中小板创业板连续并购现象实证分析

发布时间：2018-03-11 18:19

本文选题：连续并购　切入点：创业板　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：中国并购市场在最近发展非常迅猛，很多公司特别是上市公司将并购作为公司扩张的主要战略，并且在短期内做了很多并购。所以我们选择并购最为集中的创业板和中小板，在连续并购领域进行分析，我们使用的样本包括2007年至今的669次并购。国外学者在这个领域的研究以Fuller在2002年发表的论文最为著名，，其中提到连续并购在高阶并购阶次会有依次递减的效应，但是这方面中国的研究比较少且不够深入，本文针对连续并购在不同并购阶次的不同表现进行深入分析。本文主要使用事件研究法，得出中国创业板与中小板在连续并购非上市公司时，具有显著为正的收益，而且在高阶并购阶次会有依次递增的效应，这与国外的研究结果明显不同。同样在主板的连续并购对照组中发现相似的规律。然后本文分析了连续并购的影响因素，发现了中国市场比较特别的因素包括股票支付使用与并购绩效呈正相关关系，转型收购与并购绩效呈正相关关系。其他的因素，比如相对并购规模和估值水平与并购绩效的关系则与国内外之前的研究比较一致。之后本文针对连续并购非上市公司在高阶并购阶次会有依次递增的效应进行深入分析，发现主要来源于短期影响但长期并不显著的过分自信效应和通过缩短并购间隔实现在牛市多次并购的学习效应。
[Abstract]:The M & A market in China has developed very rapidly recently. Many companies, especially listed companies, have taken M & A as the main strategy for their expansion, and have made a lot of mergers and acquisitions in the short term. So we have chosen the most concentrated M & A board, the growth Enterprise Board and the small and Medium-sized Board. In the area of successive mergers and acquisitions, we use a sample of 669 mergers and acquisitions since 2007. The research of foreign scholars in this field is most famous in the paper published by Fuller in 2002, in which it is mentioned that successive mergers and acquisitions have a decreasing effect in the order of high order mergers and acquisitions, but there are few and not enough researches in this field in China. This paper analyzes the different performance of successive M & A in different M & A order. This paper mainly uses the event research method to draw the conclusion that China growth Enterprise Market and small and Medium-sized Board have significant positive returns in the continuous mergers and acquisitions of non-listed companies, and will have the effect of increasing in turn in the higher order of mergers and acquisitions. The results are obviously different from those of other countries. Similar rules are also found in the control group of successive mergers and acquisitions on the main board. Then this paper analyzes the influencing factors of continuous M & A, and finds that the special factors in Chinese market include the positive correlation between stock payment and M & A performance, the positive correlation between transformational acquisition and M & A performance, and the other factors. For example, the relationship between relative M & A scale and valuation level and M & A performance is consistent with previous studies at home and abroad. After that, this paper makes a deep analysis on the effect of successive mergers and acquisitions of unlisted companies in the order of higher order mergers and acquisitions. It is found that the overconfidence effect mainly comes from the short-term effect but not obvious in the long run and the learning effect of multiple mergers and acquisitions in bull market is realized by shortening the interval between mergers and acquisitions.
【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】：F832.51;F271

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