發(fā)布時(shí)間：2018-02-22 04:44

  本文關(guān)鍵詞： 上市公司 所有權(quán)性質(zhì) 并購(gòu) 股東財(cái)富　出處：《江西財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：當(dāng)前,并購(gòu)成為企業(yè)擴(kuò)大規(guī)模,實(shí)現(xiàn)資源優(yōu)化配置的重要手段。隨著我國(guó)市場(chǎng)經(jīng)濟(jì)和資本市場(chǎng)的不斷發(fā)展,企業(yè)間并購(gòu)活動(dòng)日益頻繁。股權(quán)分置改革以來(lái),我國(guó)上市公司并購(gòu)步入發(fā)展新階段。我國(guó)出臺(tái)了多項(xiàng)優(yōu)惠政策來(lái)鼓勵(lì)企業(yè)并購(gòu),推動(dòng)產(chǎn)業(yè)轉(zhuǎn)型。2013年我國(guó)并購(gòu)市場(chǎng)在境內(nèi)IPO暫停和并購(gòu)鼓勵(lì)政策頻出的雙重刺激下,無(wú)論在數(shù)量還是金額方面均再創(chuàng)新高。面對(duì)如此大規(guī)模的并購(gòu)活動(dòng),我們不禁思考：并購(gòu)究竟是資本運(yùn)作的游戲還是真正能給股東帶來(lái)財(cái)富的經(jīng)濟(jì)行為?在我國(guó)證券市場(chǎng)中,并購(gòu)的市場(chǎng)反應(yīng)到底如何?并購(gòu)能否真正提高我國(guó)收購(gòu)方公司的短期及長(zhǎng)期股東財(cái)富?我國(guó)上市公司通過(guò)并購(gòu)活動(dòng)是為了提升競(jìng)爭(zhēng)力還是有其他目的? 基于特殊的政策環(huán)境和制度背景,我國(guó)上市公司按控股股東所有權(quán)性質(zhì)可分為國(guó)有控股和民營(yíng)控股兩類。不同所有制類型的上市公司在公司治理結(jié)構(gòu)方面有所差別,不同的治理結(jié)構(gòu)會(huì)導(dǎo)致不同的股東利益目標(biāo),那么在區(qū)分所有制類型的條件下,不同類型的上市公司的并購(gòu)行為是否會(huì)給收購(gòu)方股東帶來(lái)不同的財(cái)富效應(yīng)?我國(guó)國(guó)有上市公司的并購(gòu)股東財(cái)富效應(yīng)是否不如民營(yíng)上市公司?這些問(wèn)題都非常值得研究與探討。因此,本文以所有制類型為切入點(diǎn),探尋上市公司并購(gòu)與股東財(cái)富之間的關(guān)系,為今后上市公司理性并購(gòu)提供依據(jù),為提高我國(guó)上市公司并購(gòu)的整體效果提供參考意見(jiàn),同時(shí)為縮小國(guó)有上市公司和民營(yíng)上市公司并購(gòu)股東財(cái)富效應(yīng)差距提供一點(diǎn)參考意見(jiàn)。 本文在對(duì)國(guó)內(nèi)外與并購(gòu)及股東財(cái)富相關(guān)的文獻(xiàn)進(jìn)行綜述之后,利用效率理論、代理理論、信息與信號(hào)理論等已有理論,探討分析我國(guó)收購(gòu)方公司的并購(gòu)行為與其股東財(cái)富之間的關(guān)系,并提出理論假設(shè)。隨后,區(qū)分上市公司所有制類型,對(duì)國(guó)有上市公司與民營(yíng)上市公司的公司治理區(qū)別及并購(gòu)行為產(chǎn)生的收購(gòu)方股東財(cái)富效應(yīng)差異進(jìn)行對(duì)比分析,提出更細(xì)化的理論假設(shè)。本文采用2008—-2009年的上市公司并購(gòu)數(shù)據(jù)對(duì)理論假設(shè)進(jìn)行實(shí)證檢驗(yàn),通過(guò)單因素檢驗(yàn)和多元回歸分析的方法,得出以下結(jié)論：(1)并購(gòu)行為能夠增加收購(gòu)方公司的短期股東財(cái)富；(2)并購(gòu)行為會(huì)損害收購(gòu)方公司的長(zhǎng)期股東財(cái)富；(3)國(guó)有上市公司并購(gòu)的短期或長(zhǎng)期股東財(cái)富效應(yīng)都明顯不如民營(yíng)上市公司。最后,針對(duì)前文的理論分析與得出的實(shí)證結(jié)果,本文提出三點(diǎn)政策建議：(1)有關(guān)部門(mén)要完善有關(guān)并購(gòu)的法律法規(guī)來(lái)規(guī)范并購(gòu)行為；(2)企業(yè)要加強(qiáng)事前評(píng)估以提高并購(gòu)的效果；(3)國(guó)有上市公司要完善其治理機(jī)制,提高自身并購(gòu)效果。 