并购方盈余质量、大股东持股与支付方式选择

发布时间：2018-09-02 09:00

【摘要】：在中国的资本市场中,为了扩大生产经营规模,提高市场份额,巩固行业战略地位,增强企业竞争力,越来越多的上市公司采取并购决策。支付方式的选择是决定并购是否能成功的主要因素之一,所以毫无疑问是并购决策过程中的关键环节。我国企业并购支付方式相较于西方资本市场而言,选择上比较单一,主要以现金为主,一部分原因是我国并购发展较晚。随着股权分置改革的深化,资本市场逐渐发展,为并购中股票对价支付创造了条件。另一方面,相关制度的健全也推动了股票支付的发展,使得我国并购支付方式呈现多元化的趋势,股权并购方式变得越来越普遍。因此,研究包含股权支付方式在内的并购支付方式显得更有意义,其中并购支付方式的影响因素一直是并购行为中的热点问题。本文主要研究盈余质量和股权结构对并购支付方式的影响,以及这三者之间的作用机制。在理论分析部分,本文对现有的关于盈余质量、大股东持股与并购支付方式选择的相关理论和国内外相关文献进行了梳理和评析,分析了盈余质量的两种度量方式,主要包括盈余管理角度下的盈余质量和现金流量角度下的盈余质量。本文还指出了并购支付方式主要包含现金支付、股票支付和混合支付三种方式。而支付方式选择的影响因素则多种多样。在信息不对称理论,契约理论和委托代理理论的基础上,分析了盈余质量和大股东持股对并购支付方式选择的影响,以及三者之间的作用机制,并提出了相关假设和实证模型。在进行实证研究时,本文选取2010-2014年我国沪深两市发生并购活动的A股上市公司作为研究样本,从CSMAR数据库和WIND数据库选取相关研究数据,从盈余管理视角和现金流量视角对并购方盈余质量进行度量,利用多元线性回归的方法,研究并购方盈余质量,第一大股东持股以及支付方式三者之间的作用机制,以期为我国并购支付方式选择的影响因素研究提供经验数据。本文得到的主要结论如下:第一,无论是在现金流量视角下,还是盈余管理视角下,并购方盈余质量越低,越偏向于采用股票支付。第二,当并购方大股东持股比例位于20%-60%之间时,即并购方大股东持股比例位于中间水平时,倾向于采用现金支付。第三,本文还验证了大股东持股对盈余质量与并购支付方式的关系具有调节作用,在现金流量视角下,当大股东持股位于中间水平时,如果并购方盈余质量较低,并购方更偏向于采用现金支付方式。而在盈余管理视角下,大股东持股的调节作用则没有得到验证。本文的研究结论丰富了并购支付方式的影响因素,对并购支付方式具有理论和现实借鉴意义。
[Abstract]:In China's capital market, in order to expand the scale of production and management, increase market share, consolidate the strategic position of the industry and enhance the competitiveness of enterprises, more and more listed companies take merger and acquisition decisions. The choice of payment mode is one of the main factors to determine the success of M & A, so it is undoubtedly the key link in the process of M & A decision. Compared with the western capital market, the mode of payment for M & A in China is relatively simple, mainly in cash, partly because of the late development of M & A in China. With the deepening of the reform of split share structure, the capital market develops gradually, which creates the conditions for stock price payment in M & A. On the other hand, the improvement of related system also promotes the development of stock payment, which makes the payment mode of M & A in our country present the trend of diversification, and the way of equity M & A becomes more and more common. Therefore, it is more meaningful to study the M & A payment including equity payment, in which the influencing factors of M & A payment is always a hot issue in the M & A behavior. This paper mainly studies the effect of earnings quality and equity structure on M & A payment and the mechanism between them. In the part of theoretical analysis, this paper reviews and analyzes the existing theories on earnings quality, major shareholders' shareholding and the choice of M & A payment methods, as well as domestic and foreign relevant literature, and analyzes two kinds of measurement methods of earnings quality. It mainly includes earnings quality under earnings management angle and earnings quality under cash flow angle. The paper also points out that M & A payment includes cash payment, stock payment and mixed payment. The factors influencing the choice of payment methods are various. On the basis of asymmetric information theory, contract theory and principal-agent theory, this paper analyzes the influence of earnings quality and stockholding of large shareholders on the choice of payment mode of M & A, and puts forward the relevant hypotheses and empirical models. In the empirical study, this paper selects the A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2014 as the research samples, and selects the relevant research data from the CSMAR database and the WIND database. From the perspective of earnings management and cash flow, this paper measures the earnings quality of M & A parties, and studies the mechanism between the quality of earnings of M & A parties, the ownership of the first largest shareholder and the payment method by using the method of multiple linear regression. In order to provide empirical data for the study of the factors influencing the choice of M & A payment mode in China. The main conclusions of this paper are as follows: first, the lower the quality of earnings of M & A parties, the more inclined to use stock payment, whether in the perspective of cash flow or earnings management. Second, when the proportion of major shareholders of M & A is between 20 percent and 60 percent, that is, when the proportion of major shareholders of M & A is at the intermediate level, they tend to pay in cash. Thirdly, this paper also verifies that the relationship between earnings quality and M & A payment mode can be adjusted by large shareholder shareholding. In the perspective of cash flow, when the majority shareholder shareholding is at the intermediate level, if the M & A party's earnings quality is low, M & A parties prefer cash payments. However, in the perspective of earnings management, the regulating role of major shareholders' shareholding has not been verified. The conclusion of this paper enriches the influencing factors of M & A payment mode and has theoretical and practical significance.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271;F832.51

【相似文献】