所有制、上市公司并购与股东财富关系的实证研究

发布时间：2018-02-22 04:44

本文关键词： 上市公司所有权性质并购股东财富　出处：《江西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：当前,并购成为企业扩大规模,实现资源优化配置的重要手段。随着我国市场经济和资本市场的不断发展,企业间并购活动日益频繁。股权分置改革以来,我国上市公司并购步入发展新阶段。我国出台了多项优惠政策来鼓励企业并购,推动产业转型。2013年我国并购市场在境内IPO暂停和并购鼓励政策频出的双重刺激下,无论在数量还是金额方面均再创新高。面对如此大规模的并购活动,我们不禁思考：并购究竟是资本运作的游戏还是真正能给股东带来财富的经济行为?在我国证券市场中,并购的市场反应到底如何?并购能否真正提高我国收购方公司的短期及长期股东财富?我国上市公司通过并购活动是为了提升竞争力还是有其他目的? 基于特殊的政策环境和制度背景,我国上市公司按控股股东所有权性质可分为国有控股和民营控股两类。不同所有制类型的上市公司在公司治理结构方面有所差别,不同的治理结构会导致不同的股东利益目标,那么在区分所有制类型的条件下,不同类型的上市公司的并购行为是否会给收购方股东带来不同的财富效应?我国国有上市公司的并购股东财富效应是否不如民营上市公司?这些问题都非常值得研究与探讨。因此,本文以所有制类型为切入点,探寻上市公司并购与股东财富之间的关系,为今后上市公司理性并购提供依据,为提高我国上市公司并购的整体效果提供参考意见,同时为缩小国有上市公司和民营上市公司并购股东财富效应差距提供一点参考意见。本文在对国内外与并购及股东财富相关的文献进行综述之后,利用效率理论、代理理论、信息与信号理论等已有理论,探讨分析我国收购方公司的并购行为与其股东财富之间的关系,并提出理论假设。随后,区分上市公司所有制类型,对国有上市公司与民营上市公司的公司治理区别及并购行为产生的收购方股东财富效应差异进行对比分析,提出更细化的理论假设。本文采用2008—-2009年的上市公司并购数据对理论假设进行实证检验,通过单因素检验和多元回归分析的方法,得出以下结论：(1)并购行为能够增加收购方公司的短期股东财富；(2)并购行为会损害收购方公司的长期股东财富；(3)国有上市公司并购的短期或长期股东财富效应都明显不如民营上市公司。最后,针对前文的理论分析与得出的实证结果,本文提出三点政策建议：(1)有关部门要完善有关并购的法律法规来规范并购行为；(2)企业要加强事前评估以提高并购的效果；(3)国有上市公司要完善其治理机制,提高自身并购效果。本文按“提出问题—分析问题—解决问题”的研究思路展开,可分为以下五个部分：第一部分为引言,引出并购是否创造股东财富这一问题,分别阐述本文的研究背景及意义、写作思路、研究方法,最后介绍本篇论文的脉络框架。第二部分为文献综述,通过搜集、归纳、总结关于并购股东财富及所有权类型对并购股东财富的影响等问题的研究文献,指出目前研究存在的不足,试图在前人研究的基础上提出本文的研究方向和侧重点。第三部分为上市公司并购与股东财富关系的理论基础,基于效率理论、代理理论、信息与信号理论等已有理论提出我国上市公司并购行为对公司短期及长期财富效应影响的理论假设,并通过分析国有上市公司和民营上市公司治理结构的区别以及并购对两者股东财富的不同影响,针对不同所有制类型的上市公司,提出进一步理论假设。第四部分为我国上市公司并购行为与公司股东财富关系的实证分析,该部分是利用SPSS18.0对从国泰安数据库及WIND资讯搜集整理来的数据进行统计分析,包括：单因素分析、多元回归分析等,对实证结果进行分析和解释。第五部分为结束语,在前文的理论分析和实证检验的基础上,提炼出本文的研究结论,提出有针对性的政策意见,同时罗列出本文可能存在的不足之处。
[Abstract]:At present, merger and acquisition has become an important means to realize the expansion of the scale of enterprises, optimize the allocation of resources. With the continuous development of China's market economy and capital market, corporate mergers and acquisitions have become increasingly frequent. Since the reform of non tradable shares, the listed company mergers and acquisitions into a new stage of development in China. A number of preferential policies to encourage mergers and acquisitions. To promote industrial restructuring in China.2013 market mergers and acquisitions in the territory of IPO suspension and merger policies to encourage frequent double stimulation, both in terms of quantity or amount of a new high. In the face of such large-scale mergers and acquisitions, we cannot help thinking: what is the economic behavior of mergers and acquisitions of capital operation or a real game can bring wealth to the shareholders? The stock market in China, the market reaction of mergers and acquisitions in the end how? M & A can really improve the company's acquisition of short-term and long-term shareholder wealth of China's Listed Companies in China? Are mergers and acquisitions to improve competitiveness or have other purposes?
The policy environment and the special system background based on Listed Companies in China according to the nature of controlling shareholders can be divided into state-owned and private holding two. Different from different types of ownership of Listed Companies in corporate governance structure, governance structure will lead to different interests of shareholders, so the distinction between ownership type conditions next, whether different types of mergers and acquisitions of listed companies will bring different wealth effect to the acquirer shareholders? Our state-owned listed company mergers and acquisitions are not as good as the wealth effect of shareholders in private listed companies? These problems are worth studying and discussing. Therefore, based on the type of ownership as the breakthrough point, to explore the relationship between corporate mergers and acquisitions with the wealth of shareholders, in order to provide the basis for listed companies to improve the overall effect of rational mergers and acquisitions, mergers and acquisitions of Chinese listed companies to provide reference, with the It provides a reference for narrowing the wealth effect gap between the state-owned listed companies and the private listed companies.