本文按“提出問(wèn)題—分析問(wèn)題—解決問(wèn)題”的研究思路展開(kāi),可分為以下五個(gè)部分：第一部分為引言,引出并購(gòu)是否創(chuàng)造股東財(cái)富這一問(wèn)題,分別闡述本文的研究背景及意義、寫(xiě)作思路、研究方法,最后介紹本篇論文的脈絡(luò)框架。第二部分為文獻(xiàn)綜述,通過(guò)搜集、歸納、總結(jié)關(guān)于并購(gòu)股東財(cái)富及所有權(quán)類型對(duì)并購(gòu)股東財(cái)富的影響等問(wèn)題的研究文獻(xiàn),指出目前研究存在的不足,試圖在前人研究的基礎(chǔ)上提出本文的研究方向和側(cè)重點(diǎn)。第三部分為上市公司并購(gòu)與股東財(cái)富關(guān)系的理論基礎(chǔ),基于效率理論、代理理論、信息與信號(hào)理論等已有理論提出我國(guó)上市公司并購(gòu)行為對(duì)公司短期及長(zhǎng)期財(cái)富效應(yīng)影響的理論假設(shè),并通過(guò)分析國(guó)有上市公司和民營(yíng)上市公司治理結(jié)構(gòu)的區(qū)別以及并購(gòu)對(duì)兩者股東財(cái)富的不同影響,針對(duì)不同所有制類型的上市公司,提出進(jìn)一步理論假設(shè)。第四部分為我國(guó)上市公司并購(gòu)行為與公司股東財(cái)富關(guān)系的實(shí)證分析,該部分是利用SPSS18.0對(duì)從國(guó)泰安數(shù)據(jù)庫(kù)及WIND資訊搜集整理來(lái)的數(shù)據(jù)進(jìn)行統(tǒng)計(jì)分析,包括：?jiǎn)我蛩胤治觥⒍嘣貧w分析等,對(duì)實(shí)證結(jié)果進(jìn)行分析和解釋。第五部分為結(jié)束語(yǔ),在前文的理論分析和實(shí)證檢驗(yàn)的基礎(chǔ)上,提煉出本文的研究結(jié)論,提出有針對(duì)性的政策意見(jiàn),同時(shí)羅列出本文可能存在的不足之處。
[Abstract]:At present, merger and acquisition has become an important means to realize the expansion of the scale of enterprises, optimize the allocation of resources. With the continuous development of China's market economy and capital market, corporate mergers and acquisitions have become increasingly frequent. Since the reform of non tradable shares, the listed company mergers and acquisitions into a new stage of development in China. A number of preferential policies to encourage mergers and acquisitions. To promote industrial restructuring in China.2013 market mergers and acquisitions in the territory of IPO suspension and merger policies to encourage frequent double stimulation, both in terms of quantity or amount of a new high. In the face of such large-scale mergers and acquisitions, we cannot help thinking: what is the economic behavior of mergers and acquisitions of capital operation or a real game can bring wealth to the shareholders? The stock market in China, the market reaction of mergers and acquisitions in the end how? M & A can really improve the company's acquisition of short-term and long-term shareholder wealth of China's Listed Companies in China? Are mergers and acquisitions to improve competitiveness or have other purposes?
