并购事件对债券持有人的财富效应研究

发布时间：2018-01-06 00:05

本文关键词：并购事件对债券持有人的财富效应研究　出处：《暨南大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来，，国内并购市场景象如火如荼。与此同时，债券成为不少上市公司又一重要融资工具，债券市场不断发展壮大。从国外的理论研究和实证分析文献看，并购事件对债券持有人财富效应的研究较为丰富，而国内这方面的文献屈指可数。因此本文的主要意义在于丰富该领域的研究成果。本文就国内外有关债权人财富效应的文献进行了梳理。在此基础上，研究并购事件对债券持有人的财富效应及其影响因素，以及股东和债券持有人财富的再分配效应。具体而言，本文以2008年1月到2012年12月，172个A股上市公司债券为样本，以并购交易首次公告日为事件日，采用事件研究方法，根据市场模型法得到的累计超额收益率（CAR）衡量并购事件对债券持有人的财富效应。实证分析发现，并购对债券持有人产生正的财富效应，且该影响仅在并购事件公告日前30日或20日的时间区间内较为显著。另外，本文通过构建计量模型探讨并购对债券持有人财富效应的影响因素，以及并购事件是否导致财富再分配效应。分析结果表明，并购公司企业性质、筹资能力等因素显著影响债券持有人的财富；同时，并购事件中存在股东与债券持有人之间的财富的再分配效应。最后，本文针对国内并购事件中对债券市场监管和债券持有人保护等方面存在的问题进行分析，并提出相应的建议。
[Abstract]:In recent years, the domestic M & A market is in full swing. At the same time, bonds have become another important financing tool for many listed companies. The research on the effect of M & A on the wealth of bondholders is abundant, but there are only a few literatures in this field in China, so the main significance of this paper is to enrich the research results in this field. This paper reviews the literature on creditor wealth effect at home and abroad. On this basis, it studies the wealth effect of M & A events on bondholders and its influencing factors. And the redistribution effect of the wealth of shareholders and bondholders. Specifically, from January 2008 to December 2012, 172 A-share listed company bonds as a sample. The first announcement date of M & A transaction is taken as the event day, and the method of event research is adopted. According to the cumulative excess return rate obtained by the market model method, this paper measures the wealth effect of M & A events on bondholders. The empirical analysis shows that M & A has positive wealth effect on bondholders. And this effect is only significant in the period of 30th or 20th before the date of announcement of M & A. in addition, this paper discusses the influence factors of M & A on the wealth of bondholders through the establishment of econometric model. The results show that the nature of M & A company, the ability to raise funds and other factors significantly affect the wealth of bondholders. At the same time, there exists the redistribution effect of wealth between shareholders and bondholders in M & A. Finally. This paper analyzes the problems in the supervision of bond market and the protection of bondholders in domestic M & A, and puts forward some corresponding suggestions.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

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