我国上市公司换股并购对收购公司市场绩效影响的实证研究

发布时间：2018-01-25 03:25

本文关键词： 收购公司换股并购市场绩效　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：2005年我国开始实施的股权分置改革对我国资本市场上的并购重组活动产生了重大且深远的影响。在股权分置改革前,由于上市公司流通股与非流通股的价值不同,在很大程度上限制了上市公司采用股票或股份支付方式进行并购活动,我国上市公司大都以现金作为并购的支付方式,因此股改前我国股票市场上并购的支付方式较为单一。然而,股权分置改革使阻碍我国资本市场健康发展的制度障碍得以基本清除,这促进了我国上市公司并购方式的多元化和并购行为的市场化,以股票为支付手段的换股并购等新的并购方式在我国资本市场上得以出现。同时,股权分置改革使上市公司非流通股大股东的获利渠道发生了转变,这将对其主导上市公司实施并购的动机产生重要影响。与股改前更多的掏空上市公司相比,股改后大股东更倾向于通过实施并购来支持上市公司做大市值,这将对我国上市公司实施并购的绩效产生积极的影响。总之,股权分置改革完成后非常有必要研究换股并购这一新的并购方式对上市公司绩效所产生的影响。目前已有的文献中,对我国上市公司换股并购的市场绩效进行研究的较少。因此,本文通过考察换股并购是否使收购公司的股东在股票市场上获得显著的超额收益,并且深入挖掘并购的关联属性和收购公司的股权性质与并购市场绩效之间的关系,来总结换股并购对收购公司短期和长期市场绩效的影响,并为收购公司的管理层制定并购决策提供有用的信息,为收购公司选择恰当的支付方式以及目标公司提供一些帮助。本文在理论的层面分析并购如何影响公司绩效的基础上,选取我国A股市场上2006年至2010年间进行换股并购的并且已经完成股权分置改革的上市公司为样本,以收购公司的股价为基础,运用事件研究法,通过分析换股并购事件公告日前后15天收购公司股价的变动来考察换股并购对收购公司短期市场绩效的影响,运用连续持有超常收益法,通过分析换股并购事件公告日后3年内收购公司的股票收益率超过市场组合收益率的值来衡量换股并购对收购公司长期市场绩效的影响。本文主要分为以下几个部分：第一部分为绪论,主要阐述了本文的研究背景与意义,研究思路与框架,研究的方法以及本文的主要贡献与不足。第二部分包括概念界定与文献综述。概念界定部分,本文在区分兼并、合并、收购等概念的基础上结合我国的实际情况对并购的概念进行了定义,在按照并购的支付方式和购买对象来划分并购类型时阐述了“换股并购”的概念,并解释了收购公司和目标公司、并购的财务绩效和市场绩效的含义。文献综述部分,本文将研究并购的短期绩效的文献分目标公司、收购公司和并购双方公司的联合绩效三类进行了总结,将研究并购的长期绩效的文献分会计收益率法、主成分分析法等以财务指标为基础的方法和长期事件研究法等以股票市场为基础的方法进行了评述,通过分析用事件研究法单一地评价并购的短期绩效以及考察并购长期绩效所采用的以财务指标为基础的方法的局限性,提出了本文将运用股票市场的评价方法,来研究换股并购对收购公司绩效的影响。第三部分是理论分析与研究假设的提出。本部分逐一分析了协同效应理论、价值低估理论等并购的价值创造理论,代理理论、掏空理论等并购的价值毁损理论及其对并购绩效的影响,在此基础上通过分析股权分置改革对我国上市公司实施并购的动机产生的积极影响,提出了本文的研究假设：股权分置改革完成后,收购公司换股并购的短期和长期市场绩效均为正；构成关联交易的收购公司在换股并购后的短期和长期市场绩效优于不构成关联交易的收购公司；国有性质的收购公司在换股并购后的短期和长期市场绩效优于非国有性质的收购公司。第四部分实证检验了换股并购对收购公司短期市场绩效影响。本文从CSMAR并购重组数据库选取了初始样本,再按照一定标准筛选出了56个发生换股并购的收购公司,运用事件研究法的市场模型来估计窗口期(-70，，-20)的参数,通过计算个股在事件期(-15,15)的平均超额收益率以及累计平均超额收益率,来检验换股并购事件对收购公司股价的影响程度,研究表明收购公司获得了显著为正的CAR,因此在短期内换股并购对收购公司的市场绩效产生了显著的积极影响。本文分年度、并购的关联属性和收购公司的股权性质进行了检验后,发现市场对2008年发生的换股并购反应最好,认可度最高,与非关联换股并购相比,关联换股并购给收购公司的股东带来了更显著、更持久的财富效应,对于非国有性质的收购公司而言,国有性质收购公司在股票市场上的业绩能得到更大的提升。第五部分实证检验了换股并购对收购公司长期市场绩效的影响。笔者从CSMAR并购重组数据库选取了初始样本后再按一定标准筛选出163个收购公司,采用连续持有超常收益(BHAR)法,在控制上市公司的规模和权益账面-市值比的基础上,计算收购公司从换股并购首次公告当月开始到并购后36个月的BHAR值,统计检验后与0没有显著差异,结果表明长期内换股并购对收购公司的市场绩效没有产生显著的影响。在分年度、并购的关联属性和收购公司的股权性质进行检验后,发现随着时间的推移,之后年度进行换股并购的收购公司长期市场绩效越来越好,换股并购的关联属性对收购公司的长期市场绩效影响不明显,不同股权性质的收购公司对其换股并购的长期市场绩效影响也没有显著差异。第六部分是本文的结论和建议。在前面五部分相关的分析基础上,得出了本文的结论：换股并购对收购公司的短期市场绩效产生了显著的正向影响,而对收购公司的长期市场绩效没有显著的影响,构成关联交易的收购公司的短期市场绩效优于不构成关联交易的收购公司,国有性质的收购公司短期市场绩效优于非国有性质的收购公司。据此,笔者建议上市公司可以优先选择集团内部的企业进行并购,投资者可以根据并购的特点做出更好的投资决策。本文的主要贡献表现在以下几个方面： (1)选题角度较新颖。目前国内研究换股并购这一新的并购方式对收购公司市场绩效影响的文献较为少见,而本文选取的是股权分置改革完成后的换股并购样本,来研究换股并购对收购公司市场绩效的影响。 (2)研究内容较为全面。本文同时考察了换股并购对收购公司的短期和长期市场绩效的影响,并且还分年度、并购的关联性质以及收购公司的股权性质来考察了换股并购对收购公司市场绩效影响的差异,研究内容较为详实。 (3)研究结论与其他文献不一致。本文实证检验了换股并购的长期市场绩效后发现,换股并购对收购公司的长期市场绩效没有产生显著影响,这与其他学者研究得出收购公司股东的财富在换股并购后的1-3年内遭受了显著损失的结论不一致。这可以为管理层制定公司并购决策提供建议,并为监管部门和投资者提供相关的信息。本文的不足体现在： (1)在长期内,收购公司换股并购后的市场绩效很可能受到宏观经济变化的影响,由于受限于样本和数据,本文在计算收购公司的BHAR值时没有控制公司的行业来消除宏观经济变化的影响。 (2)由于受到数据和样本的限制,本文仅研究了收购公司换股并购后3年的长期市场绩效,时间不够长可能导致研究结论不具有较强的说服力。
