基于评估视角下的上市公司并购互联网企业的动机和价值研究

发布时间：2018-01-09 19:39

本文关键词：基于评估视角下的上市公司并购互联网企业的动机和价值研究　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,上市公司作为并购主体,参与互联网企业并购的事件时有发生。而互联网企业由于其行业经营的特殊性,很多企业都是轻资产,且前期并无正的现金流量,这造成了对于互联网企业的价值估计的困难性。上市公司是基于何种动机开始如此频繁的并购互联网企业,其并购过程中对于互联网企业并购价值的定位是否合适都是十分值得研究的问题。由于上市公司对于互联网企业的并购浪潮也是最近几年才兴起的,国内外对于上市公司这方面的并购动机研究以及互联网企业并购价值的判断都相对较少,而这则正是本文研究的重点和意义所在。本文首先对于互联网行业总体的并购情况以及上市公司并购互联网企业的现状进行统计分析,并引出关于上市公司并购发展战略的概念。接着基于并购战略的角度剖析上市公司并购互联网企业的动机以及互联网企业并购价值的组成,尤其是其战略价值的构成要素。最后进行了两组实证分析,试图去探求上市公司的并购动机是否会对互联网企业的并购价值产生影响以及通过验证上市公司并购互联网企业的成交价格分别与其转让资产的账面价值和评估价值的差异是否与上市公司并购过程中的股价变动相关来分析互联网企业目前高溢价的并购价值在资本市场上的认可程度,并最终均得到了肯定的结论,从而帮助大众对目前上市公司并购互联网企业的动机及价值进行合理的分析与把控。
[Abstract]:In recent years, as the main body of mergers and acquisitions, the listed companies participate in the mergers and acquisitions of Internet enterprises from time to time. However, because of the particularity of their industry management, many enterprises are light assets. And there is no positive cash flow in the early period, which makes it difficult to estimate the value of Internet companies. In the process of M & A, it is worth studying whether the positioning of M & A value of Internet enterprises is appropriate, because the wave of M & A of listed companies for Internet enterprises is only rising in recent years. At home and abroad for listed companies in this area of M & A motivation research and Internet M & A value judgments are relatively less. This is the focus and significance of this study. Firstly, this paper makes a statistical analysis of the overall M & A situation of the Internet industry and the current situation of M & A of listed companies. Then based on the M & A strategy, the motivation of M & A of listed companies and the composition of M & A value of Internet companies are analyzed. In particular, the components of its strategic value. Finally, two groups of empirical analysis. Try to find out whether the motivation of M & A of listed companies will have an impact on the value of M & A of Internet enterprises, and verify the transaction price of M & A of Internet companies and the book value and evaluation of assets transferred by listed companies. Whether the difference in value is related to the stock price changes in the process of M & A of listed companies to analyze the current high premium value of M & A in the capital market recognition degree of Internet enterprises. Finally, the conclusion is obtained, which helps the public to reasonably analyze and control the motivation and value of the merger and acquisition of Internet enterprises by listed companies at present.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51;F49

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