本文關(guān)鍵詞：并購(gòu)套利目標(biāo)識(shí)別研究　出處：《北京交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：隨著我國(guó)資本市場(chǎng)的快速發(fā)展和規(guī)范治理,上市公司并購(gòu)越來越活躍且通過規(guī)范交易而不是內(nèi)幕交易獲利越來越形成共識(shí),并購(gòu)套利對(duì)于投資者而言越來越具有吸引力,因此準(zhǔn)確地識(shí)別出具有套利潛力的并購(gòu)目標(biāo)也變得更加有利可圖。 現(xiàn)有文獻(xiàn)對(duì)并購(gòu)中目標(biāo)公司特征的研究關(guān)注較多,但是對(duì)于投資目標(biāo)公司股票的套利獲利水平研究不足,同時(shí)在構(gòu)建研究模型時(shí)多選用單年或者多年混合模型未考慮結(jié)果的穩(wěn)定性,變量選擇時(shí)也鮮有考慮行業(yè)情況以及政策支持情況。 本文選擇中國(guó)股票市場(chǎng)2006-2012年的并購(gòu)樣本進(jìn)行研究,加入行業(yè)因素以及政策因素以增加變量的全面性；同時(shí)每三年為一組篩選影響并購(gòu)套利收益的顯著因素并關(guān)注顯著變量的穩(wěn)定性,以發(fā)現(xiàn)并購(gòu)套利目標(biāo)的穩(wěn)定特征。 本文通過實(shí)證研究得出以下結(jié)論：(1)通過對(duì)2006-2012年A股市場(chǎng)發(fā)生控制權(quán)轉(zhuǎn)移的公司特征進(jìn)行研究發(fā)現(xiàn),并購(gòu)目標(biāo)公司具有盈利能力較差、償債能力較差、營(yíng)運(yùn)能力較差、流動(dòng)性強(qiáng)等特點(diǎn),說明并購(gòu)目標(biāo)的殼特征仍舊明顯；(2)通過對(duì)行業(yè)因素的單因素分析發(fā)現(xiàn),行業(yè)因素是在考察并購(gòu)標(biāo)的時(shí)不能忽略的因素,行業(yè)并購(gòu)活躍度以及行業(yè)估值情況兩個(gè)指標(biāo)均會(huì)對(duì)并購(gòu)標(biāo)的產(chǎn)生影響,而政策因素的影響并不顯著；(3)在考察并購(gòu)套利目標(biāo)的特征時(shí),使用三年逐年考察法,發(fā)現(xiàn)每段均存在顯著特征,主要集中在盈利能力、現(xiàn)金流量指標(biāo)、每股指標(biāo)、償債能力；(4)通過使用三年逐年考察法,發(fā)現(xiàn)存在并購(gòu)套利機(jī)會(huì)的目標(biāo)公司具有穩(wěn)定特征：息稅前利潤(rùn)與資產(chǎn)總額比、流動(dòng)資產(chǎn)凈利潤(rùn)率、每股凈資產(chǎn)三個(gè)指標(biāo)均較差且對(duì)套利收益產(chǎn)生反向影響。
[Abstract]:With the rapid development of China's capital market and the regulation of governance, mergers and acquisitions of listed companies are becoming more and more active and through the regulation of trading rather than insider trading profit has become more and more common. M & A arbitrage is becoming more and more attractive to investors, so it is more profitable to identify the target with arbitrage potential accurately. The existing literature pays more attention to the characteristics of target companies in M & A, but the research on the arbitrage profit level of investment target companies is insufficient. At the same time, the single-year or multi-year hybrid model is used to construct the research model without considering the stability of the results, and the industry situation and policy support are rarely considered when the variables are selected. This paper chooses the sample of M & A in Chinese stock market from 2006 to 2012 to study and add industry factors and policy factors to increase the comprehensiveness of variables. At the same time, every three years, we select the significant factors that affect the arbitrage income and pay attention to the stability of significant variables, in order to find the stable characteristics of M & A arbitrage target. This paper draws the following conclusions through empirical research: 1) through the study of the corporate characteristics of the transfer of control in the A share market from 2006 to 2012, it is found that the M & A target companies have poor profitability. The characteristics of poor solvency, poor operating capacity and strong liquidity indicate that the shell characteristics of M & A targets are still obvious; 2) through the single factor analysis of the industry factor, it is found that the industry factor is the factor which can not be ignored when investigating the target of the merger and acquisition. Industry M & A activity and industry valuation will have an impact on the target of M & A, but the impact of policy factors is not significant; 3) when investigating the characteristics of M & A arbitrage target, using the three-year annual investigation method, we find that there are significant characteristics in each section, mainly focusing on profitability, cash flow index, per share index, solvency; 4) by using the three-year annual investigation method, we find that the target companies with M & A arbitrage opportunities have stable characteristics: the ratio of profit to total assets before interest and tax, the net profit margin of current assets. Each of the three indicators of net assets per share is poor and has a negative impact on arbitrage earnings.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F271;F275

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本文編號(hào)：1392270