并购溢价结构解析与绩效反应

发布时间：2018-01-12 13:03

本文关键词：并购溢价结构解析与绩效反应　出处：《浙江财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,我国并购交易市场整体呈现不断增长趋势,越来越多的上市公司借助资本市场完成并购交易。伴随着并购热潮,高溢价成为我国上市公司并购重组的“新常态”。在溢价率越来越高,甚至高溢价逐渐成为上市公司并购重组“标配”的趋势下,高溢价收购的资产真的能为上市公司带来更高的价值吗?对此,在市场报道上,有不少人提出了质疑,认为上市公司动辄出现数倍甚至数十倍的高溢价收购现象并不正常。在此背景下,本文基于我国目前的市场环境和交易制度,探究上市公司并购溢价的形成机理与绩效反应。本文以2011年至2013年宣告并购交易的A股上市公司为研究对象,股权交易的并购事件为样本。首先,对国内外有关并购溢价、并购绩效的研究文献进行梳理,针对目前的研究成果与不足进行述评与展望。其次,按照“并购溢价结构解析——并购溢价消化机制——并购溢价绩效反应”的研究脉络进行理论分析,得出研究假设。再次,在并购溢价结构解析部分,采用非参数检验和多元回归分析等方法实证检验不同的并购类型和不同的评估方法下并购溢价是否存在差异。在并购溢价绩效反应部分,采用多因子分析、相关性分析、多元回归分析等方法进一步研究并购溢价对并购绩效的影响。最后,根据实证结论提出相关建议,并指出研究不足以及对开展进一步研究的展望。研究结论表明:(1)相对于相关性并购,多元化并购溢价更高。并购市场的概念炒作和不同行业的信息不对称往往会误导并购方支付过高的溢价。(2)相对于资产基础法,收益法评估溢价更高。相比资产基础法,收益法对表外资产的覆盖率更高,其评估溢价往往也更高。(3)高溢价不一定带来高绩效。上市公司对目标公司本身价值和预期的协同效应可能存在误估。一方面,高溢价购入的未必是优质资产;另一方面,即使购入优质资产能否达到预期的收益还要看整合的效果。(4)在不同的并购类型中,并购溢价的绩效反应不同。在相关性并购中,高溢价能够带来高绩效;在多元化并购中,高溢价不一定带来高绩效。上市公司对目标公司本身价值和预期协同效应的误估主要发生在多元化并购中。(5)采用收益法或资产基础法,高溢价都不一定会带来高绩效。原因可能在于资产基础法在并购交易中的低适用性和收益法的高估值风险。研究启示在于:(1)上市公司管理层在作出并购决策时要从组织战略出发,重点考察协同效应实现的可能性,对并购的溢价风险和整合风险进行全方位的控制。(2)评估机构和评估人员进行企业价值评估时要慎重选择匹配的评估方法,在进行职业判断时要有一定的数据支撑和逻辑性,防止因估值技术不当带来的溢价风险。(3)监管部门需加强对高溢价多元化并购的监管,防范并购交易中的利益输送或其他损害投资者权益的情况发生。(4)投资者需对并购溢价持理性态度,根据并购溢价是否有实际业绩支撑做出投资决策。本文的创新点体现在:从研究内容来看,已有对并购溢价的研究主要是从并购动机或并购交易特征的角度,鲜有文章从估值溢价的角度对并购溢价进行分析。本文从估值溢价的角度研究评估方法的影响不仅为此系列研究提供了新的经验证据,也为我国并购市场的中介机构行为带来有益的实践启示。从研究设计来看,本文沿着“并购溢价结构解析——并购溢价消化机制——并购溢价绩效反应”的研究脉络进行理论分析和实证研究,现有研究或是对并购溢价的成因从理论方面进行的探讨,或是对并购溢价与并购绩效的关系进行简单的实证,并没有在实证方面对并购溢价由结构解析到消化机制再到绩效反应的系统研究。
[Abstract]:In recent years, China's mergers and acquisitions market overall showing a growing trend, more and more listed companies through the capital market to complete the deal. With the merger boom, high premium to become China's listed companies merger and reorganization of the "new normal". The premium rate is more and more high, even high premium gradually become the merger and reorganization of listed companies "standard" trend, a high premium on the acquisition of assets can really bring a higher value for the listed company? In this regard, in market reports, there are many people questioned, that the phenomenon of high premium on the acquisition of listed companies frequently appear several times or even dozens of times is not normal. Under this background, in this paper, China's current market the environment and trading system based on the formation mechanism and Performance Research on reaction merger premium of listed companies. This paper from 2011 to 2013 announcement of mergers and acquisitions A stock listed companies as the research object, equity MampA transaction for the sample. Firstly, the domestic and foreign related research literature acquisition premium, the performance of mergers and acquisitions to sort out the research results on the review and prospect and shortcomings at present. Secondly, the theoretical analysis according to the research context of premium structure -- Analysis of merger premium and premium purchase digestion mechanism, the reaction performance "the research hypothesis. Again, in the premium structure analysis, the type of M & a non parametric test and multiple regression analysis empirical test of different assessment methods. If there is a difference in premium premium performance reaction part, using factor analysis, correlation analysis, multiple regression analysis method to further study the impact of mergers and acquisitions premium on acquisition performance. Finally, put forward relevant recommendations according to the empirical conclusions, and pointed out the lack of research and to carry out