[Abstract]:In 2005, China began to implement the reform of non tradable shares has a significant and far-reaching impact on China's capital market mergers and acquisitions activity. Before the shareholder structure reform, due to the different listed companies tradable shares and non tradable shares value, to a great extent restrict the mergers and acquisitions stocks or shares with payment by listed companies, listed companies in China are mostly in the form of cash acquisition payment, so before the reform of China's stock market mergers and acquisitions payment way is single. However, the reform of non tradable shares to institutional barriers that impede the healthy development of China's capital market is basically clear, which promotes the market diversification of listed company mergers and acquisitions in China the mergers and acquisitions behavior, stock acquisitions means of payment and other new convertible acquisitions appear in the capital market of our country. At the same time, the reform of non tradable shares of the listed company Change of non tradable shareholders profit channels, this will be the leading listed companies to implement the merger motivation have an important impact. Compared with the pre reform more emptied of listed companies after the reform, large shareholders tend to through the implementation of mergers and acquisitions to support the listed company bigger market capitalization, the implementation of China's listed companies mergers and acquisitions the performance have a positive impact. In conclusion, after the reform of non tradable shares is very necessary to study the influence of this new convertible merger of mergers and acquisitions of listed companies performance.
At present, the existing literature, research on China's listed companies convertible merger market performance is less. Therefore, this paper investigates whether the convertible merger of acquiring company's shareholders receive significant excess returns in the stock market, and the relationship between ownership property and market performance in-depth mining association attribute and the acquiring company merger and acquisition, to summarize the convertible merger of acquiring company short-term and long-term market performance, and provide useful information for the management of the acquiring company merger decision, to provide some help for the acquiring company to choose appropriate payment and Target Corp.
In this paper theoretical analysis of mergers and acquisitions based on how to affect the company's performance, selection of China A stock market from 2006 to 2010 for the acquisition of the convertible and have completed the share reform of listed companies as a sample, with the shares of the acquiring company as the basis, using the event study method, through the analysis of convertible merger announcement before the event 15 days after the acquiring company's stock price changes of convertible merger of acquiring company short-term market performance, using continuous hold abnormal return method, through the analysis of convertible merger announcement date within 3 years after the acquiring company stock returns than the market portfolio returns to measure the value of convertible merger of acquiring company long-term market performance. This paper is mainly divided into the following parts:
The first part is the introduction, which mainly expounds the background and significance of the research, the thinking and framework of the research, the method of research and the main contributions and shortcomings of this article.
