私募持股、业绩补偿协议与并购溢价

发布时间：2018-01-05 08:20

本文关键词：私募持股、业绩补偿协议与并购溢价　出处：《华侨大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,各类不同形式的并购活动的热度在证券市场上居高不下。2013年被称为是“中国并购市场元年”,在这一年中,相关部门出台了一系列政策以鼓励并购市场发展,与此同时,也通过这些条文来规范并购行为。此外,在经历过金融危机后,我国企业的一些固有弊端开始逐渐显露,企业家们也开始意识到产业整合对企业发展的重要性,越来越多地进行并购重组活动来实现产业整合。国内并购市场在这些内外力的作用下迸发出新的生命力。在经历过一段摸索期后,新时期中国并购市场也更为规范化、制度化,并且现已成为大多数企业扩大经营规模,实现产业转型的重要途径。此外,为提高上市公司质量,证监会收紧了IPO审核。对于私募股权投资机构来说,为了尽快获得投资收益,他们就必须另辟蹊径,因此,并购交易就渐渐也成为他们退出投资项目的重要渠道。并购交易往往都会产生并购溢价,而私募股权投资机构对其投资的项目有相对较高的投资回报要求,他们的存在是否会对并购溢价产生影响呢?与此同时,业绩补偿承诺作为一项财务工具,也在并购交易中频频出现,关于这两者对并购溢价的作用,目前学术界还没有对其关系给出具体的回答。本文以2011-2016年中小板与创业板的并购事件为基础,收集并购交易数据进行实证检验。首先,探究被并公司私募持股与否状况对并购溢价的影响;其次,研究私募股权投资持股具体状况对并购溢价的影响;最后重点讨论业绩补偿承诺的签署对私募股权投资持股与并购溢价关系的影响。实证检验结果表明:(1)私募持股公司在被收购时会产生更高的并购溢价;(2)私募持股的比例越高,被并公司在被并购时的并购溢价越高;(3)被并公司私募股权投资股东越多,并购溢价越低;(4)业绩补偿承诺的签署对私募股权投资持股与并购溢价的关系有一定调节作用,具体表现在:签订业绩补偿协议能够加强私募股权投资持股比例对并购溢价的影响程度,能够减弱私募股权投资股东数量对并购溢价的影响程度。最后,本文针对实证分析结果及资本市场的实际情况,提出了相关建议。本文分析了私募持股对并购溢价的影响,同时探究了业绩补偿承诺对并购溢价的调节作用,不仅丰富了以往的研究,且对并购市场及私募股权投资市场的发展有一定借鉴意义。
[Abstract]:In recent years, the heat of various kinds of M & A activities has been high in the securities market. 2013 is called "the first year of Chinese M & A market", in this year. Relevant departments have issued a series of policies to encourage the development of the M & A market, at the same time, through these provisions to regulate M & A. in addition, after the financial crisis. Some inherent malpractices of Chinese enterprises began to reveal gradually, and entrepreneurs began to realize the importance of industrial integration to the development of enterprises. More and more M & A activities to achieve industrial integration. Domestic M & A market in the role of these internal and external forces burst out new vitality. After a period of exploration. In the new era, the M & A market in China has become more standardized and institutionalized, and has become an important way for most enterprises to expand their business scale and realize the industrial transformation. In addition, in order to improve the quality of listed companies. The CSRC tightened the IPO review. For private equity firms, they had to find a different way to get their money back as quickly as possible, so. M & A transactions have gradually become an important channel for them to withdraw from investment projects. M & A transactions tend to produce M & A premiums, while private equity firms have relatively high investment returns on the projects they invest in. Will their presence have an impact on the M & A premium? At the same time, performance compensation commitment as a financial tool, also frequently appeared in M & A transactions, on the role of both on the M & A premium. At present, the academic community has not given a specific answer to its relationship. Based on the M & A events of the small and medium-sized board and the gem in 2011-2016, this paper collects the data of M & A transactions to carry on the empirical test. To explore the effect of private equity status on M & A premium; Secondly, the paper studies the influence of private equity ownership on M & A premium. Finally, the effect of the performance compensation commitment on the relationship between private equity equity holdings and M & A premium is discussed. The empirical results show that: 1) Private equity companies will have a higher M & A premium when they are acquired; (2) the higher the proportion of private equity is, the higher the M & A premium of the merged company is when it is acquired; 3) the more shareholders are invested in private equity, the lower the premium of M & A is. 4) the signing of performance compensation commitment has a certain role in regulating the relationship between private equity equity holdings and M & A premium. Performance compensation agreement can strengthen the impact of the proportion of private equity holdings on the M & A premium, can reduce the number of private equity investment shareholders on the impact of M & A premium. Finally. Based on the empirical analysis results and the actual situation of the capital market, this paper puts forward the relevant recommendations. This paper analyzes the impact of private equity on the M & A premium, and explores the adjustment effect of the performance compensation commitment on the M & A premium. It not only enriches the previous research, but also has certain reference significance for the development of M & A market and private equity market.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51

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