中国企业海外并购公告对其股票价格波动影响研究

发布时间：2018-06-08 02:14

本文选题：事件研究法 + 并购公告　；参考：《河北工业大学》2014年硕士论文

【摘要】：中国企业海外并购是全球经济一体化的必然产物,且我国政府“走出去”战略的大力支持也促使海外并购迅速成为我国有实力的企业实现其全球化战略的有效途径。尤其是在2008年国际金融危机爆发以后，中国企业在国际市场上表现踊跃，积极以海外并购的形式展开国外投资。这其中不乏有许多成功案例，然而，在成功的喜悦中，我们应当认识到中国企业进行海外并购的发展历史不长，学术界现有的并购理论能否解释我国企业的海外并购的绩效仍有待投入更多的研究来论证支持[1]。本文通过梳理中西方跨国并购动机理论以及并购效应相关的研究文献，结合我国具体实际,探讨中国上市企业在国际市场上大举开展海外并购的并购效应——即股东财富效益。文章选择2010-2012年上半年的重大海外并购事件为样本，和事件研究法这一较为成熟的检验工具，通过检验短中期是否存在正的股东效益，来判定在海外并购这独特的投资领域上，市场对海外并购是否持有积极正面的态度。此外，本文还研究不同并购方式以及能源资源类型海外并购的股东财富效益。文章分为六个部分。绪论部分介绍本文的选题背景、意义、研究目的以及研究框架，并简单介绍本文所采用的研究方法和创新点。第二部分为理论基础部分，先对跨国并购密切相关的概念进行定义,再对国内外跨国并购效应相关研究的结论做了梳理，尤其对并购的股东效应做了重点介绍。第三部分将国内外学者对跨国并购绩效以及跨国并购的股东财富效应的相关研究成果进行归纳总结。第四部分为问题提出和模型介绍。先对本文研究问题的确定，做详细的说明。再对国内外学者就该领域研究的研究方法做归类评价，重点介绍事件研究法这一研究工具在股东财富效益分析中的运用，并在第四章结尾部分简单界定选样的方法，样本描述以及CAPM模型的数学实现方式。第五部分为实证结果评价部分，对金融危机发生以后的两年半时间里（2010-2012上半年），，我国上市企业参与的56起重大海外并购事件对其股票在短中期的影响做了分析解释。第六部分根据研究结果，对相关部门已经投资者提出相应的建议。结果显示，尽管外界对海外并购绩效看法各异，中国企业海外并购公告对证券市场的影响在总体上正向的。股权并购类型以及能源资源型的海外并购的公告在公告日前后的短期内对市场的刺激也表现为显著正相关，反映了市场对该类型的海外并购所持态度是积极正面的。
[Abstract]:The overseas M & A of Chinese enterprises is the inevitable outcome of global economic integration, and the strong support of our government's "going out" strategy also promotes the overseas M & A to become an effective way for the powerful enterprises to realize their globalization strategy. Especially after the outbreak of the international financial crisis in 2008, Chinese enterprises actively displayed in the international market, actively launched foreign investment in the form of overseas mergers and acquisitions. There are many successful cases, but in the joy of success, we should realize that the development history of overseas mergers and acquisitions by Chinese enterprises is not long. Whether the existing theories of M & A in academic circles can explain the performance of overseas M & A of Chinese enterprises still needs more research to prove and support [1]. By combing the theory of motivation of cross-border M & A between China and the West and the relevant research literature of M & A effect, Combined with the actual situation in China, this paper discusses the M & A effect of overseas M & A by Chinese listed enterprises in the international market, that is, the wealth benefit of shareholders. This paper selects the major overseas M & A events in the first half of 2010-2012 as a sample, and the event Research method, which is a more mature test tool, to determine whether there is positive shareholder benefit in the short and medium term to determine the unique investment field of overseas M & A. The market has a positive attitude toward overseas mergers and acquisitions. In addition, this paper also studies the shareholder wealth benefits of overseas M & A with different M & A methods and energy resources types, which is divided into six parts. The introduction part introduces the background, significance, research purpose and research framework of this paper, and briefly introduces the research methods and innovations adopted in this paper. The second part is the theoretical basis, first of all, the definition of the concept of the close relationship between cross-border M & A, and then the conclusion of the domestic and foreign cross-border M & A effects, especially the focus on the shareholder effect of M & A. In the third part, domestic and foreign scholars summarize the achievements of cross-border M & A performance and the shareholder wealth effect of cross-border M & A (M & A). The fourth part puts forward the problem and introduces the model. First of all, this paper to determine the problem, do a detailed explanation. Secondly, it classifies and evaluates the research methods of domestic and foreign scholars in this field, focuses on the application of event research method in shareholder wealth benefit analysis, and briefly defines the method of sample selection at the end of chapter four. Sample description and mathematical implementation of CAPM model. The fifth part is the empirical evaluation part, which analyzes the impact of 56 major overseas M & A events on the stock market in the short and medium term in the two and a half years after the financial crisis occurred in the first half of 2010-2012. The sixth part, according to the research results, has put forward the corresponding suggestions to the relevant investors. The results show that although the external views on the performance of overseas M & A are different, the impact of the oversea M & A announcement on the securities market is generally positive. The announcement of equity M & A type and energy resource type M & A in the short term before and after the announcement also shows significant positive correlation, which reflects the positive attitude of the market towards this type of overseas M & A.
【学位授予单位】：河北工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F279.2;F271

【参考文献】