后股权分置时代上市公司并购长期绩效研究

发布时间：2018-11-27 07:51

【摘要】：股权分置改革为市场化并购奠定了基础,积压已久的并购重组动力日益显现。后股权分置时代,上市公司并购能否创造价值?并购市场绩效受到哪些因素的影响,隐藏在并购行为背后的深层次原因是什么?这些问题都是现阶段中国资本市场发展中值得研究的重要问题。本文采用定量分析与定性分析相结合的方法,基于后股权分置时代中国资本市场的制度背景,借鉴国外成熟而广泛运用的长期绩效评价方法----累积超额收益(BHAR),探讨了并购交易特征、股权结构对收购公司长期市场绩效的影响。本文首先回顾了与并购相关的研究和理论,然后结合中国资本市场的不同时期的制度特征,特别是股权分置时期和后股权分置改革时期,对并购绩效及其影响因素做了理论分析与研究假设。然后,本文从2006-2007年间我国A股市场上市公司发生的并购事件中,以完整性、普遍性为原则挑选了946个样本。首先,利用CSMAR和Wind资讯计算出这些样本在并购后1-36个月的BHAR;再从并购交易特征和收购方股权结构两个大的方面对样本进行分类,其中,并购交易特征包括：股权性质、同属管辖、关联属性、并购类型、融资模式和支付方式,股权属性包括：最终控制人背景、机构投资者持股比例和第一大股东持股比例。按照这些分类对样本进行分组,对每一组进行比较,检验其并购绩效的差异；再分别以并购交易特征和股权属性为解释变量与BHAR做多元回归。通过这些实证研究,检验了之前的理论分析和研究假设。得出结论是,文中所选取样本的并购长期绩效为负,收购方股东财富遭受了损失,这一结果与股权分置改革前差异不大,但不能因此而否定股权分置改革的积极效应,造成这种结果的可能是由于样本区间处于牛市和熊市交替的阶段,在并购过程中由于资产价格高估而发生严重的过度支付,从而使得价值受损；并购交易特征对并购长期绩效无显著的直接影响,而股权结构对并购长期绩效解释力较强,其中,大股东持股比例与并购长期绩效正相关,体现了股改正面的制度效应,最终控制人背景为非国有的收购方能获得更好的长期绩效,这与股改对上市公司的激励程度有关,机构投资者持股比例与并购长期绩效负相关,这不符合股改在理论上的对并购的促进作用,有可能是样本区间的股市和经济环境导致了这一结果。
[Abstract]:The reform of split share structure has laid the foundation for market M & A, and the long backlog of M & A and reorganization has become increasingly apparent. After the split share structure era, can M & A of listed companies create value? What factors affect the market performance of M & A, and what are the underlying reasons behind M & A? These problems are important problems worth studying in the development of Chinese capital market at present. Based on the institutional background of China's capital market in the post-equity split era, this paper adopts the method of combining quantitative analysis and qualitative analysis, and draws lessons from the mature and widely used long-term performance evaluation method-cumulative excess return (BHAR),) in foreign countries. This paper discusses the characteristics of M & A transaction and the influence of ownership structure on long-term market performance. This paper first reviews the research and theories related to M & A, and then combines the institutional characteristics of different periods of China's capital market, especially the period of split share structure and the period of post-split share structure reform. This paper makes theoretical analysis and research hypothesis on M & A performance and its influencing factors. Then, this paper selects 946 samples from the mergers and acquisitions of listed companies in China's A-share market in 2006-2007, based on the principles of integrity and universality. First, use CSMAR and Wind information to calculate the BHAR; of these samples between 1 and 36 months after the acquisition. Then it classifies the samples from two aspects: the characteristics of M & A transaction and the ownership structure of the acquirer. Among them, the characteristics of M & A transaction include: equity nature, jurisdiction, association attribute, type of M & A, financing mode and payment method. The ownership attributes include: the background of the ultimate controller, the proportion of institutional investors holding shares and the proportion of the largest shareholders. According to these classifications, the samples are grouped, each group is compared to test the differences of M & A performance. Then, the characteristics of M & A transaction and equity attributes are taken as the explanatory variables and the multiple regression with BHAR. Through these empirical studies, the previous theoretical analysis and research hypotheses are tested. It is concluded that the long-term performance of M & A in the sample selected in this paper is negative, and the shareholder wealth of the acquirer suffers a loss. This result is not different from that before the split share structure reform, but the positive effect of the split share structure reform cannot be negated because of this. This result may be due to the sample interval in the bull market and bear market alternate stage, in the process of mergers and acquisitions due to the overvaluation of asset prices and serious overpayment, thus making the value of damage; The characteristics of M & A transactions have no significant direct effect on the long-term performance of M & A, while the ownership structure has a strong explanatory power on the long-term performance of M & A. Among them, the proportion of large shareholders holding shares is positively related to the long-term performance of M & A, which reflects the positive institutional effect of stock reform. Finally, the acquirers with non-state-owned background can obtain better long-term performance, which is related to the incentive degree of the listed companies. The proportion of institutional investors holding shares is negatively related to the long-term performance of mergers and acquisitions. This is not in line with the theoretical role of stock reform in promoting mergers and acquisitions. It is possible that the stock market and economic environment in the sample range led to this result.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F271;F224

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