资本结构与市场择时对并购支付方式选择的影响研究

发布时间：2018-01-15 16:09

本文关键词：资本结构与市场择时对并购支付方式选择的影响研究　出处：《华东师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：2013年我国的并购市场开始急速活跃起来,自此开始连续三年,我国的并购重组市场不论是交易数量还是交易金额都屡创新高,并购重组市场持续火热。对于公司来说,并购重组是经营活动中非常重要的一部分,而作为并购活动中至关重要的一环,公司在选择支付方式的时候会受到交易规模、公司资产结构、控制权关系、市场表现等种种因素影响,反过来也会影响到公司日后经营相关的各个方面。因此,本文选择对我国A股市场上市公司并购交易支付的影响因素进行研究,探寻公司本身的资本结构及上市公司在二级市场上的表现,对公司选择交易支付方式会产生什么影响。本文首先从根据国内外文献梳理出影响上市公司并购支付方式的因素,具体研究公司资本结构及资本市场热度分别对并购支付方式的影响及其机理,在此基础上提出相应的研究假设。实证部分以2014-2016年度我国A股上市公司并购重组事件的相关数据为样本,首先通过目标资本动态模型得到公司的目标资本结构,然后根据公司实际资本结构的偏离、市场择时效应指数及它们的交互项,考察公司资本结构及股票二级市场热度对上市公司并购支付方式选择的影响。通过研究本文得出以下结论:(1)如果公司的实际杠杆率远高于目标杠杆率,杠杆偏离对股票支付来说具有正向作用。也就是说,公司在并购实施的过程中会考虑以此为契机优化并改善公司的资本结构,使其杠杆率更加接近公司的目标资本结构。(2)如果公司在筹划并购事件的时候股价处于高位,那么公司则更有可能采用股票的方式来支付并购对价。(3)当股价高涨时,公司使用并购来调节资本结构的动机更为强烈;而在其他股价没有显著高涨的时间里,公司对于使用并购事件来调整自身资本结构仍然有一定的动机,但是显然不如股价高涨时期那么强烈。
[Abstract]:In 2013, China's M & a market has begun to perk up, since the beginning of three consecutive years, China's mergers and acquisitions market, regardless of the number of transactions or the transaction amount of record highs, mergers and acquisitions market continued hot. For companies, mergers and acquisitions is a very important part in business activities, and as a vital part of mergers and acquisitions the company is in the choice of payment will be when transaction size, asset structure, control, influence of various factors such as market performance, which in turn will affect the operation of all aspects of the relevant company days. Therefore, research the influencing factors of China A stock market mergers and acquisitions of listed companies choose the payment transactions to explore the capital structure of listed company, and the company itself in the two levels of market performance, what impact will the company choose payment transactions. This paper from the root According to the factors of literature at home and abroad to tease out the impact of mergers and acquisitions of listed companies of payment, capital structure and capital market research company specific heat respectively MampA payment mechanism and effect, based on the corresponding research hypothesis. The relevant data the empirical part in the year 2014-2016 China A shares listed company to mergers and acquisitions as a sample, first of all through the dynamic target capital model target capital structure of the company, then according to the actual deviation of the capital structure, market timing effect index and their interaction, the influence of corporate capital structure and the stock market two heat on the choice of payment method for mergers and acquisitions of listed companies. This paper draws the following conclusions: (1) if the actual leverage rate is far higher than the target leverage, leverage deviation has a positive effect on the stock payment. That is to say, companies in mergers and acquisitions Consider this as an opportunity to optimize and improve the company's capital structure in the process of implementation, the leverage ratio is closer to the target capital structure of the company. (2) if the company in the planning of mergers and acquisitions at a high price, then the company is more likely to use the stock way to pay for acquisitions on price. (3) when the stock price when rising, companies use mergers and acquisitions to adjust the capital structure is more intense; while in other shares no significant rising time, the company for the use of mergers and acquisitions to adjust its capital structure still has certain motivation, but obviously better than the stock boom so strong.

【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

【参考文献】