上市公司换股并购绩效的实证研究

发布时间：2019-01-15 07:21

【摘要】：换股并购是以股票作为支付方式的并购，与现金并购方式相比，，不仅可以使企业免于陷入巨大的资金压力，而且在财务上可合理避税并让并购双方达到共赢。因此在国内外的并购市场上得到了广泛的应用。但是我国公司并购起步较晚，到目前为止，换股并购还没有占据并购市场的主导地位，还存在一些不完善的地方，因此进一步加强深入换股并购的研究，有着重要意义，不仅能够丰富和完善并购价值理论，同时能够引导上市公司进行换股并购时采用更合理的方式，降低交易成本，降低并购之后整合的难度，使公司更好的发展。本文首先介绍了换股并购的相关理论，并结合我国的实际情况对于换股并购的动因进行分析，作为此次研究的理论支撑和基础。选取了自2001年到2011年间发生的23起换股并购案例作为研究样本，运用事件研究法对并购活动中主并方的短期绩效和进行实证研究，运用财务指标法对长期绩效进行实证研究，结果表明：我国上市公司换股并购的行为，在并购发生后的较短时间内产生了少量的正的累计超额收益，但是财务指标法对长期绩效的研究结果表明，换股合并对于收购方公司长期绩效没有产生有利影响或者说是使得股东财富遭受到了明显的损失。最后，对研究结果进行了多角度的分析，并提出了一些政策建议。
[Abstract]:Stock exchange M & A is a kind of M & A with stock as payment mode. Compared with cash M & A, it can not only avoid the huge financial pressure, but also can avoid tax reasonably and make both M & A and M & A win together. Therefore, it has been widely used in the M & A market at home and abroad. However, the merger and acquisition of Chinese companies started relatively late, so far, the stock exchange M & A has not occupied the dominant position in the M & A market, and there are still some imperfections, so it is of great significance to further strengthen the research on the merger and acquisition of stock exchange. It can not only enrich and perfect the theory of M & A value, but also guide the listed companies to adopt more reasonable ways to reduce transaction costs, reduce the difficulty of integration after M & A, and make the company develop better. This paper first introduces the relevant theories of stock exchange M & A, and analyzes the motivation of M & A based on the actual situation of our country, as the theoretical support and basis of this study. From 2001 to 2011, 23 cases of stock exchange M & A were selected as the research samples, and the short-term performance of merger and acquisition was studied by event research method, and the long-term performance was studied by financial index method. The results show that the behavior of M & A of listed companies in China produces a small amount of positive accumulative excess returns in a short period of time after M & A, but the results of the study on the long-term performance of the financial index method show that, The merger has no beneficial effect on the long-term performance of the acquirer or makes the shareholder's wealth suffer obvious loss. Finally, the research results are analyzed from various angles, and some policy suggestions are put forward.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F275;F832.51

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