中国A股上市房地产公司并购重组绩效的实证研究

发布时间：2018-02-01 08:38

本文关键词： 房地产上市公司并购重组并购绩效事件研究法财务指标研究法　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：由于企业并购对于产业结构调整及企业规模扩张的促进作用，企业并购一直都是资本市场的热点问题。截至2013年，我国上市公司并购市场走过了近20年的时光，其间累计有上千家上市公司披露过并购事件。在当前我国经济的结构转型阶段，并购市场的发展便显得更为重要。并购绩效研究一向以来都是并购理论研究中的热点问题。但是，学术界对于并购是否能帮助企业提高绩效并没有特别统一的看法。房地产行业在最近10年时间里维持了高速的增长，企业规模和行业格局均发生了深刻的变化。高增长行业往往是并购活动最为活跃的行业，以房地产行业为例进行并购绩效的研究，，一是案例数量较为丰富，二是有助于增强对高增长行业并购活动的认识和理解，为将来高增长行业的并购活动提供理论借鉴。在此背景下，在对并购相关文献进行综合研究的基础上，本文通过对房地产业并购的现状、背景和动因等方面的分析，以境内资本市场2010年所发生的房地产上市公司并购事件作为研究对象，选择了其中11起并购案例，分别运用事件研究法和财务指标分析法，以此来考察上市房地产公司的绩效变化。首先，本文运用事件研究法对收购方的累积平均超额收益进行考察，并将此作为收购方短期并购绩效的衡量指标。通过事件研究法的检验，本文发现，在事件期内[-30天，30天]的短期并购绩效的累积超额收益（CAR）虽略大于零，但其在统计上并不显著。这说明，收购方股东无法通过收购获得超额收益，公司的短期绩效无显著改观。然后，本文运用财务指标分析法对收购方公司的长期并购绩效进行研究。在较长的考察期内考察2008年到2012年间样本公司财务指标的长期变化。通过研究本文发现：样本公司并购后除长期偿债能力变差之外，其他方面的各项指标如盈利能力、营运能力、发展能力及现金流量等方面均呈现先减弱后走强的走势。综合来看，收购方的长期绩效为正，其经营绩效得到了一定程度的改善。最后，本文针对我国上市房地产公司收购方短期、长期并购绩效的研究结果，从公司层面和宏观层面对并购重组提出了一些参考意见和建议。
[Abstract]:M & A has been a hot issue in the capital market because of its promoting effect on the adjustment of industrial structure and the expansion of enterprise scale. Up to 2013, M & A has been a hot issue in the capital market. The M & A market of listed companies in China has gone through nearly 20 years, during which thousands of listed companies have disclosed M & A events. The development of M & A market is more important. M & A performance research has always been a hot issue in the theory of M & A. however. There is no particular consensus in academia on whether mergers and acquisitions can help companies improve their performance. The real estate industry has maintained a high growth rate in the last 10 years. Enterprise size and industry pattern have undergone profound changes. High-growth industries are often the most active M & A industry. Take the real estate industry as an example to study the M & A performance. First, the number of cases is relatively rich. Second, it is helpful to strengthen the understanding and understanding of M & A activities in high growth industries and to provide theoretical reference for M & A activities in high growth industries in the future. In this context, on the basis of a comprehensive study of M & A literature, this paper analyzes the status quo, background and motivation of M & A in real estate industry. Taking the M & A event of the listed real estate companies in the domestic capital market in 2010 as the research object, 11 M & A cases were selected, respectively, using the event research method and the financial index analysis method. In order to investigate the performance of listed real estate companies change. First of all, this paper uses the event research method to investigate the cumulative average excess return of the acquirer, and regards it as a measure of the short-term acquisition performance of the acquirer. Through the test of the event research method, this paper finds out. During the event period [Although the cumulative excess return of short-term M & A performance of -30 days to 30 days is slightly greater than zero, it is not statistically significant. This shows that the acquirer shareholders can not obtain excess returns through acquisition. The company's short-term performance has not improved significantly. And... This paper uses the financial index analysis method to study the long-term M & A performance of the acquirer company. During the long period of investigation, the paper investigates the long-term change of the sample company's financial index from 2008 to 2012. It was found that:. In addition to the long-term solvency of the sample companies after M & A became poor. Other indicators, such as profitability, operating capacity, development capacity and cash flow, all show a trend of weakening and then strengthening. Overall, the long-term performance of the acquirer is positive. Its operating performance has been improved to a certain extent. Finally, according to the research results of the short-term and long-term M & A performance of the listed real estate companies in China, this paper puts forward some suggestions and suggestions on M & A from the corporate level and the macro level.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42;F271

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