optimal allocation of resources, influence the distribution of wealth. The sixth chapter of the legal provisions of listed companies convertible merger are introduced and analyzed, through combing the United States, Britain, the European Union market convertible merger market of legal history, the legislative process and the legal environment for foreign legal experience and reference, comparative analysis of the legal environment Chinese financial markets and local system lack, and put forward relevant suggestions.
The performance layer mainly refers to the seventh, eighth chapter. The seventh chapter mainly introduces in detail the acquisition torch and two case to achieve rapid expansion of BlueFocus a series of mergers and acquisitions of Weichai Power, introduced in accordance with the acquisition of both the background and motives of mergers and Acquisitions Program research, analysis the mergers and acquisitions performance evaluation several aspects discussed in detail Weichai torch. M & A case for domestic enterprises in the main benchmark significance and Realization of the cross party capital market convertible merger operation, better integration of both the advantages of enterprises, to maximize the realization of the merger synergies. The convertible merger scheme takes full account of the different types of shareholders, especially to provide reasonable choice for shareholders, reflects the shareholder protection concept. In the rapid expansion of the blue cursor through M & A case, this paper studies The use of mergers and acquisitions in the non-listed company of the three trading structures and their advantages and disadvantages, and starting from the PR industry view of their own characteristics, combined with successful cases of similar foreign companies, the development path of the blue cursor were compared. Fully reveals the convertible merger positive effects on enterprises. The eighth chapter is the empirical study part of this paper, in this part, this paper uses the event study method and financial index comparison are analyzed, and to test the convertible merger to the capital market by using the event study method response. This part of the empirical sample and the 384 main mountain company, through descriptive statistics analysis, the listed company convertible merger of non-listed company is China's convertible merger on the market mainstream mode. Based on the abnormal returns and cumulative abnormal returns calculation and inspection, found on the market in China. In the insider trading behavior, and convertible merger to shareholders and bring positive wealth increased significantly, the empirical results and domestic related research is consistent. Based on the empirical results, this chapter gives the concrete practice of convertible merger provides four suggestions respectively to improve relevant laws, to prevent insider disturb the market order, strengthen the rational transaction; corporate governance, improve internal control mechanisms; strengthen the disclosure of accounting information; to promote market competition, further allow the market to play its own regulation and resource allocation function, reasonable pricing realization of enterprises.
The innovation of this article is mainly reflected in the following aspects:
First, a systematic and comprehensive analysis. The problem of the convertible merger convertible merger problem is still a relatively new topic in China, throughout the domestic existing problems of convertible merger literature, mainly focused on the acquisition of the convertible a certain specific aspects such as the exchange rate, of convertible merger legal issues or mergers and acquisitions of financial analysis, the lack of a more complete and comprehensive, this paper gives a detailed and deep analysis of Convertible M & A, this is also the starting point of this paper.
Second, the legal issues of convertible merger in detail and fully studied. The comparison of domestic and foreign legal system environment and conditions, because foreign capital market more fully, the law is perfect, so learn from the improvement and construction of foreign convertible Merger Law for the domestic shortage in terms of convertible merger provides a reference to the United States in this paper. In Britain, the European Union and other regions, the important provisions of the convertible merger and summarizes the advanced experience, and sort out the domestic legal deficiencies, has certain guiding significance in theory.
Third, more comprehensive case analysis and summary. Currently on the convertible merger problems literature mostly concentrated in a particular case of the domestic mergers and acquisitions, many successful cases have set a slightly convertible merger was introduced, and the experience is summarized. The representative case of China the in-depth analysis and comparison, the results of our research have guiding practice, but also it will provide a reference for regulators.
Fourth, more comprehensive data. The empirical analysis, this article selects the CSI two 384 convertible 1998-2013 years of mergers and acquisitions as the research object. By using the method of event study at home and the acquisition of the convertible performance was tested, our data is more comprehensive, more representative of the preparation.

【学位授予单位】：武汉大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F271;F832.51

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