The policy environment and the special system background based on Listed Companies in China according to the nature of controlling shareholders can be divided into state-owned and private holding two. Different from different types of ownership of Listed Companies in corporate governance structure, governance structure will lead to different interests of shareholders, so the distinction between ownership type conditions next, whether different types of mergers and acquisitions of listed companies will bring different wealth effect to the acquirer shareholders? Our state-owned listed company mergers and acquisitions are not as good as the wealth effect of shareholders in private listed companies? These problems are worth studying and discussing. Therefore, based on the type of ownership as the breakthrough point, to explore the relationship between corporate mergers and acquisitions with the wealth of shareholders, in order to provide the basis for listed companies to improve the overall effect of rational mergers and acquisitions, mergers and acquisitions of Chinese listed companies to provide reference, with the It provides a reference for narrowing the wealth effect gap between the state-owned listed companies and the private listed companies.
After this paper in the domestic and foreign mergers and acquisitions and shareholder wealth related literature, efficiency theory, agency theory, information theory and signal theory, analysis of relationship between the acquirer company mergers and acquisitions in China and its shareholders' wealth, and put forward the hypothesis. Then, distinguish between listed companies ownership types, comparison the analysis for the acquisition of shareholder wealth effect differences of corporate governance between merger and behavior of state-owned listed companies and private listed companies, and put forward the hypothesis more refined. This paper uses the data of 2008 listed companies in mergers and acquisitions of -2009 was to test the hypothesis, method by single factor test and multiple regression analysis, the following conclusion: (1) mergers and acquisitions can increase the short-term shareholder wealth acquisition of the company; (2) mergers and acquisitions will damage the acquirer company long stock finance Fu; (3) the state-owned listed companies merger short-term or long-term shareholder wealth effect is obviously better than private listed companies. Finally, according to the above theoretical analysis and empirical results obtained, this paper put forward three suggestions: (1) the relevant departments should improve relevant laws and regulations to regulate the acquisition of mergers and acquisitions; (2) the enterprise must strengthen the pre evaluation in order to improve the effect of MampA; (3) the state-owned listed companies to improve the governance mechanisms, improve their merger effect.
According to "questions analysis problem solving the problem", can be divided into the following five parts: the first part is the introduction, which create shareholder wealth whether this problem, which explains the research background and significance, this paper writing ideas, research methods, finally introduces the framework of this thesis the second part is the literature review, through the collection, induction, summary of research literature on the problem of the acquisition of shareholder wealth effect of shareholders' wealth and ownership types of mergers and acquisitions, pointed out the shortcomings of the current research, trying to research on the former put forward the research direction and focus. The third part is the theoretical basis of the relationship between mergers and acquisitions of listed companies with the wealth of shareholders, based on efficiency theory, agency theory, signal theory and put forward the information theory has been mergers and acquisitions of Listed Companies in China for short term and long term finance company The effect of the rich theoretical assumptions, and through the analysis of different influence of corporate governance structure of state-owned listed companies and private listed companies and the difference of the two companies shareholder wealth, according to the different types of ownership of listed companies, put forward the hypothesis. The fourth part is an empirical analysis of China's Mergers and acquisitions of listed companies and the relationship between the shareholders' wealth. Part is the use of SPSS18.0 to collect the data from the Tai'an database and WIND information for statistical analysis, single factor analysis, multiple regression analysis, to analyze and explain the empirical results. The fifth part is the conclusion, based on theoretical analysis and empirical test on the above, the conclusion of this paper abstracts and put forward the policy advice, and lists the shortcomings of this may exist.

【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F832.51

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