煤炭上市公司并购价值效应研究

发布时间：2018-03-03 12:24

本文选题：煤炭上市公司　切入点：并购价值效应　出处：《太原理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：并购作为一种有效的资源配置方式,已成为企业扩张的主要途径。尤其在经济快速发展、国际竞争加剧以及产业结构调整的需求等背景下,我国也已成为亚太地区的主要并购市场。很多企业利用并购来扩大企业的规模,增强企业核心竞争力,实现并购的协同价值效应。然而,大量的并购交易发生后,并购企业的发展形势却相当严峻。据统计,实现并购交易目标的不足25%。煤炭企业从2008年起,实施了大规模并购重组活动。煤炭企业的并购重组能否实现并购目标,产生预期的价值效应,既是亟待研究的重要问题,也是当前该领域研究的热点。论文归纳了国内外针对并购价值效应的研究文献,为本文的研究奠定理论基础；然后对我国发生并购的煤炭上市公司的并购价值效应进行实证研究；最后针对研究的结论提出相关的建议,并就本文研究的不足提出以后的研究方向。论文通过对我国并购市场现状以及煤炭上市公司并购情况进行描述性统计发现,我国煤炭行业并购以国内煤炭企业并购为主,在并购市场中显著活跃。进一步,针对煤炭上市公司的并购价值效应问题,论文运用事件研究法研究了煤炭上市公司并购的短期价值效应；运用EVA评价体系对煤炭上市公司并购的长期价值效应进行了评价。论文研究结果显示：并购行为为煤炭上市公司带来了显著的短期价值效应,主要是由于投资者对并购行为前景看好,认为并购可以扩大企业的市场占有率,增强企业的市场竞争力。但是,该并购所带来的短期价值效应并不能持久。从并购后企业的长期价值效应来看,并购行为并未使并购企业产生正向的价值效应,反而出现了价值的毁损,这主要是由于并购之后并购方整合协同效应还未显现。进一步对单位资本EVA (EVAPC)的实证结果显示：与并购前一年相比,并购后一年EVAPC值的上升数超过了下降的数量。分析认为：对目标企业进行并购后的整合行为,导致单位资本的利用率显著提高,从而EVAPC值的上升数增多最后,根据本文对煤炭上市公司并购价值效应的研究结论提出如下建议：完善我国的资本市场,进一步提升公司信息披露的完整性和准确性；在企业的市场活动中尽量减少政府行为的干预；煤炭上市公司应重视并购之后的整合行为,使并购行为真正实现其价值效应。
[Abstract]:M & A, as an effective way of allocating resources, has become the main way for enterprises to expand, especially in the context of rapid economic development, intensified international competition and the demand of industrial structure adjustment, etc. China has also become the main M & A market in the Asia-Pacific region. Many enterprises use M & A to expand the scale of enterprises, enhance the core competitiveness of enterprises and realize the synergistic value effect of mergers and acquisitions. However, after a large number of M & A transactions have taken place, However, the development situation of M & A enterprises is quite severe. According to statistics, less than 25% of them have achieved the target of M & A transactions. Since 2008, coal enterprises have implemented large-scale M & A and reorganization activities. Producing the expected value effect is not only an important problem to be studied, but also a hot spot in this field. This paper summarizes the domestic and foreign literature on the value effect of M & A, which lays a theoretical foundation for this study, and then makes an empirical study on the value effect of M & A of coal listed companies in China. Finally, some suggestions are put forward for the conclusion of the study, and the future research direction is put forward in view of the deficiency of this paper. Through the descriptive statistics on the present situation of China's M & A market and the M & A situation of listed coal companies, it is found that the M & A of coal industry in our country is mainly domestic coal enterprise M & A, which is active in the M & A market. Aiming at the problem of M & A value effect of coal listed company, this paper studies the short-term value effect of coal listed company M & A by the method of event research, and evaluates the long-term value effect of coal listed company M & A by using EVA evaluation system. The results show that M & A brings significant short-term value effect to coal listed companies, mainly because investors have a good prospect of M & A, and think M & A can expand the market share of enterprises. However, the short-term value effect brought about by the merger and acquisition is not sustainable. From the long-term value effect of the enterprise after the merger and acquisition, the M & A behavior does not make the M & A enterprise produce positive value effect. This is mainly due to the fact that the synergetic effect of merger and acquisition integration has not been shown yet. Further empirical results of unit capital EVA / EVAPCshow that compared with the previous year, The increase of EVAPC value in one year after M & A exceeds the number of decrease. The analysis shows that the integration behavior of target enterprises after M & A leads to a significant increase in the utilization rate of unit capital and thus the increase of EVAPC value. Finally, according to the conclusion of this paper on the value effect of M & A of coal listed companies, the following suggestions are put forward: perfecting the capital market of our country, further improving the completeness and accuracy of company information disclosure; In the market activities of enterprises, government intervention should be minimized, and coal listed companies should pay attention to the integration after mergers and acquisitions, so as to realize the value effect of mergers and acquisitions.
【学位授予单位】：太原理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.21;F271

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