基于上市公司设立并购基金视角的上市公司并购绩效研究

发布时间：2018-04-07 15:43

本文选题：上市公司　切入点：并购基金　出处：《江苏科技大学》2017年硕士论文

【摘要】：在当前我国经济深化改革以及并购浪潮开启的情况下,为了更有效率地寻找到优质并购标的并完成收购;拓宽公司并购融资渠道,缓解公司在外延扩张或跨界转型时的并购投资面临的融资约束难题;简化并购监管审核流程,缩减并购周期;分摊并购风险,诸多上市公司作为主导发起人,联合私募股权投资机构设立起了并购基金,以此作为上市公司外延扩张或跨界转型的并购整合平台。本文从上市设立并购基金的视角来研究上市公司的并购绩效,去探求上市公司设立的并购基金在后续的应用过程中是否实现了上市公司设立并购基金的初衷,上市公司通过设立并购基金进行并购能否为上市公司带来良好的并购绩效,为上市公司创造价值。本文通过对上市公司设立的并购基金进行相关概述,运用描述统计法分析了2011年1月1日至2015年10月31日这一时间段上市公司设立的并购基金现状,总结了上市公司所设立的并购基金的基本特征。在此基础上,运用交易费用理论、协同效应理论、信号传递理论、企业投资的融资约束理论、代理理论等从理论层面对上市公司通过设立并购基金进行并购的绩效进行分析。并以理论作为研究基础,结合上市公司设立的并购基金在后续的应用过程的现实情形,分别采用事件研究法以及案例分析法对上市公司通过设立并购基金进行并购的市场绩效与财务绩效进行检验论证。为更好地检验上市公司所设立的并购基金对上市公司并购的影响,本文运用了对比分析法,将上市公司通过设立并购基金进行并购与上市公司直接并购所产生的绩效进行了对比。通过研究本文发现:上市公司通过设立并购基金进行并购能够为上市公司带来良好的短期市场绩效与财务绩效。并且,上市公司通过设立并购基金进行并购在寻找并锁定并购标的、降低并购风险、缩短并购投资周期、优化公司资金配置、提高投后管理水平等方面相较于上市公司直接并购而言都存在显著优势,可以实现上市公司设立并购基金的目的,进一步肯定了上市公司设立的并购基金具有较好的应用前景,在上市公司并购战略进程中的作用不容小觑。同时,本文还发现了在上市公司通过设立并购基金进行并购的背后,还存在由环境变量因素影响而产生的一些问题,本文对此进行了简析,并从上市公司层面、PE行业层面、监管层面以及法律层面提出了相应的应对之策和建议。
[Abstract]:At present, with the deepening of economic reform and the opening of M & A wave in our country, in order to find the target of high quality M & A more efficiently and complete the acquisition, we should broaden the financing channel of M & A.To alleviate the financing constraints faced by companies in the process of extension expansion or cross-border transformation; to simplify the process of regulatory review of mergers and acquisitions, to shorten the cycle of mergers and acquisitions, to share the risks of mergers and acquisitions, and many listed companies as leading promoters,Joint private equity firms set up M & A funds to serve as a platform for M & A integration in the extension or cross-border transformation of listed companies.This paper studies the M & A performance of listed companies from the perspective of setting up M & A funds on the market, to find out whether the M & A funds set up by listed companies have realized the original intention of establishing M & A funds in the subsequent application process.Whether the listed company can bring good M & A performance and create value for the listed company through the establishment of M & A fund.By summarizing the M & A funds set up by listed companies, this paper analyzes the current situation of M & A funds set up by listed companies during the period from January 1, 2011 to October 31, 2015 by using descriptive statistics.This paper summarizes the basic characteristics of M & A funds set up by listed companies.On this basis, using transaction cost theory, synergetic effect theory, signal transmission theory, financing constraint theory of enterprise investment, agency theory and so on, this paper analyzes the performance of M & A through the establishment of M & A fund in listed companies from the theoretical level.And take the theory as the research foundation, unifies the listed company to set up the merger and acquisition fund in the follow-up application process reality situation,The market performance and financial performance of the listed companies through the establishment of M & A fund are tested and demonstrated by the event research method and the case analysis method respectively.In order to better test the impact of M & A funds set up by listed companies on M & A of listed companies, this paper applies comparative analysis method.This paper compares the performance of the listed company through the establishment of M & A fund and the direct M & A of the listed company.Through the research, it is found that the listed companies can bring good short-term market performance and financial performance to the listed companies through the establishment of M & A funds.In addition, the listed companies through the establishment of M & A funds for M & A are looking for and locking down the targets of M & A, reducing the risk of M & A, shortening the investment cycle of M & A, optimizing the allocation of corporate funds.Compared with the direct merger of listed companies, there are significant advantages in improving the level of post-investment management, which can achieve the purpose of establishing M & A funds of listed companies, and further confirm that the M & A funds set up by listed companies have good application prospects.The role of M & A strategy in listed companies should not be underestimated.At the same time, this paper also found that there are still some problems caused by environmental variables behind the M & A of listed companies through the establishment of M & A funds, this paper briefly analyzes this, and from the level of listed companies, PE industry level.The supervision level and the legal level put forward the corresponding countermeasures and suggestions.
【学位授予单位】：江苏科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F271;F275

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