中国上市公司并购宣告的市场反应与财务顾问作用研究

发布时间：2018-02-04 23:58

本文关键词： 并购财务顾问声誉　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：近些年来资本市场不断开放和完善,越来越多的资本工具得到运用,其中并购重组业务的蓬勃发展正是近10年来最重要的一个趋势。并且从2012年11月16日至2014年初,中国A股的新股发行被暂停。以此为契机,大量上市公司大举收购非上市公司,从而迎来了一个并购高潮。在这些上市公司风光背后经常可以看到一些财务顾问的身影,他们帮助上市公司寻找并购标的、撰写收购方案、整合战略和发展规划等。实际上,在每年全球最大的100起兼并收购交易中,超过90%的交易都雇用投资银行作为财务顾问来协助完成兼并交易。本文选取了2008年至2013年中国A股上市公司全部收购兼并的交易作为研究对象,采用事件研究法研究了中国上市公司并购宣告日的市场反应与财务顾问的作用。本文处于谨慎的考虑选取了(-2,+2)与(-7,+2)两个窗口期进行研究,两个窗口期内均获得了显著为正的收益。根据实证结果,得到如下主要结果：1)在中国资本市场中存在信息泄露的情况。通过比较分析宣告日之前的涨幅与总事件期涨幅后,发现财务顾问的参与,有效地减少了宣告日之前的涨幅占总事件期涨幅的比例,并且有声誉的财务顾问能减小得更多；2)财务顾问的声誉与中国上市公司并购宣告的市场反应成正相关关系,并且在1%的水平下显著,市场对于有财务顾问参与的并购项目给予更好的市场反馈。财务顾问在交易之中降低了信息的不对称,让投资者更好地认识到标的物的价值；3)针对不同类型的并购重组交易,财务顾问的声誉与上市公司并购宣告的市场反应之间的关系也不同,对于关联交易的并购项目,市场对财务顾问的参与有正面反馈；4)在标的物为股权的并购交易中,市场对财务顾问的参与有正面反馈,但对于标的物为资产的并购交易则没有显著的正面反馈；5)最后本文研究了公司在仅用现金支付的情况下,市场对于财务顾问参与的反应并不显著。但对于使用其他支付方式的情况下,市场对于财务顾问的声誉有显著的正相关。
[Abstract]:In recent years, the capital market has been continuously open and improved, and more and more capital tools have been used. The vigorous development of M & A business is the most important trend in the past 10 years. From November 16th 2012 to early 2014, the new stock issue of A shares in China was suspended as an opportunity. A large number of listed companies have acquired a large number of non-listed companies, thus ushered in a wave of mergers and acquisitions. Behind these listed companies can often see some financial advisers, they help listed companies looking for merger targets. Writing acquisitions, integrating strategy and development planning. In fact, in the world's top 100 mergers and acquisitions every year. More than 90% of the transactions employ investment banks as financial advisers to assist in the completion of mergers and acquisitions. This paper selects all M & A transactions of Chinese A-share listed companies from 2008 to 2013 as research subjects. . This paper studies the market reaction and the role of financial advisers in the announcement of mergers and acquisitions of listed companies in China by the method of event research. 2) the two window periods were studied, and the positive returns were obtained during the two window periods. According to the empirical results. Get the following main result: 1) there is information leakage in China's capital market. After comparative analysis of the increase before the announcement date and the increase in the total event period, we find the participation of financial advisers. It effectively reduces the proportion of the increase prior to the announcement date to the total event period, and reputable financial advisers can reduce it even more; 2) the reputation of financial advisers is positively correlated with the market reaction of announced mergers and acquisitions of listed companies in China, and is significant at the level of 1%. The market gives better market feedback to M & A projects involving financial advisers, who reduce the asymmetry of information and make investors realize the value of the subject matter better; 3) for different types of M & A transactions, the relationship between the reputation of financial advisers and the market reaction of M & A announced by listed companies is also different. The market has positive feedback on the participation of financial advisers; 4) in the M & A transaction where the subject matter is equity, the market has positive feedback on the participation of financial advisers, but there is no significant positive feedback on M & A transactions in which the subject matter is an asset; Finally, the paper studies that the market reaction to the participation of financial advisers is not significant when the company pays in cash only, but in the case of using other payment methods. There is a significant positive correlation between the market and the reputation of financial advisers.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

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