创业板上市公司主语并购的动机和绩效研究

发布时间：2018-05-31 23:04

本文选题：创业板 + 主语并购　；参考：《山东大学》2012年硕士论文

【摘要】：兴起于上世纪九十年代的创业板市场在知识经济和风险投资的推动下,经历了不断地调整和创新,逐步发展成为新兴企业的投融资平台,发展模式趋于多元化。因为全球上市资源有限,创业板市场的竞争愈演愈烈,对我国新设的创业板市场而言,加快创业板上市公司发展速度,不断扩大创业板市场容量,提高创业板市场在全球范围内的排名对创业板市场持续健康发展是非常关键的。因此,作为公司发展的两种途径之一的并购重组将发挥越来越重要的作用。但关于并购是否有价值这一论题的争论由来已久,本文认为有必要结合我国具体情况考察其答案。回顾我国公司并购发展历程以及股改后我国资本市场的改革变化,本文认为主语并购将主导未来我国并购市场,加上创业板的行业特性和发展阶段,得出主语并购亦将成为我国创业板并购市场的主流。同时,也正是由于创业板的上述两个特点,创业板主语并购机制必然与现有的公司并购理论存在差异。但目前我国尚未对创业板主语并购进行系统研究,为给以后的创业板主语并购实务提供更相关的经验,本文通过对创业板开立两年来发生的主语并购事件进行理论分析和实证检验,首次研究创业板主语并购的动机和绩效,这是本文创新点之一。本文首先对现有的并购理论进行文献综述,介绍相关理论适用的具体时期和环境,评述并购动机和绩效的研究现状,并借鉴其研究方法和相关变量的设置。然后结合我国创业板具体情况,对创业板主语并购动机进行理论分析,得出我国创业板主语并购动机是在应用现有并购动机理论的基础上有所发展。出于成长目的的协同动机依然是创业板主语并购的主要动机,但也同时具备了超募资金动机这一独特动机。这是本文创新点之二最后本文联合运用事件研究法和模型估计法对创业板主语并购绩效进行实证研究。基于前述创业板的特点,估计多因素模型具有必要性。对多因素模型实证检验的结果表明对创业板主语并购绩效有影响的因素有两个：并购双方同域与否和并购后高管是否辞职。其中影响最显著的是并购双方同域与否,这是创业板不同于其他资本市场形态的一个结论,也是本文的一个创新点。为进一步检验多因素模型结果的正确性,本文进行了子样本T检验,结果一致。
[Abstract]:Under the impetus of knowledge economy and venture capital, the gem market, which sprang up in the 1990s, experienced constant adjustment and innovation, and gradually developed into the investment and financing platform of new enterprises, and the development mode tended to be diversified. Because the global market resources are limited and the competition in the gem market is becoming increasingly fierce, for the newly established gem market in China, it is necessary to speed up the development of gem listed companies and continuously expand the capacity of the gem market. Improving the global ranking of the gem market is crucial to the sustained and healthy development of the gem market. Therefore, as one of the two ways of development, M & A will play a more and more important role. However, there has been a long debate about the value of M & A. Reviewing the development course of Chinese company M & A and the reform changes of capital market after stock reform, this paper holds that subject M & A will dominate the future M & A market in China, plus the industry characteristics and development stage of gem. Subject M & A will also become the mainstream of China's gem M & A market. At the same time, because of the above two characteristics of gem, the subject M & A mechanism of gem must be different from the existing M & A theory. But at present, our country has not carried on the systematic research to the gem subject M & A, which provides more relevant experience for the future gem subject M & A practice. Based on the theoretical analysis and empirical test of the subject M & A event in the past two years, this paper first studies the motivation and performance of the gem subject M & A, which is one of the innovative points in this paper. This paper first reviews the existing M & A theory, introduces the specific period and environment of the application of the relevant theories, reviews the current research situation of M & A motivation and performance, and draws lessons from its research methods and the setting of relevant variables. Then according to the specific situation of gem in our country, this paper makes a theoretical analysis on the motivation of subject M & A in gem, and draws a conclusion that the motivation of subject M A in gem is based on the existing theories of M & A motivation. Cooperative motivation for growth purposes is still the main motivation of gem M & A, but it also has the unique motivation of over-raising funds. This is the second innovation of this paper. Finally, this paper uses event research method and model estimation method to do empirical research on the performance of subject M & A on gem. Based on the characteristics of the gem, it is necessary to estimate the multi-factor model. The empirical results of the multi-factor model show that there are two factors that influence the performance of the subject M & A of gem: whether the merger and acquisition are homogenous or not and whether the senior executives resign after the merger or acquisition. Among them, the most significant influence is whether the merger and acquisition are in the same region, which is a conclusion that gem is different from other capital market forms, and it is also an innovation point of this paper. In order to further verify the correctness of the multivariate model, a subsample T test is carried out and the results are consistent.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

【参考文献】