内部资本市场在集团并购中的融资替代效应研究

发布时间：2018-01-08 20:26

本文关键词：内部资本市场在集团并购中的融资替代效应研究　出处：《山东大学》2013年硕士论文　论文类型：学位论文

【摘要】：近两年在全球并购外冷内热的背景下,中国并购之风仍然愈演愈烈,形成了愈加多元化的企业集团,而妥善解决并购融资问题是并购成功的重要前提之一在现代市场经济条件下,通常来讲资金的获取主要有两种渠道：一是通过外部资本市场,即证券市场和信贷市场；二是通过企业内部自有资金获取。而对于集团企业来讲,集团内部还存在另一融资平台——内部资本市场,通过形成一个内部资本市场,多元化的企业集团可以将内部产生的现金流储蓄起来,以便把资本配置到最有用的地方。集团内部资本市场的出现丰富了集团成员企业并购的融资渠道,是对我国外部资本市场的补充。那么,集团内部资本市场能否在其成员企业并购中起到融资替代效应,而其自身特征又如何影响其融资替代效应的发挥便成为新的研究方向。本文综述了国内外相关研究成果,采用规范研究与实证研究相结合的方法,借鉴国内外研究,对集团内部资本市场在企业并购中的融资替代效应进行了系统研究。首先,本文运用内部资本市场理论、交易成本理论、信息不对称理论及优序融资理论对内部资本市场在并购中的融资替代效应进行了理论分析；其次,本文对内部资本市场已有文献进行综述,发现内部资本市场能缓解外部融资约束,而对其内部融资替代效应却鲜少涉及；再次,本文通过分析已有文献及理论分析,提出假设,并创造性地建立模型；最后,本文选取了2010～2011年期间我国A股市场的165起集团并购事件作为研究主样本,以381起非集团并购事件为对比样本,采用描述性统计、Pearson相关性分析及多元线性回归分析的方法对本文所提假设分析研究。研究结果表明,集团内部资本市场能够在企业并购中发挥融资替代效应,而其替代效应发挥程度与集团内部资本市场效率显著正相关,与集团内部资本市场规模则显著负相关。本文分析研究所得结论,提出了高效发挥集团内部资本市场在并购中融资替代效应的几点建议意见,希望能够为我国集团成员企业并购的发展提供借鉴。
[Abstract]:The past two years in the global M & A Raisin in the background, the merger and acquisition of China wind is still growing, forming a more diversified enterprise group, and properly solve the financing problem is one of the important premise of success in the modern market economy condition, usually to obtain capital mainly has two ways: one is through the external capital market. That the stock market and the credit market; the two is obtained by internal funds. For group enterprises, there is another group of internal financing platform, internal capital market, through the formation of an internal capital market, diversified enterprise group can be internally generated cash flow savings, in order to put capital to the most useful place. The group's internal capital market has enriched the members of the group enterprise mergers and acquisitions financing channels, is a supplement to the external capital market in our country. Therefore, whether the internal capital market can play a financing substitution effect in its member M & A, and how its own characteristics affect its financing substitution effect has become a new research direction.
This paper reviews the relevant research results at home and abroad, using the method of combining normative research and empirical research, research from home and abroad, on the financing substitution effect of internal capital market in mergers and acquisitions in the system. First, this paper uses the internal capital market theory, transaction cost theory, asymmetric information theory and financing substitution effect the pecking order theory of internal capital market in mergers and acquisitions are analyzed; secondly, this paper summarizes the existing literature on internal capital market, found that the internal capital market can ease external financing constraints, and the internal financing substitution effect is rarely involved; thirdly, through the analysis of literature and theoretical analysis, put forward the hypothesis. And creatively establish model; finally, this paper selects 2010~2011 years during the 165 groups of China A stock market mergers and acquisitions as the research main kind Based on 381 samples from non group mergers and acquisitions, descriptive statistics, Pearson correlation analysis and multiple linear regression analysis were used to analyze the hypotheses proposed in this paper.
The results show that the internal capital market financing can play a substitution effect in enterprise merger and acquisition, and the substitution effect play a degree of group internal capital market efficiency was positively correlated with the group's internal capital market scale is negatively correlated. This paper analysis the research conclusions, puts forward some suggestions on efficiency of internal capital market in the M & A financing substitution effect, hoping to provide reference for the development of China's enterprise group members to mergers and acquisitions.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F224

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