本文選題：創(chuàng)業(yè)板 + 主語并購　； 參考：《山東大學(xué)》2012年碩士論文

【摘要】：興起于上世紀(jì)九十年代的創(chuàng)業(yè)板市場在知識經(jīng)濟(jì)和風(fēng)險投資的推動下,經(jīng)歷了不斷地調(diào)整和創(chuàng)新,逐步發(fā)展成為新興企業(yè)的投融資平臺,發(fā)展模式趨于多元化。因?yàn)槿蛏鲜匈Y源有限,創(chuàng)業(yè)板市場的競爭愈演愈烈,對我國新設(shè)的創(chuàng)業(yè)板市場而言,加快創(chuàng)業(yè)板上市公司發(fā)展速度,不斷擴(kuò)大創(chuàng)業(yè)板市場容量,提高創(chuàng)業(yè)板市場在全球范圍內(nèi)的排名對創(chuàng)業(yè)板市場持續(xù)健康發(fā)展是非常關(guān)鍵的。因此,作為公司發(fā)展的兩種途徑之一的并購重組將發(fā)揮越來越重要的作用。但關(guān)于并購是否有價值這一論題的爭論由來已久,本文認(rèn)為有必要結(jié)合我國具體情況考察其答案。 回顧我國公司并購發(fā)展歷程以及股改后我國資本市場的改革變化,本文認(rèn)為主語并購將主導(dǎo)未來我國并購市場,加上創(chuàng)業(yè)板的行業(yè)特性和發(fā)展階段,得出主語并購亦將成為我國創(chuàng)業(yè)板并購市場的主流。同時,也正是由于創(chuàng)業(yè)板的上述兩個特點(diǎn),創(chuàng)業(yè)板主語并購機(jī)制必然與現(xiàn)有的公司并購理論存在差異。但目前我國尚未對創(chuàng)業(yè)板主語并購進(jìn)行系統(tǒng)研究,為給以后的創(chuàng)業(yè)板主語并購實(shí)務(wù)提供更相關(guān)的經(jīng)驗(yàn),本文通過對創(chuàng)業(yè)板開立兩年來發(fā)生的主語并購事件進(jìn)行理論分析和實(shí)證檢驗(yàn),首次研究創(chuàng)業(yè)板主語并購的動機(jī)和績效,這是本文創(chuàng)新點(diǎn)之一。 本文首先對現(xiàn)有的并購理論進(jìn)行文獻(xiàn)綜述,介紹相關(guān)理論適用的具體時期和環(huán)境,評述并購動機(jī)和績效的研究現(xiàn)狀,并借鑒其研究方法和相關(guān)變量的設(shè)置。然后結(jié)合我國創(chuàng)業(yè)板具體情況,對創(chuàng)業(yè)板主語并購動機(jī)進(jìn)行理論分析,得出我國創(chuàng)業(yè)板主語并購動機(jī)是在應(yīng)用現(xiàn)有并購動機(jī)理論的基礎(chǔ)上有所發(fā)展。出于成長目的的協(xié)同動機(jī)依然是創(chuàng)業(yè)板主語并購的主要動機(jī),但也同時具備了超募資金動機(jī)這一獨(dú)特動機(jī)。這是本文創(chuàng)新點(diǎn)之二 最后本文聯(lián)合運(yùn)用事件研究法和模型估計法對創(chuàng)業(yè)板主語并購績效進(jìn)行實(shí)證研究�；谇笆鰟�(chuàng)業(yè)板的特點(diǎn),估計多因素模型具有必要性。對多因素模型實(shí)證檢驗(yàn)的結(jié)果表明對創(chuàng)業(yè)板主語并購績效有影響的因素有兩個：并購雙方同域與否和并購后高管是否辭職。其中影響最顯著的是并購雙方同域與否,這是創(chuàng)業(yè)板不同于其他資本市場形態(tài)的一個結(jié)論,也是本文的一個創(chuàng)新點(diǎn)。為進(jìn)一步檢驗(yàn)多因素模型結(jié)果的正確性,本文進(jìn)行了子樣本T檢驗(yàn),結(jié)果一致。
[Abstract]:Under the impetus of knowledge economy and venture capital, the gem market, which sprang up in the 1990s, experienced constant adjustment and innovation, and gradually developed into the investment and financing platform of new enterprises, and the development mode tended to be diversified. Because the global market resources are limited and the competition in the gem market is becoming increasingly fierce, for the newly established gem market in China, it is necessary to speed up the development of gem listed companies and continuously expand the capacity of the gem market. Improving the global ranking of the gem market is crucial to the sustained and healthy development of the gem market. Therefore, as one of the two ways of development, M & A will play a more and more important role. However, there has been a long debate about the value of M & A. Reviewing the development course of Chinese company M & A and the reform changes of capital market after stock reform, this paper holds that subject M & A will dominate the future M & A market in China, plus the industry characteristics and development stage of gem. Subject M & A will also become the mainstream of China's gem M & A market. At the same time, because of the above two characteristics of gem, the subject M & A mechanism of gem must be different from the existing M & A theory. But at present, our country has not carried on the systematic research to the gem subject M & A, which provides more relevant experience for the future gem subject M & A practice. Based on the theoretical analysis and empirical test of the subject M & A event in the past two years, this paper first studies the motivation and performance of the gem subject M & A, which is one of the innovative points in this paper. This paper first reviews the existing M & A theory, introduces the specific period and environment of the application of the relevant theories, reviews the current research situation of M & A motivation and performance, and draws lessons from its research methods and the setting of relevant variables. Then according to the specific situation of gem in our country, this paper makes a theoretical analysis on the motivation of subject M & A in gem, and draws a conclusion that the motivation of subject M A in gem is based on the existing theories of M & A motivation. Cooperative motivation for growth purposes is still the main motivation of gem M & A, but it also has the unique motivation of over-raising funds. This is the second innovation of this paper. Finally, this paper uses event research method and model estimation method to do empirical research on the performance of subject M & A on gem. Based on the characteristics of the gem, it is necessary to estimate the multi-factor model. The empirical results of the multi-factor model show that there are two factors that influence the performance of the subject M & A of gem: whether the merger and acquisition are homogenous or not and whether the senior executives resign after the merger or acquisition. Among them, the most significant influence is whether the merger and acquisition are in the same region, which is a conclusion that gem is different from other capital market forms, and it is also an innovation point of this paper. In order to further verify the correctness of the multivariate model, a subsample T test is carried out and the results are consistent.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F271;F832.51;F224

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