本文選題：煤炭上市公司　切入點(diǎn)：并購(gòu)價(jià)值效應(yīng)　出處：《太原理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：并購(gòu)作為一種有效的資源配置方式,已成為企業(yè)擴(kuò)張的主要途徑。尤其在經(jīng)濟(jì)快速發(fā)展、國(guó)際競(jìng)爭(zhēng)加劇以及產(chǎn)業(yè)結(jié)構(gòu)調(diào)整的需求等背景下,我國(guó)也已成為亞太地區(qū)的主要并購(gòu)市場(chǎng)。很多企業(yè)利用并購(gòu)來(lái)擴(kuò)大企業(yè)的規(guī)模,增強(qiáng)企業(yè)核心競(jìng)爭(zhēng)力,實(shí)現(xiàn)并購(gòu)的協(xié)同價(jià)值效應(yīng)。然而,大量的并購(gòu)交易發(fā)生后,并購(gòu)企業(yè)的發(fā)展形勢(shì)卻相當(dāng)嚴(yán)峻。據(jù)統(tǒng)計(jì),實(shí)現(xiàn)并購(gòu)交易目標(biāo)的不足25%。煤炭企業(yè)從2008年起,實(shí)施了大規(guī)模并購(gòu)重組活動(dòng)。煤炭企業(yè)的并購(gòu)重組能否實(shí)現(xiàn)并購(gòu)目標(biāo),產(chǎn)生預(yù)期的價(jià)值效應(yīng),既是亟待研究的重要問題,也是當(dāng)前該領(lǐng)域研究的熱點(diǎn)。 論文歸納了國(guó)內(nèi)外針對(duì)并購(gòu)價(jià)值效應(yīng)的研究文獻(xiàn),為本文的研究奠定理論基礎(chǔ)；然后對(duì)我國(guó)發(fā)生并購(gòu)的煤炭上市公司的并購(gòu)價(jià)值效應(yīng)進(jìn)行實(shí)證研究；最后針對(duì)研究的結(jié)論提出相關(guān)的建議,并就本文研究的不足提出以后的研究方向。 論文通過(guò)對(duì)我國(guó)并購(gòu)市場(chǎng)現(xiàn)狀以及煤炭上市公司并購(gòu)情況進(jìn)行描述性統(tǒng)計(jì)發(fā)現(xiàn),我國(guó)煤炭行業(yè)并購(gòu)以國(guó)內(nèi)煤炭企業(yè)并購(gòu)為主,在并購(gòu)市場(chǎng)中顯著活躍。進(jìn)一步,針對(duì)煤炭上市公司的并購(gòu)價(jià)值效應(yīng)問題,論文運(yùn)用事件研究法研究了煤炭上市公司并購(gòu)的短期價(jià)值效應(yīng)；運(yùn)用EVA評(píng)價(jià)體系對(duì)煤炭上市公司并購(gòu)的長(zhǎng)期價(jià)值效應(yīng)進(jìn)行了評(píng)價(jià)。 論文研究結(jié)果顯示：并購(gòu)行為為煤炭上市公司帶來(lái)了顯著的短期價(jià)值效應(yīng),主要是由于投資者對(duì)并購(gòu)行為前景看好,認(rèn)為并購(gòu)可以擴(kuò)大企業(yè)的市場(chǎng)占有率,增強(qiáng)企業(yè)的市場(chǎng)競(jìng)爭(zhēng)力。但是,該并購(gòu)所帶來(lái)的短期價(jià)值效應(yīng)并不能持久。從并購(gòu)后企業(yè)的長(zhǎng)期價(jià)值效應(yīng)來(lái)看,并購(gòu)行為并未使并購(gòu)企業(yè)產(chǎn)生正向的價(jià)值效應(yīng),反而出現(xiàn)了價(jià)值的毀損,這主要是由于并購(gòu)之后并購(gòu)方整合協(xié)同效應(yīng)還未顯現(xiàn)。進(jìn)一步對(duì)單位資本EVA (EVAPC)的實(shí)證結(jié)果顯示：與并購(gòu)前一年相比,并購(gòu)后一年EVAPC值的上升數(shù)超過(guò)了下降的數(shù)量。分析認(rèn)為：對(duì)目標(biāo)企業(yè)進(jìn)行并購(gòu)后的整合行為,導(dǎo)致單位資本的利用率顯著提高,從而EVAPC值的上升數(shù)增多 最后,根據(jù)本文對(duì)煤炭上市公司并購(gòu)價(jià)值效應(yīng)的研究結(jié)論提出如下建議：完善我國(guó)的資本市場(chǎng),進(jìn)一步提升公司信息披露的完整性和準(zhǔn)確性；在企業(yè)的市場(chǎng)活動(dòng)中盡量減少政府行為的干預(yù)；煤炭上市公司應(yīng)重視并購(gòu)之后的整合行為,使并購(gòu)行為真正實(shí)現(xiàn)其價(jià)值效應(yīng)。
[Abstract]:M & A, as an effective way of allocating resources, has become the main way for enterprises to expand, especially in the context of rapid economic development, intensified international competition and the demand of industrial structure adjustment, etc. China has also become the main M & A market in the Asia-Pacific region. Many enterprises use M & A to expand the scale of enterprises, enhance the core competitiveness of enterprises and realize the synergistic value effect of mergers and acquisitions. However, after a large number of M & A transactions have taken place, However, the development situation of M & A enterprises is quite severe. According to statistics, less than 25% of them have achieved the target of M & A transactions. Since 2008, coal enterprises have implemented large-scale M & A and reorganization activities. Producing the expected value effect is not only an important problem to be studied, but also a hot spot in this field. This paper summarizes the domestic and foreign literature on the value effect of M & A, which lays a theoretical foundation for this study, and then makes an empirical study on the value effect of M & A of coal listed companies in China. Finally, some suggestions are put forward for the conclusion of the study, and the future research direction is put forward in view of the deficiency of this paper. Through the descriptive statistics on the present situation of China's M & A market and the M & A situation of listed coal companies, it is found that the M & A of coal industry in our country is mainly domestic coal enterprise M & A, which is active in the M & A market. Aiming at the problem of M & A value effect of coal listed company, this paper studies the short-term value effect of coal listed company M & A by the method of event research, and evaluates the long-term value effect of coal listed company M & A by using EVA evaluation system. The results show that M & A brings significant short-term value effect to coal listed companies, mainly because investors have a good prospect of M & A, and think M & A can expand the market share of enterprises. However, the short-term value effect brought about by the merger and acquisition is not sustainable. From the long-term value effect of the enterprise after the merger and acquisition, the M & A behavior does not make the M & A enterprise produce positive value effect. This is mainly due to the fact that the synergetic effect of merger and acquisition integration has not been shown yet. Further empirical results of unit capital EVA / EVAPCshow that compared with the previous year, The increase of EVAPC value in one year after M & A exceeds the number of decrease. The analysis shows that the integration behavior of target enterprises after M & A leads to a significant increase in the utilization rate of unit capital and thus the increase of EVAPC value. Finally, according to the conclusion of this paper on the value effect of M & A of coal listed companies, the following suggestions are put forward: perfecting the capital market of our country, further improving the completeness and accuracy of company information disclosure; In the market activities of enterprises, government intervention should be minimized, and coal listed companies should pay attention to the integration after mergers and acquisitions, so as to realize the value effect of mergers and acquisitions.
【學(xué)位授予單位】：太原理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.21;F271

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