After this paper in the domestic and foreign mergers and acquisitions and shareholder wealth related literature, efficiency theory, agency theory, information theory and signal theory, analysis of relationship between the acquirer company mergers and acquisitions in China and its shareholders' wealth, and put forward the hypothesis. Then, distinguish between listed companies ownership types, comparison the analysis for the acquisition of shareholder wealth effect differences of corporate governance between merger and behavior of state-owned listed companies and private listed companies, and put forward the hypothesis more refined. This paper uses the data of 2008 listed companies in mergers and acquisitions of -2009 was to test the hypothesis, method by single factor test and multiple regression analysis, the following conclusion: (1) mergers and acquisitions can increase the short-term shareholder wealth acquisition of the company; (2) mergers and acquisitions will damage the acquirer company long stock finance Fu; (3) the state-owned listed companies merger short-term or long-term shareholder wealth effect is obviously better than private listed companies. Finally, according to the above theoretical analysis and empirical results obtained, this paper put forward three suggestions: (1) the relevant departments should improve relevant laws and regulations to regulate the acquisition of mergers and acquisitions; (2) the enterprise must strengthen the pre evaluation in order to improve the effect of MampA; (3) the state-owned listed companies to improve the governance mechanisms, improve their merger effect.
According to "questions analysis problem solving the problem", can be divided into the following five parts: the first part is the introduction, which create shareholder wealth whether this problem, which explains the research background and significance, this paper writing ideas, research methods, finally introduces the framework of this thesis the second part is the literature review, through the collection, induction, summary of research literature on the problem of the acquisition of shareholder wealth effect of shareholders' wealth and ownership types of mergers and acquisitions, pointed out the shortcomings of the current research, trying to research on the former put forward the research direction and focus. The third part is the theoretical basis of the relationship between mergers and acquisitions of listed companies with the wealth of shareholders, based on efficiency theory, agency theory, signal theory and put forward the information theory has been mergers and acquisitions of Listed Companies in China for short term and long term finance company The effect of the rich theoretical assumptions, and through the analysis of different influence of corporate governance structure of state-owned listed companies and private listed companies and the difference of the two companies shareholder wealth, according to the different types of ownership of listed companies, put forward the hypothesis. The fourth part is an empirical analysis of China's Mergers and acquisitions of listed companies and the relationship between the shareholders' wealth. Part is the use of SPSS18.0 to collect the data from the Tai'an database and WIND information for statistical analysis, single factor analysis, multiple regression analysis, to analyze and explain the empirical results. The fifth part is the conclusion, based on theoretical analysis and empirical test on the above, the conclusion of this paper abstracts and put forward the policy advice, and lists the shortcomings of this may exist.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F832.51

【参考文献】