本文關(guān)鍵詞：中國(guó)企業(yè)海外并購(gòu)的績(jī)效評(píng)價(jià)及其影響因素　出處：《上海交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 跨境并購(gòu) 跨境并購(gòu)業(yè)績(jī) 跨境并購(gòu)業(yè)績(jī)影響因素 事件研究 累計(jì)超額收益

【摘要】：隨著經(jīng)濟(jì)的快速增長(zhǎng)，近年來(lái)中國(guó)上市公司作為收購(gòu)方的跨境并購(gòu)數(shù)量與日俱增。但是由于絕大多數(shù)的此類并購(gòu)發(fā)生在2007年金融危機(jī)之后，這方面的研究還很不充分。 本文收集了金額大于1000萬(wàn)美元，在2000年至2012年間首次公告并已成功完成的中國(guó)上市公司跨境并購(gòu)交易。運(yùn)用累計(jì)超額收益衡量跨境并購(gòu)業(yè)績(jī)，并通過(guò)事件研究的方法，本文對(duì)以下兩方面的問(wèn)題進(jìn)行了研究：1）跨境并購(gòu)對(duì)收購(gòu)方股東來(lái)說(shuō)，是創(chuàng)造價(jià)值還是摧毀價(jià)值；2）跨境并購(gòu)業(yè)績(jī)的影響因素有哪些。 對(duì)于第一個(gè)問(wèn)題，，本文的實(shí)證研究發(fā)現(xiàn)，收購(gòu)方股票的累計(jì)超額收益在多個(gè)事件窗口顯著為正，而累計(jì)超額收益在公告日達(dá)到最大值說(shuō)明可能存在并購(gòu)信息提前泄露的問(wèn)題。但是在同時(shí)考慮了累計(jì)超額收益和收購(gòu)方并購(gòu)前的市值兩個(gè)因素后，中國(guó)上市公司的跨境并購(gòu)對(duì)其股東來(lái)說(shuō)是摧毀價(jià)值的，這表明較大市值收購(gòu)方的累計(jì)超額收益更可能為負(fù)，而較小市值收購(gòu)方的累計(jì)超額收益更可能為正。 對(duì)于第二個(gè)問(wèn)題，本文的實(shí)證研究發(fā)現(xiàn)，跨境并購(gòu)的累計(jì)超額收益同收購(gòu)方的財(cái)務(wù)杠桿、流動(dòng)負(fù)債與總資產(chǎn)的比例，權(quán)益凈利率顯著正相關(guān)，而同收購(gòu)方的流動(dòng)比率、速動(dòng)比率、自由現(xiàn)金流顯著負(fù)相關(guān)。這一結(jié)果表明當(dāng)收購(gòu)方存在較大比例的負(fù)債，特別是流動(dòng)負(fù)債融資時(shí)，未來(lái)還本付息的壓力會(huì)使收購(gòu)方的管理層在進(jìn)行跨境并購(gòu)時(shí)更加謹(jǐn)慎。債務(wù)能夠?qū)κ召?gòu)方管理層起到一定的監(jiān)督作用，在一定程度上緩解委托代理問(wèn)題。
[Abstract]:With the rapid growth of economy, the number of cross-border mergers and acquisitions of Chinese listed companies as buyers has been increasing. However, most of such mergers and acquisitions took place after the 2007 financial crisis.
This paper collected amount is greater than $10 million, for the first time the announcement and have been successfully completed in the period from 2000 to 2012 Chinese listed companies in cross-border acquisitions. By using the cumulative abnormal return to measure the performance of cross-border mergers and acquisitions, and through the method of event study, this paper in the following two aspects are studied: 1) cross-border mergers and acquisitions for the acquirer shareholders. Is to create or destroy value value; 2) what are the factors that affect the performance of cross-border mergers and acquisitions.
For the first question, this paper discovers that the acquirer stock cumulative abnormal return in the multiple event window is significantly positive, while the cumulative excess return on the announcement day reached the maximum value of mergers and acquisitions that there may be a problem of information leak. But after considering the cumulative abnormal return and the buyer before the acquisition of the market value of two a factor, Chinese cross-border mergers and acquisitions of listed companies is to destroy the value of shareholders, which indicates that the cumulative excess return large capitalization acquirers are more likely than small market value is negative, and the cumulative excess return the acquirer may be more positive.
For the second problem, this paper discovers that the financial leverage of cross-border mergers and acquisitions of the cumulative excess return with the acquirer, the proportion of total assets and current liabilities, was positively related to net interest rates, while the acquirer's liquidity ratio, quick ratio, free cash flow is negatively correlated. The results show that when the acquisition there are a large proportion of the debt, especially short-term debt financing, the future debt service pressure will make the management buyout more cautious in cross-border mergers and acquisitions. Debt to a supervisory role of the acquirer management, ease the principal-agent problem in a certain extent.

【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F279.23

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本文編號(hào)：1409172