并购套利目标识别研究

发布时间：2018-01-07 11:05

本文关键词：并购套利目标识别研究　出处：《北京交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的快速发展和规范治理,上市公司并购越来越活跃且通过规范交易而不是内幕交易获利越来越形成共识,并购套利对于投资者而言越来越具有吸引力,因此准确地识别出具有套利潜力的并购目标也变得更加有利可图。现有文献对并购中目标公司特征的研究关注较多,但是对于投资目标公司股票的套利获利水平研究不足,同时在构建研究模型时多选用单年或者多年混合模型未考虑结果的稳定性,变量选择时也鲜有考虑行业情况以及政策支持情况。本文选择中国股票市场2006-2012年的并购样本进行研究,加入行业因素以及政策因素以增加变量的全面性；同时每三年为一组筛选影响并购套利收益的显著因素并关注显著变量的稳定性,以发现并购套利目标的稳定特征。本文通过实证研究得出以下结论：(1)通过对2006-2012年A股市场发生控制权转移的公司特征进行研究发现,并购目标公司具有盈利能力较差、偿债能力较差、营运能力较差、流动性强等特点,说明并购目标的壳特征仍旧明显；(2)通过对行业因素的单因素分析发现,行业因素是在考察并购标的时不能忽略的因素,行业并购活跃度以及行业估值情况两个指标均会对并购标的产生影响,而政策因素的影响并不显著；(3)在考察并购套利目标的特征时,使用三年逐年考察法,发现每段均存在显著特征,主要集中在盈利能力、现金流量指标、每股指标、偿债能力；(4)通过使用三年逐年考察法,发现存在并购套利机会的目标公司具有稳定特征：息税前利润与资产总额比、流动资产净利润率、每股净资产三个指标均较差且对套利收益产生反向影响。
[Abstract]:With the rapid development of China's capital market and the regulation of governance, mergers and acquisitions of listed companies are becoming more and more active and through the regulation of trading rather than insider trading profit has become more and more common. M & A arbitrage is becoming more and more attractive to investors, so it is more profitable to identify the target with arbitrage potential accurately. The existing literature pays more attention to the characteristics of target companies in M & A, but the research on the arbitrage profit level of investment target companies is insufficient. At the same time, the single-year or multi-year hybrid model is used to construct the research model without considering the stability of the results, and the industry situation and policy support are rarely considered when the variables are selected. This paper chooses the sample of M & A in Chinese stock market from 2006 to 2012 to study and add industry factors and policy factors to increase the comprehensiveness of variables. At the same time, every three years, we select the significant factors that affect the arbitrage income and pay attention to the stability of significant variables, in order to find the stable characteristics of M & A arbitrage target. This paper draws the following conclusions through empirical research: 1) through the study of the corporate characteristics of the transfer of control in the A share market from 2006 to 2012, it is found that the M & A target companies have poor profitability. The characteristics of poor solvency, poor operating capacity and strong liquidity indicate that the shell characteristics of M & A targets are still obvious; 2) through the single factor analysis of the industry factor, it is found that the industry factor is the factor which can not be ignored when investigating the target of the merger and acquisition. Industry M & A activity and industry valuation will have an impact on the target of M & A, but the impact of policy factors is not significant; 3) when investigating the characteristics of M & A arbitrage target, using the three-year annual investigation method, we find that there are significant characteristics in each section, mainly focusing on profitability, cash flow index, per share index, solvency; 4) by using the three-year annual investigation method, we find that the target companies with M & A arbitrage opportunities have stable characteristics: the ratio of profit to total assets before interest and tax, the net profit margin of current assets. Each of the three indicators of net assets per share is poor and has a negative impact on arbitrage earnings.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271;F275

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