中国上市公司海外并购溢价影响因素研究

发布时间：2018-01-24 11:36

本文关键词： 海外并购溢价率影响因素自由现金流量　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：全球化理念从20世纪80年代开始就在全球范围内普遍传播,世界各国之间逐步加大了在政治、经济上的相互依存度,各国企业不仅仅在国内市场拓展业务,也开始将投资方向转向国外,中国作为最大的发展中国家也加入了全球化的浪潮中,并且发展迅速,其对外直接投资不管在金额上还是数量上都是全球最多的。自从2013年中国国家主席习近平提出了"一带一路"的战略构想,给中国企业提供了许多区域合作平台,让企业"走出去"有了越来越多的机会来开展海外投资和海外并购活动,其构想使得更多的国家企业联系在一起,逐渐形成一个巨大的世界经济体系,更重要的是也带动了我国经济的快速发展。但是表面上海外扩张形势十分壮观,细细分析却发现海外并购的结果并没有达到预期的目标,一方面投入了巨大的人力物力,最终宣告失败,一方面虽并购成功,但经营业绩并没有提升,甚至下滑,而这其中过高的并购价格导致过多的并购成本是失败的一个比较重要的原因,这种溢价不仅巨大,而且出现高溢价的现象十分普遍,我国的海外并购本身具有的"中国特色",如今却被冠以了"中国溢价"的特殊标签。整个海外并购的过程是一个复杂而且漫长的过程,从制定企业的发展规划,到尽职调查目标公司,再到确定交易成交价,这其中每个程序都可能出现导致海外并购溢价产生的因素,要解决中国企业海外并购高溢价的难题,就要先找出它的影响因素和影响程度。基于海外并购溢价的国内外研究现状,并梳理了相关基本理论,如协同效应理论、价值低估理论、自由现金流假说和过度自信假说,结合我国海外并购的现状,找出可能影响海外并购溢价的因素,提出了 12个研究假设。实证研究部分,在1999年-2015年间共收集了 178个海外并购样本,从七个方面分析导致海外并购出现溢价的影响因素,包括自由现金流量、信息不对称、管理者自信、平均资本成本以及三种协同效应。通过回归分析发现,自由现金流、信息不对称、过度自信和经营协同效应四个因素都与海外并购溢价率呈正相关关系,而财务协同效应与海外并购溢价率呈负相关关系,说明自由现金流的增加、信息不对称的出现、管理者的盲目自信以及协同效应的产生都导致我国海外并购溢价率的上升,而平均资本成本和管理协同效应与海外并购溢价率的相关性不显著。
[Abstract]:Since 1980s, the concept of globalization has been spread all over the world. The countries in the world have gradually increased their interdependence in politics and economy, and the enterprises of all countries have not only expanded their business in the domestic market. China, as the largest developing country, has joined the tide of globalization and is developing rapidly. Its foreign direct investment is the world's largest in terms of both volume and quantity. Chinese President Xi Jinping has proposed the "Belt and Road" strategy since 2013. It has provided many regional cooperation platforms for Chinese enterprises, giving them more and more opportunities to make overseas investment and overseas M & A activities, and the concept has brought more national enterprises together. Gradually forming a huge world economic system, more importantly, also driving the rapid development of China's economy, but on the surface of the expansion situation outside Shanghai is very spectacular. Careful analysis found that the results of overseas mergers and acquisitions did not reach the desired goal, on the one hand invested huge manpower and material resources, and finally failed, on the other hand, although the merger and acquisition success, but the business performance has not been improved. Even decline, and the excessive price of M & A resulting in excessive M & A costs is a more important reason for failure, this premium is not only huge, but also the phenomenon of high premiums is very common. China's overseas M & A has its own "Chinese characteristics", but now it is labeled "China premium". The whole process of overseas M & A is a complicated and long process. From making the development plan of the enterprise to the target company of due diligence, to setting the transaction price, each of these procedures may have the factors that lead to the oversea M & A premium. In order to solve the problem of high premium of oversea mergers and acquisitions of Chinese enterprises, it is necessary to find out its influencing factors and degree of influence first. Based on the status quo of overseas M & A premium research at home and abroad, and combing the relevant basic theory. Such as synergy theory, undervaluation theory, free cash flow hypothesis and overconfidence hypothesis, combined with the status quo of overseas mergers and acquisitions in China, to find out the factors that may affect the premium of overseas mergers and acquisitions. In the part of empirical research, 178 overseas M & A samples were collected from 1999 to 2015. This paper analyzes the influencing factors of oversea M & A premium from seven aspects, including free cash flow, information asymmetry, manager confidence, average capital cost and three synergistic effects. The four factors of free cash flow, information asymmetry, overconfidence and business synergy are all positively correlated with the overseas M & A premium rate, while the financial synergy effect has a negative correlation with the oversea M & A premium rate. It shows that the increase of free cash flow, the appearance of information asymmetry, the blind confidence of managers and the production of synergy all lead to the rise of premium rate of overseas M & A in China. However, the average cost of capital and management synergy are not significantly correlated with the premium rate of overseas M & A.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51

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