创业板上市公司购并的驱动因素及其对绩效的影响研究

发布时间：2018-07-11 10:42

本文选题：创业板上市公司 + 超募率　；参考：《浙江工商大学》2014年硕士论文

【摘要】：我国创业板自2009年10月开板至今将近四年了,围绕它产生了大量的关注、争议和批评,最受关注的问题是“三高”(高发行价、高超募率、高市盈率)和成长性下降。虽然人们认为这些问题不利于创业板的发展,但缺乏严谨的实证研究来表明它们确实对创业板企业的战略决策存在影响。我们发现的创业板上市公司的一个异常现象为研究这个问题提供了契机,即创业板上市公司似乎格外热衷购并,购并频率比主板公司高出一倍。无论是从创业板上市公司作为高成长企业的定位,还是以往研究发现的企业成长规律来看,这都是反常的。本文认为创业板上市公司购并频繁的现象与其“三高”以及成长可持续性问题关系密切,由此进行了理论分析并提出研究假设,旨在探究这些购并行为背后的驱动因素,同时对这些购并行为带来的短期绩效进行实证研究,分析创业板上市公司购并的驱动因素对绩效的影响,从而为创业板上市公司的发展提供指导性建议。本文通过回顾和总结国内外对购并动因和绩效的研究成果,探究创业板上市公司购并行为背后的驱动因素及其对绩效的影响。第1章主要是提出问题,阐述选题背景,介绍研究的理论意义和实践意义,并说明研究思路。第2章介绍了国内外关于购并驱动因素和购并绩效的研究结论,做出文献评述,奠本文的理论基础。第3章主要从创业板购并频繁的现象着手,进行理论分析并提出研究假设,最后通过实证研究验证假设的合理性,以探求购并的驱动因素。第4章则延续了前文对驱动因素的研究,在理论奠定和假设提出的基础上,分析创业板市场的总体购并绩效,以及购并的驱动因素对绩效的影响。第5章则对论文研究进行总结,结合实践给出指导建议,并提出本文的不足与后续研究可能的改进之处。本文得出如下主要结论： 1.创业板上市公司感知到的成长压力会促使其做出购并决策,购并方在购并前的成长速度越慢,其购并偏好性越大,而此时购并绩效表现也越差。 2.创业板上市公司的高超募率对其购并行为有一定的驱使作用,上市时超募率越高,购并可能性越大,而此时购并绩效却更差。 3.创业板上市公司的成长速度会调节超募率与购并可能性之间的正相关关系,企业成长速度越慢,购并倾向受超募率的影响越大。 4.创业板上市公司的购并行为总体上带来了短期的绩效提升。 5.企业能从前期的购并行为中积累经验,从而有效地促进后续购并行为的绩效提升。此外,无论是对企业的购并偏好,还是对企业的购并绩效,管理层持股比例在本文的研究中并未体现出显著性的调节作用。
[Abstract]:The gem of our country has been opened for nearly four years since October 2009. It has generated a great deal of attention, controversy and criticism around it. The most concerned issues are the "three high" (high issue price, high raising ratio, high price-earnings ratio) and the decline of growth. Although it is considered that these problems are not conducive to the development of the gem, there is a lack of rigorous empirical research to show that they do have an impact on the strategic decisions of gem enterprises. An abnormal phenomenon found in gem provides an opportunity for us to study this problem, that is, gem listed companies seem to be particularly keen on mergers and acquisitions, and the frequency of mergers and acquisitions is twice as high as that of mainboard companies. Whether it is the orientation of the gem listed companies as a high growth enterprise or the growth law found by previous studies, this is abnormal. This paper holds that the frequent mergers and acquisitions of listed companies on the gem are closely related to their "three highs" and the issue of sustainability of growth, so this paper makes a theoretical analysis and puts forward research hypotheses in order to explore the driving factors behind these mergers and acquisitions. At the same time, this paper makes an empirical study on the short-term performance of these mergers and acquisitions, and analyzes the influence of the driving factors on the performance of the listed companies in the gem, so as to provide guidance suggestions for the development of listed companies on the gem. This paper reviews and summarizes the domestic and foreign research results on the motivation and performance of mergers and acquisitions, and explores the driving factors behind the merger behavior of listed companies in the gem and its impact on performance. The first chapter is to put forward questions, explain the background of the topic, introduce the theoretical and practical significance of the research, and explain the research ideas. Chapter 2 introduces the domestic and foreign research conclusions on merger driving factors and merger performance, and makes a literature review, laying the theoretical foundation of this paper. The third chapter mainly starts from the phenomenon of frequent mergers and acquisitions on the gem, carries on the theoretical analysis and puts forward the research hypothesis, finally verifies the rationality of the hypothesis through the empirical research, in order to explore the driving factor of the merger. The fourth chapter continues the previous research on the driving factors, on the basis of theoretical foundation and hypothesis put forward, analyzes the overall merger performance of gem market, as well as the effect of merger drivers on performance. In chapter 5, the author summarizes the research and gives some suggestions on the basis of practice, and points out the deficiency of this paper and the possible improvement of the following research. The growth pressure perceived by listed companies on the gem will urge them to make merger and acquisition decisions. The slower the growth rate of mergers and acquisitions before the acquisition, the greater the preference for mergers and acquisitions, and at this time, the performance of mergers and acquisitions is also worse. 2. The high raising rate of gem companies has a certain driving effect on their merger and acquisition behavior. The higher the rate of over-raising when listed, the greater the possibility of mergers and acquisitions, and the worse the performance of mergers and acquisitions is at this time. The growth rate of listed companies on the gem will adjust the positive correlation between the over-raising rate and the possibility of merger and acquisition. The slower the growth rate, the greater the tendency of acquisition and merger will be affected by the over-raising rate. 4. On the whole, the acquisition and merger behavior of listed companies on the gem has brought about short-term performance improvement. 5. 5%. Enterprises can accumulate experience from previous mergers and acquisitions, thus effectively promoting the performance of subsequent mergers and acquisitions. In addition, no matter whether the preference of M & A or the performance of M & A, the proportion of managerial shareholding does not reflect the significant regulatory role in this study.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271;F275

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