并购套利理论研究及案例分析

发布时间：2018-03-23 07:41

本文选题：并购套利　切入点：并购类型　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的不断完善,并购重组与并购套利也将成为投资者日益关注的热点问题,并购套利投资策略作为事件驱动的一种典型投资策略,在国外资本市场上是一种较为成熟且运用普遍的投资策略,在国内市场上,受制于制度上的障碍(如以前未引入卖空机制)并购套利投资策略并没有成为一种常态化的投资策略,但是随着制度建设的不断完善、国内产业整合及并购案例的增多以及投资者专业素养得到增强,并购套利投资策略肯定会有更好的发展势头。本文主要构成分为两个部分,第一部分主要是对与并购套利相关理论和概念的阐述,第二部分主要为运用理论对国内外并购案例的解析,具体到相关章节的布局中,主要内容如下：第一章为导论,本章首先介绍了研究的背景,并说明了全篇的框架结构与提出了研究的意义；第二章为理论分析与概念阐述。主要说明了与并购套利相关理论,主要阐述了并购溢价以及市场有效性理论与并购套利的关系；并购套利的含义及类型；影响并购套利成功与否的因素；并购套利全球市场的历史经验业绩情况等内容；第三章为国外案例分析。主要阐述了辉瑞收购惠氏并购案以及强生收购Synthes并购案的案例,结合案例说明了并购操作流程、影响并购套利的因素以及并购溢价与并购套利的关系；第四章为国内案例的分析,除了与国外案例相同的研究方法,此章还结合国内实际对风险因素进行了揭示。对于并购套利,本文在研究国内外典型案例的情况下,得出结论：虽然与国外发达资本市场存在差异,但是国内的并购交易任然存在诸多套利机会,所以通过适当分析与操作,可以获得令人理想的套利收益。并购套利也会随着我国资本市场制度建设的不断完善而成为资本市场上一种常态化的投资手段,可以被基金经理、机构投资者等广泛运用。
[Abstract]:With the continuous improvement of the capital market in China, M & A restructuring and M & A arbitrage will also become a hot issue that investors pay more attention to day by day. As a typical investment strategy driven by events, M & A arbitrage investment strategy is a typical investment strategy. In the foreign capital market is a more mature and the use of universal investment strategy, in the domestic market, The arbitrage investment strategy of M & A has not become a regular investment strategy, but with the continuous improvement of system construction, the arbitrage investment strategy is restricted by institutional obstacles (such as no short selling mechanism has been introduced in the past), and the investment strategy of M & A arbitrage has not become a regular investment strategy. With the increase of domestic industrial integration and M & A cases, as well as the enhancement of investor professionalism, the M & A arbitrage investment strategy will certainly have a better development momentum. The first part is mainly about the theories and concepts related to M & A arbitrage. The second part is the analysis of M & A cases at home and abroad by using the theory, and the main contents are as follows:. The first chapter is the introduction, this chapter first introduces the background of the research, and explains the frame structure of the whole article and the significance of the research. The second chapter is the theoretical analysis and conceptual elaboration. It mainly expounds the relationship between M & A premium and the theory of market effectiveness and M & A arbitrage, the meaning and type of M & A arbitrage, the factors influencing the success of M & A arbitrage, the historical experience and performance of M & A arbitrage global market, etc. The third chapter is the case analysis of foreign countries. It mainly expounds the case of Pfizer's acquisition of Wyeth and Johnson's acquisition of Synthes, and explains the operation flow of M & A, the factors influencing M & A arbitrage and the relationship between M & A premium and M & A arbitrage. The fourth chapter is the analysis of domestic cases. In addition to the same research methods as foreign cases, this chapter also reveals the risk factors combined with the domestic practice. With regard to M & A arbitrage, this paper concludes that although there are differences between M & A arbitrage and developed capital markets at home and abroad, there are still many arbitrage opportunities in domestic M & A transactions. Therefore, through proper analysis and operation, we can obtain the ideal arbitrage income. M & A arbitrage will also become a regular investment means in the capital market with the continuous improvement of China's capital market system construction, and can be used by the fund manager. Institutional investors and other widely used.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5

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