本文選題：事件研究法 + 并購公告　； 參考：《河北工業(yè)大學(xué)》2014年碩士論文

【摘要】：中國企業(yè)海外并購是全球經(jīng)濟一體化的必然產(chǎn)物,且我國政府“走出去”戰(zhàn)略的大力支持也促使海外并購迅速成為我國有實力的企業(yè)實現(xiàn)其全球化戰(zhàn)略的有效途徑。尤其是在2008年國際金融危機爆發(fā)以后，中國企業(yè)在國際市場上表現(xiàn)踴躍，積極以海外并購的形式展開國外投資。這其中不乏有許多成功案例，然而，在成功的喜悅中，我們應(yīng)當(dāng)認識到中國企業(yè)進行海外并購的發(fā)展歷史不長，學(xué)術(shù)界現(xiàn)有的并購理論能否解釋我國企業(yè)的海外并購的績效仍有待投入更多的研究來論證支持[1]。 本文通過梳理中西方跨國并購動機理論以及并購效應(yīng)相關(guān)的研究文獻，結(jié)合我國具體實際,探討中國上市企業(yè)在國際市場上大舉開展海外并購的并購效應(yīng)——即股東財富效益。文章選擇2010-2012年上半年的重大海外并購事件為樣本，和事件研究法這一較為成熟的檢驗工具，通過檢驗短中期是否存在正的股東效益，來判定在海外并購這獨特的投資領(lǐng)域上，市場對海外并購是否持有積極正面的態(tài)度。此外，本文還研究不同并購方式以及能源資源類型海外并購的股東財富效益。 文章分為六個部分。緒論部分介紹本文的選題背景、意義、研究目的以及研究框架，并簡單介紹本文所采用的研究方法和創(chuàng)新點。第二部分為理論基礎(chǔ)部分，先對跨國并購密切相關(guān)的概念進行定義,再對國內(nèi)外跨國并購效應(yīng)相關(guān)研究的結(jié)論做了梳理，尤其對并購的股東效應(yīng)做了重點介紹。第三部分將國內(nèi)外學(xué)者對跨國并購績效以及跨國并購的股東財富效應(yīng)的相關(guān)研究成果進行歸納總結(jié)。第四部分為問題提出和模型介紹。先對本文研究問題的確定，做詳細的說明。再對國內(nèi)外學(xué)者就該領(lǐng)域研究的研究方法做歸類評價，重點介紹事件研究法這一研究工具在股東財富效益分析中的運用，并在第四章結(jié)尾部分簡單界定選樣的方法，樣本描述以及CAPM模型的數(shù)學(xué)實現(xiàn)方式。第五部分為實證結(jié)果評價部分，對金融危機發(fā)生以后的兩年半時間里（2010-2012上半年），，我國上市企業(yè)參與的56起重大海外并購事件對其股票在短中期的影響做了分析解釋。第六部分根據(jù)研究結(jié)果，對相關(guān)部門已經(jīng)投資者提出相應(yīng)的建議。 結(jié)果顯示，盡管外界對海外并購績效看法各異，中國企業(yè)海外并購公告對證券市場的影響在總體上正向的。股權(quán)并購類型以及能源資源型的海外并購的公告在公告日前后的短期內(nèi)對市場的刺激也表現(xiàn)為顯著正相關(guān)，反映了市場對該類型的海外并購所持態(tài)度是積極正面的。
[Abstract]:The overseas M & A of Chinese enterprises is the inevitable outcome of global economic integration, and the strong support of our government's "going out" strategy also promotes the overseas M & A to become an effective way for the powerful enterprises to realize their globalization strategy. Especially after the outbreak of the international financial crisis in 2008, Chinese enterprises actively displayed in the international market, actively launched foreign investment in the form of overseas mergers and acquisitions. There are many successful cases, but in the joy of success, we should realize that the development history of overseas mergers and acquisitions by Chinese enterprises is not long. Whether the existing theories of M & A in academic circles can explain the performance of overseas M & A of Chinese enterprises still needs more research to prove and support [1]. By combing the theory of motivation of cross-border M & A between China and the West and the relevant research literature of M & A effect, Combined with the actual situation in China, this paper discusses the M & A effect of overseas M & A by Chinese listed enterprises in the international market, that is, the wealth benefit of shareholders. This paper selects the major overseas M & A events in the first half of 2010-2012 as a sample, and the event Research method, which is a more mature test tool, to determine whether there is positive shareholder benefit in the short and medium term to determine the unique investment field of overseas M & A. The market has a positive attitude toward overseas mergers and acquisitions. In addition, this paper also studies the shareholder wealth benefits of overseas M & A with different M & A methods and energy resources types, which is divided into six parts. The introduction part introduces the background, significance, research purpose and research framework of this paper, and briefly introduces the research methods and innovations adopted in this paper. The second part is the theoretical basis, first of all, the definition of the concept of the close relationship between cross-border M & A, and then the conclusion of the domestic and foreign cross-border M & A effects, especially the focus on the shareholder effect of M & A. In the third part, domestic and foreign scholars summarize the achievements of cross-border M & A performance and the shareholder wealth effect of cross-border M & A (M & A). The fourth part puts forward the problem and introduces the model. First of all, this paper to determine the problem, do a detailed explanation. Secondly, it classifies and evaluates the research methods of domestic and foreign scholars in this field, focuses on the application of event research method in shareholder wealth benefit analysis, and briefly defines the method of sample selection at the end of chapter four. Sample description and mathematical implementation of CAPM model. The fifth part is the empirical evaluation part, which analyzes the impact of 56 major overseas M & A events on the stock market in the short and medium term in the two and a half years after the financial crisis occurred in the first half of 2010-2012. The sixth part, according to the research results, has put forward the corresponding suggestions to the relevant investors. The results show that although the external views on the performance of overseas M & A are different, the impact of the oversea M & A announcement on the securities market is generally positive. The announcement of equity M & A type and energy resource type M & A in the short term before and after the announcement also shows significant positive correlation, which reflects the positive attitude of the market towards this type of overseas M & A.
【學(xué)位授予單位】：河北工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F279.2;F271

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