我国互联网上市企业并购对股价影响分析

发布时间：2018-04-20 14:00

本文选题：互联网企业 + 并购对股价的影响　；参考：《对外经济贸易大学》2016年硕士论文

【摘要】：自企业这个概念产生以来,企业的目的和价值就是发展壮大,而并购的产生,给企业铺了一条业务扩张、战略调整、多元化经营的捷径。每一次科技水平的提高,思维认知的拓展,都会造成大量的并购行为,而随着互联网的兴起,互联网企业的上市融资、并购重组、业务拓展等一系列活动越来越频繁,有逐步形成第六次并购浪潮的趋势。互联网行业竞争激烈,企业要想在竞争中脱颖而出,除了加强自身能力、保持客户粘性之外,也需要通过并购来占据竞争优势,既削弱潜在竞争者,又增强自身实力。对互联网企业并购研究可以让我们判断互联网企业并购活动能否真正提高企业价值,维护股东权益,保持客户粘性。本文采用事件分析方法,选取2008年1月1日至2015年12月31日间94例互联网企业并购事件作为样本,采用超额累积收益率法(CAR),以公告日(-30,30)天为事件窗口期,分析横向、纵向以及多元化并购对短期股价波动的影响。同时选取2009年1月1日至2013年12月31日间53例并购事件作为样本,采用连续持有超额收益率法(BHAR),以公告月(0,24)为事件窗口期,分析并购在长期内对股价的影响。最终得出,短期内,并购事件会拉高公司股价,对企业有积极影响,而在长期内,并购事件却会拉低公司股价,对企业有消极影响。并购事件提前泄露、市场投资者偏爱短线交易是造成其结果的重要原因。本文分为五个部分,第一部分,导论,简要阐述本文研究背景,研究内容以及文献综述;第二部分,介绍本文并购、互联网企业的定义和特点以及并购相关理论、分析方法的归纳;第三部分,互联网企业并购对于股价影响的一般分析,阐述互联网企业并购特点和现状,分析并购对股价的影响;第四部分,并购对于股价的影响实证分析,通过事件分析法分析互联网企业并购前后股价波动;第五部分,研究总结与展望。
[Abstract]:Since the concept of enterprise came into being, the purpose and value of enterprise is to develop and strengthen, and the emergence of M & A has paved a shortcut for business expansion, strategic adjustment and diversified management. With the rise of the Internet, the emergence of the Internet, the listing and financing of Internet enterprises, mergers and acquisitions, business expansion and other activities are becoming more and more frequent. There is a gradual formation of the sixth wave of mergers and acquisitions trend. The competition in the Internet industry is fierce, enterprises want to stand out in the competition, in addition to strengthening their own ability and maintaining customer stickiness, they also need to occupy the competitive advantage through mergers and acquisitions, which not only weaken the potential competitors but also strengthen their own strength. The research on the merger and acquisition of Internet enterprises can help us judge whether the M & A activities of Internet enterprises can really improve the value of enterprises, safeguard the rights and interests of shareholders, and maintain the stickiness of customers. This paper adopts event analysis method, selects 94 cases of Internet M & A events from January 1, 2008 to December 31, 2015 as a sample, adopts the method of excess cumulative rate of return (CARN), and takes the announcement day (-30 days) as the event window period, and analyzes the horizontal side. The impact of vertical and diversified mergers and acquisitions on short-term stock price volatility. At the same time, 53 cases of M & A events from January 1, 2009 to December 31, 2013 are selected as samples, and the method of continuous excess return is adopted to analyze the impact of M & A on stock price in the long run. Finally, in the short run, M & A events will increase the share price of the company and have a positive impact on the enterprise, while in the long run, the M & A event will lower the share price of the company and have a negative impact on the enterprise. The leakage of M & A events and the preference of market investors for short-term trading are the important reasons for the result. This paper is divided into five parts, the first part, the introduction, briefly describes the research background, research content and literature review, the second part, introduces the definition and characteristics of the Internet enterprises, as well as the theory of M & A. The third part, the general analysis of the impact of Internet M & A on stock price, expounds the characteristics and status of M & A of Internet enterprises, analyzes the impact of M & A on stock price; the fourth part, the impact of M & A on stock price empirical analysis. This paper analyzes the stock price fluctuation before and after mergers and acquisitions through event analysis.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F49;F832.51

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