我国上市公司海外并购溢价影响因素实证研究

发布时间：2018-05-28 05:08

本文选题：海外并购溢价 + 信息不对称　；参考：《杭州电子科技大学》2015年硕士论文

【摘要】：我国加入WTO后，国民经济实现快速发展。目前又在“走出去”战略的鼓励下，越来越多的中国企业积极拓宽国际市场，实施海外并购。但是随着中国企业海外并购规模的不断扩大，“中国溢价”现象惊人。中国企业为了成功实现海外并购，所报出的价格远高于被并购方企业市场价值的正常水平。值得注意的是，高溢价并不能保证海外并购的成功。中铝注资力拓计划流产，四川腾中重工并购美国悍马失利，中海油被迫退出对优尼科的并购，中石油竟购高庚失败．．．．．.这些失败的惨痛案例可以很好的证明这一点。那么中国企业为何愿意支付高溢价，影响中国企业海外并购溢价的因素又是什么。本文以此为立足点，把并购溢价问题置于中国的海外并购环境中，以2008-2013年金融危机爆发后引起的新一轮并购浪潮为特征，采用手工收集的方式选取成功进行海外并购的54个中国A股上市公司为样本，，并以信息不对称理论、自由现金流假说、管理层过度自信假说、企业国际化经营理论为基础选取本文的相关变量，进而建立模型，最后运用SPSS17.0统计学软件，通过对变量的描述性分析、相关性分析、共线性检验、多元线性回归分析以及稳健性检验，从而得出并购双方的信息不对称程度、主并企业自由现金流量、管理层过度自信、国际化程度与海外并购溢价率之间的关系。依据上文的实证分析，本文得出如下结论：（1）并购双方的信息不对称会引发企业海外并购过程中的溢价支付；(2)海外并购企业拥有的自由现金流量会放大并购中的溢价程度；（3）海外并购企业管理层的过度自信会在一定程度上加剧并购中的溢价程度；（4）海外并购企业的国际化程度能有效抑制并购中的溢价程度。最后根据实证结果，从充分做好尽职调查，完善现金股利分配制度，建立科学合理的决策机制和程序，鼓励技术、产品出口四个方面提出有关政策建议。
[Abstract]:After our country joins WTO, national economy realizes fast development. At present, more and more Chinese enterprises actively broaden the international market and implement overseas mergers and acquisitions under the encouragement of "going out" strategy. However, as the scale of overseas M & A of Chinese enterprises expands, the phenomenon of "China premium" is striking. In order to achieve successful overseas M & A, Chinese companies quote prices far above the normal level of market value of M & A companies. It is worth noting that the high premium does not guarantee the success of overseas mergers and acquisitions. Chinalco aborted its plan to inject Rio Tinto, Sichuan Tengzhong lost its bid for Hummer, CNOOC was forced to pull out of Unocal's merger and PetroChina failed to buy Gao Geng. These tragic cases of failure are a good example of this. So why are Chinese companies willing to pay a high premium, and what are the factors that affect the premium. From this standpoint, this paper puts the issue of M & A premium in China's overseas M & A environment, which is characterized by a new wave of M & A caused by the outbreak of the 2008-2013 financial crisis. In this paper, 54 Chinese A-share listed companies with successful overseas mergers and acquisitions are selected as samples by hand collection, and the information asymmetry theory, free cash flow hypothesis, management overconfidence hypothesis are used. On the basis of the theory of enterprise internationalization management, we select the relevant variables in this paper, and then establish the model. Finally, we use SPSS17.0 statistical software, through the descriptive analysis of variables, correlation analysis, linear test. Multivariate linear regression analysis and robustness test show the relationship between the degree of information asymmetry, free cash flow, overconfidence of management, degree of internationalization and premium rate of overseas mergers and acquisitions. Based on the empirical analysis above, This paper draws the following conclusion: 1) asymmetric information between the two sides of M & A will lead to the premium payment in the process of overseas M & A; (2) Free cash flow of overseas M & A enterprises will amplify the degree of premium in M & A; 3) overseas M & A enterprises The overconfidence of management will increase the degree of premium in M & A to a certain extent) the degree of internationalization of overseas M & A enterprises can effectively restrain the degree of premium in M & A. Finally, according to the empirical results, this paper puts forward the relevant policy suggestions from four aspects: fully doing due diligence, perfecting the cash dividend distribution system, establishing scientific and reasonable decision-making mechanism and procedure, encouraging technology and product export.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.51;F279.2;F271

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