创业板上市公司并购夭折原因探讨

发布时间：2018-03-22 13:47

本文选题：创业板上市公司　切入点：并购夭折　出处：《华南理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：2008年12月份国务院、证监会、银监会、国资委和商务部出台了一系列与并购相关的政策，极大地鼓励和促进了企业并购，尤其是海外并购。2009年1月，国务院提出了十大产业振兴规划，以降低企业负担、增加企业收入，并于2009年3月20日起，陆续出台了十大产业振兴规划细则。之后，中国产业内部兼并与重组的速度明显加快了，从2009年1月1日到2012年12月31日为止，根据聚源数据库的统计显示，所有上市公布的收购、兼并信息已达1706条之多。当然，海外并购也相当热闹。2012年上半年，海外并购中以中石油、中化集团等能源行业的并购最为紧凑，钢铁、有色金属行业的海外并购也不少。但是，我们也注意到，中国公司的海外并购似乎也不是那么顺利的。2009年6月5号，中国铝业公司发布公告称，力拓集团董事会已宣布放弃合作。中铝195亿美元注资力拓交易就这样“夭折”了。而由于蒙古政府的反对，在连续两次延期之后，今年9月3号晚，中国铝业也同样无奈宣布其对南戈壁的收购失败。2009年北汽竞购欧宝，在开出收购筹码最优厚的情况下，北汽依然被拒之门外。而随著中国产业结构及产品结构的调整，上市公司对高科技的需求日益增长，并且挑起了风险投资的大梁。据介绍，到去年底，深沪两地股票交易所取得国家高新技术企业资格认证的上市公司已达一百四十四家，另有一百多家上市公司介入了高新技术领域。因此，本论文着眼于高科技领域的并购情况，把焦点放在并购公告后是否能完成并购这一环节上。我们希望能搞清楚：并购夭折在我国高科技公司当中发生的比例高吗？如果并购中途夭折的比例比较高，那么导致夭折的原因又有哪些？这些原因是否可以克服？如果完成并购的比例比较高，那么这些成功完成并购公司是否具有某些共同的特征？高科技公司具有研发投入大、风险高、人力资本高度密集、回报高，成长速度快的特点，在目前各类板块的上市公司中，创业板上市公司的特征最为符合高科技公司的特性。因此，本文第二章对所讨论的高科技公司作了界定，以我国高科技公司板块——创业板的上市公司作为本文研究的公司样本，并对并购夭折进行了界定。随后本章描述了我国目前的并购情况，特别是创业板上市公司并购的基本现状，并把创业板上市公司并购夭折的情况与主板上市公司并购夭折的情况进行简单对比。本文第三章对并购夭折的原因进行了理论上的分析，认为并购夭折的原因可以分为公司财务原因、经济环境原因、地域跨度原因和其他原因。本文第四章主要通过实证方法对上章探讨的并购夭折原因进行测试及预测并购结果。测试结果表明，在创业板上市公司并购夭折的原因中，公司财务原因对并购夭折的影响非常显著，而经济环境原因、地域跨度原因对并购结果的影响并不显著。预测结果均与实际结果完全一致，但由于预测样本较少，，因此预测结果的正确率有一定局限性。本文第五章理性地思考了并购夭折对创业板上市公司的影响，认为并购夭折对创业板上市公司的影响既有消极的一面，也有积极的一面。本文第六章主要是针对上述的研究成果，为创业板上市公司的并购提出一些建议和意见,如避免并购规模过大、选择合适的经济环境时机、避免准备不足的并购等。希望本文能为打算并购的创业板上市公司提供一点参考和帮助。
[Abstract]:In 2008 December the State Council, the Commission, the CBRC, the SASAC and the Ministry of Commerce issued a series of policies associated with mergers and acquisitions, greatly encourage and promote mergers and acquisitions, especially overseas merger and acquisition of.2009 in January, the State Council put forward ten industrial revitalization plan, in order to reduce the burden on enterprises, increase revenue, and in March 20, 2009 and have introduced ten industrial revitalization planning rules. After that, China industry mergers and acquisitions significantly faster, from January 1, 2009 until December 31, 2012, according to statistics source database shows that all listed announced the acquisition, merger information has reached as much as 1706. Of course, overseas mergers and acquisitions is quite lively.2012 the first half of the year, overseas mergers and acquisitions in the oil, Sinochem and other energy industry mergers and acquisitions is the most compact, iron and steel, nonferrous metal industry overseas mergers and acquisitions is no less.
However, we also note that the China companies overseas mergers and acquisitions seems not so smooth.2009 in June 5th, the Aluminium Corp announced that the Rio Tinto board has announced to give up cooperation. Al $19 billion 500 million Rio deal just died. Because the Mongolia government opposition, after two consecutive delay this year the evening of September 3rd, China aluminum also reluctantly announced its acquisition of South Gobi failed.2009 Beiqi Opel on a chip, the acquisition of the most generous cases, Beiqi still was rejected.
With the Chinese industrial structure and the adjustment of product structure, the listed company's growing demand for high-tech, and provoked the risk investment of the beam. According to the introduction, by the end of last year, Shenzhen and Shanghai Stock Exchange made the national high-tech enterprise qualification of the listed companies has reached one hundred and forty-four, and another more than 100 listed companies involved in the high-tech field. Therefore, this paper focuses on mergers and acquisitions in the field of high technology to focus on whether or not to complete the merger announcement after the M & A links. We hope to make clear: mergers and acquisitions occurred in die among China's high-tech company, a high proportion of aborted? If M & a relatively high proportion, then lead to death cause what are these reasons? Whether can overcome? If a relatively high proportion of the completion of the merger, so the company has successfully completed the acquisition of some co The same characteristics?
The company has a high-tech R & D investment, high risk, human capital intensive, high return characteristics, growth speed, at present all kinds of plates of listed companies, the characteristics of GEM listed companies most consistent with the characteristics of high-tech companies. Therefore, the second chapter discusses the high-tech companies are defined, to me our high-tech company board - GEM listed companies as research samples, and the acquisition of abortion was defined. Then this chapter describes China's current situation of mergers and acquisitions, especially the basic situation of the GEM listed company merger and acquisition, and the acquisition of companies listed on GEM and the motherboard to abort the mergers and acquisitions of listed companies die the simple comparison.
The third chapter makes a theoretical analysis of the reasons for the failure of mergers and acquisitions. It concludes that the reasons for the failure of mergers and acquisitions can be divided into financial reasons, economic and environmental reasons, geographical span reasons and other reasons.
The fourth chapter mainly through empirical method of chapter m abortion reasons test and forecast the results of mergers and acquisitions. The test results show that the acquisition of the cause for the adoption of the GEM listed companies, corporate financial reasons has a significant impact on mergers and acquisitions failed, and the economic environment, the region span reasons affecting the acquisition results is not significant. The prediction results are consistent with the actual results, but due to the few prediction samples have certain limitations so correct rate of prediction results.
The fifth chapter thinks rationally about the impact of M & A Abort on GEM listed companies, and concludes that the impact of M & A on GEM companies has both negative and positive aspects.
The sixth chapter is mainly based on the above research results, for the GEM listed company merger and put forward some suggestions and opinions, such as mergers and acquisitions to avoid too large, select the appropriate timing of the economic environment, to avoid the lack of preparation of mergers and acquisitions. I hope this paper can provide some reference and help the listed companies of gem to mergers and acquisitions.

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F832.51

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