The second part includes the definition and literature review. The definition, with this distinction in mergers, acquisitions, based on the concept of combining the actual situation of our country on the concept of mergers and acquisitions are defined, in accordance with the merger payment and purchase object to divide the type of merger when on a "convertible merger" concept. And explain the acquiring company and Target Corp, financial performance and market performance of mergers and acquisitions. The meaning of the literature review, this paper will study the short-term performance of mergers and acquisitions of literature Target Corp, acquiring company and the merger with both the company's three performance are summarized, the research on long term performance of mergers and acquisitions of literature the accounting rate of return, to stock market based method based on financial index such as principal component analysis and long-term event studies were reviewed in this paper, through the analysis of event research method One is to evaluate the short-term performance of mergers and acquisitions, and to investigate the limitations of the financial indicators based on the long-term performance of mergers and acquisitions. This paper applies the stock market evaluation method to study the impact of M & A on acquiring company performance.
The third part is the theoretical analysis and research hypothesis. This part analyzes the theory of synergy theory, underestimate the value of M & a value creation theory, agency theory, theory of MampA tunneling value damage theory and its influence on the performance of mergers and acquisitions, on the basis of the positive impact of non tradable shares reform of Listed Companies in China the implementation of merger motivation, this paper put forward the hypothesis: after the reform of non tradable shares of acquiring company stock exchange merger of short-term and long-term market performance are positive; short-term and long-term market performance constitutes a connected transaction of the acquiring company in the stock exchange merger after the superior does not constitute a connected transaction acquiring company; state-owned acquiring company of state-owned property the short-term and long-term market performance in convertible after the merger is better than acquiring company.
The fourth part examines the convertible merger impact on short-term market performance. This paper from the acquiring company CSMAR mergers and acquisitions database from the initial samples, then according to certain standard screening out of 56 occurrence of convertible merger of acquiring company, the market model using event study method to estimate the window period (-70, -20) parameters, through the calculation of stock in the event period (-15,15) the average excess return and the cumulative average abnormal return rate, to test the impact of convertible merger events on shares of acquiring company, research shows that acquiring company got significant positive CAR, so in the short term of convertible merger acquiring company market performance has a significant positive impact. This year, equity the nature and attributes of the acquiring company merger after inspection, found the market for convertible merger reaction occurred in 2008, the highest recognition, and non Compared with related stock exchange mergers and acquisitions, related stock swap has brought a more significant and lasting wealth effect to acquiring company shareholders. For non-state-owned acquiring company, state-owned property acquiring company's performance in the stock market can be further improved.
The fifth part examines the convertible merger of acquiring company long-term market performance. The author selected from the CSMAR database of mergers and acquisitions after the initial sample according to certain standards of selecting 163 acquiring company, with the continuous hold abnormal return (BHAR) method, based on the book size and equity control of listed companies on the market ratio, calculation acquiring company from the convertible merger first notice the beginning of the month to 36 months after the acquisition of BHAR value, and after the statistical test results show that there is no significant difference between the 0, the long term market performance of convertible merger of acquiring company produced no significant impact. In the year, the nature of equity and the associated property acquiring company MampA after inspection found with the passage of time, after the year of the acquisition of the convertible acquiring company long-term market performance is getting better and better, long-term acquisition of the convertible associated attributes of acquiring company The impact of market performance is not obvious, and there is no significant difference in the long-term market performance of the acquiring company with different equity properties.
The sixth part is the conclusion and suggestion. In front of the five part of the analysis based on the conclusions drawn in this paper: the short-term market performance of convertible merger of acquiring company has a significant positive effect, and has no significant effect on the acquiring company's long-term market performance, which is better than the short-term market performance of the acquiring company does not constitute a connected transaction related transactions of the acquiring company, the acquiring company short-term market performance is better than that of state-owned properties of non state-owned acquiring company. Accordingly, the author suggest that the listed company can give priority to internal enterprise mergers and acquisitions, investors can make better investment decisions according to the characteristics of mergers and acquisitions.
The main contributions of this paper are shown in the following aspects:
(1) the research perspective is relatively new. At present domestic research on the impact of this new convertible merger of mergers and acquisitions of acquiring company market performance literature is rare, and is selected in this paper after the reform of non tradable shares of the convertible merger sample, to study the influence on the market performance of convertible merger of acquiring company.
(2) the content is comprehensive. This paper also investigated the convertible merger of acquiring company's short-term and long-term market performance, and also the annual merger related properties as well as the acquiring company's equity nature examines the difference influence on the market performance of convertible merger of acquiring company, the research content is detailed.
(3) the conclusion of the study is not consistent with other literature. This paper examines the long-term market performance after the acquisition of the convertible, convertible merger of acquiring company's long-term market performance has no effect, and the other scholars find that the shareholders of the acquiring company's wealth in the stock and purchase after 1-3 years suffered a significant loss of inconsistent conclusions this can provide some suggestions for management company mergers and acquisitions decision, and provide relevant information for regulators and investors.
The shortcomings of this article are reflected in the following:
(1) in the long run, the market performance of acquiring company after M & A is likely to be affected by macroeconomic changes. Because of limited samples and data, this paper does not control the company's industry to eliminate the impact of macroeconomic change when calculating the BHAR value of acquiring company.
(2) due to the limitation of data and samples, this paper only studies the long-term market performance of acquiring company after 3 years of M & A, and the time is not long enough, which may lead to the conclusion that the conclusion is not convincing.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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