further research The future. Research findings show that: (1) compared with the correlation of mergers and acquisitions, diversified merger premium higher. Information asymmetry in the concept of speculation merger market and different industries tend to mislead the acquirer to pay high premium. (2) relative to the asset based approach, income approach valuation premium higher. Compared with the asset based approach, income method of off balance sheet assets higher coverage, the premium assessment often is higher. (3) the high premium does not necessarily bring high performance. The listed company may mistakenly estimate synergistic effects on Target Corp itself and the expected value. On the one hand, is not necessarily a high premium to acquire quality assets; on the other hand, even if the purchase of high quality the assets can get the expected return depends on the integration effect. (4) in different types of mergers and acquisitions, mergers and acquisitions. The different reaction performance premium in related acquisition, high premium can bring high performance in diversified acquisition, high; The premium does not necessarily bring high performance. The synergistic effect of listed companies on the Target Corp itself and the expected value of miscalculation occurs mainly in the diversified merger. (5) using the income or asset based approach, the high premium will not necessarily bring high performance. The risk valuation may be attributed to the asset base in a deal for low and the income method. The enlightenment is: (1) the management of Listed Companies in mergers and acquisitions to make decisions on the basis of organizational strategy, focus on the possibility of synergistic effect, control the full range of premium risk and integration risk. (2) evaluation method, to carefully select the appraisal institution and evaluation personnel of enterprise value assessment, in the occupation judgment should have certain data support and logic, to prevent undue risk premium valuation techniques. (3) regulatory authorities need to strengthen the high profit The price of diversified Merger Regulation, prevent the occurrence of mergers and acquisitions in the transfer of benefits or other damage to the interests of investors. (4) investors should hold a rational attitude to premium, according to whether the actual performance of MampA premium support to make investment decisions. The innovation of this paper lies in: from the perspective of research content, research on the existing premium mainly from the merger or acquisition transaction motive characteristic angle, there is rarely analysis of the merger premium from a premium valuation perspective. This paper studies the effects of evaluation methods from the perspective of the valuation premium not only this series study provides new empirical evidence, the practice also brings enlightenment for the intermediary activities of merger and acquisition market in China from. Study design, this research logic along the "Acquisition Premium structure -- Analysis of merger premium digestion mechanism -- premium performance reaction" in Science Theory analysis and empirical research, the existing research is to explore the causes of mergers and acquisitions or premium from theory, or simple empirical on the relationship between premium and performance of M & A, and there is no systematic research on MampA premium by structure analysis to digestion mechanism to be in the empirical performance.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51;F275

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