控股股东控制下的粤运交通关联并购研究

发布时间：2018-03-01 12:03

本文关键词： 关联并购并购动因并购绩效　出处：《石河子大学》2017年硕士论文　论文类型：学位论文

【摘要】：关联并购是指发生于上市公司与其控股股东、董事之间的重组行为,或是同受控股股东控制的所有其他关联各方之间的兼并收购行为。根据国泰安数据库统计,2009年至2013年,我国上市公司共成功实施4659宗兼并收购,其中1894宗涉及关联交易,约占总并购事件的41%,而这1894宗并购事件中有615宗与控股股东或实际控制人相关。已有研究表明,关联交易上市公司样本中存在支持行为的上市公司占33.46%,支持的金额也多达上市公司总市值的20.34%,因此,控股股东的支持行为作为“掏空”的对立面,也是研究大股东行为极为重要的一个方面。辩证地看,关联并购只是关联交易的一种特殊交易形式,因此,这种交易形式最初并无正当与不正当之分,然而实际中,关联并购更多的是在非市场化的条件下发生的,目前的研究较少关注其正面作用,我国资本市场尚不成熟,投资者易于盲从“羊群效应”,那些出于“支持”真正目的的关联并购有可能就此被忽略。对于一家上市公司,控股股东拥有绝对的操控权,如果其出于“支持”目的的关联并购更多的是帮助上市公司脱离财务困境,或者进行企业内外部的资源整合,以期达到产业结构优化,最终提高企业的经营效率的目的,则对于此种出于“支持”目的的行为评价可以从并购发生前后的短期、中长期绩效的对比评价中得以明显体现。本文以2012年粤运交通在控股股东省交通集团的主导下关联并购省汽运集团的事件为例,通过分析控股股东主导下的并购事件真正动机是出于“支持”的利益输送动机和出于“产业结构优化”的资源整合动机,后面运用事件研究法和股价描述性分析法来评价短期绩效,以财务指标法衡量中长期绩效,并总结粤运交通并购的成功经验,最后对研究对象“粤运交通”今后发展提出若干建议。希望这可以为粤运交通进一步发挥并购的资源整合效应,实现企业的可持续发展增添助力。
[Abstract]:Affiliated mergers and acquisitions refer to the reorganization between listed companies and their controlling shareholders and directors, or mergers and acquisitions between listed companies and all other affiliated parties under the control of controlling shareholders. According to Cathay Pacific database statistics, from 2009 to 2013, A total of 4659 mergers and acquisitions were successfully carried out by listed companies in China, of which 1894 involved related transactions, which accounted for 411th of the total M & A incidents, while 615 of these 1894 mergers and acquisitions were related to controlling shareholders or actual controllers. The number of listed companies with supporting behavior in the sample of affiliated trading listed companies accounts for 33.466.The amount of support is as much as 20.34of the total market value of the listed companies. Therefore, the supporting behavior of the controlling shareholders is taken as the opposite of "tunneling." It is also an important aspect to study the behavior of large shareholders. Dialectically, affiliated mergers and acquisitions are only a special transaction form of related party transactions. Therefore, this kind of transaction form has no distinction between proper and improper at first, but in practice, Most of the related mergers and acquisitions take place under the condition of non-marketization. At present, less attention has been paid to the positive effect of the related mergers and acquisitions, and the capital market of our country is not yet mature. Investors tend to blindly follow the "herd effect," and those connected mergers and acquisitions that "support" the real purpose are likely to be ignored. For a listed company, controlling shareholders have absolute control. If the associated mergers and acquisitions for the purpose of "support" are more to help the listed companies out of financial distress, or to integrate internal and external resources, in order to achieve the optimization of industrial structure, and ultimately improve the efficiency of enterprises. The evaluation of such behavior for "support" purposes may range from the short term before and after the merger, The comparison and evaluation of medium and long term performance can be clearly reflected in this paper. This paper takes the incident of the merger and acquisition of provincial auto transport group under the control shareholder provincial transportation group in 2012 as an example. By analyzing the real motive of M & A under the control shareholder's leadership, the motive of "supporting" and "optimizing the industrial structure" is the motive of resource integration. In the end, we use event research method and stock price descriptive analysis method to evaluate short-term performance, measure medium- and long-term performance by financial index method, and sum up the successful experience of traffic merger and acquisition of Guangdong Province. Finally, some suggestions are put forward for the future development of "Guangdong Transport Transportation", which is expected to give full play to the resource integration effect of M & A and to realize the sustainable development of enterprises.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F512.6;F271

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