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论文编号：	13149
作者编号：	2120203145
上传时间：	2022/6/6 22:20:11
中文题目：	并购双方行业关联度对并购公告市场反应的影响
英文题目：	The Influence of Industry Relevance of Merger and Acquisition Parties on Market Response of Merger and Acquisition Announcement
指导老师：	黄福广
中文关键字：	并购；行业关联度；市场反应
英文关键字：	Merger and Acquisition; Industry Relevance; Market Response
中文摘要：	随着经济社会的快速发展，市场中的竞争日益加剧，企业如果想要在激烈的竞争中存活下来，就必须进行扩张。而并购作为企业进行外部扩张的重要方式，可以帮助企业扩大规模，实现规模经济和协同效应，并降低交易成本。但并购行为具有高风险的特征，由并购引发的财务困境、整合低效等问题会对企业并购后的经营产生负面影响。所以根据自身情况选择合适的并购目标、作出正确的并购决策非常重要。 首先，本文对并购领域的相关理论和研究成果进行梳理、归纳和总结，并在此基础上进行实证研究。实证研究部分以2016年-2020年间沪深两市上市公司进行的1087个并购事件为研究样本，利用投入产出法下的直接消耗系数和直接分配系数衡量并购双方的行业关联程度，利用事件研究法计算累积超常收益率，并探索性地将股票交易活跃度的变化作为市场反应来进行研究。具体地，首先对各变量进行描述性统计分析和相关性分析，然后利用t检验验证并购能否给买方公司带来显著的超常收益，并利用多元回归分析并购双方行业关联度与并购公告市场反应的关系。最后为了对结果进行验证，本文还进行了稳健性检验。 通过实证研究本文得出结论：（1）并购可以给买方公司带来显著为正的累积超常收益，主并公司的股东通过并购能够实现财富的增加；（2）并购双方行业关联度越紧密，并购发起公司的累积超常收益越高，因此在对目标公司进行选择时，可以从生产和行业联系紧密程度的角度出发，选择合适的并购对象；（3）并购双方行业关联度越紧密，越能提高并购发起公司股票的交易活跃度。基于以上研究结果并结合实际背景，本文提出了政策建议：首先，政府和相关部门应该完善相关法律法规、规范并购市场，加强对中介机构的监督管理以及对投资者的教育，同时也要制定更合理的产业政策。其次，企业在进行并购决策时要结合自身实际，避免盲目跟风。最后，投资者要保持理性判断，进行价值投资，避免投机行为。
英文摘要：	As the economy and society are developing rapidly, the market is becoming increasingly competitive. If enterprises want to survive in the fierce competition, they must expand. As an important way of external expansion, merger and acquisition can help enterprises expand scale, realize economies of scale and synergy, and reduce transaction cost. However, merger and acquisition has the characteristics of high risk, like financial difficulties, integration inefficiency and so on, which may impede daily operation and future development. Therefore, it is particularly vital to select an appropriate target company in merger and acquisition and make correct decisions. Firstly, this article combs and summarizes relevant theories and research results in the field of merger and acquisition, and carries out empirical research on this basis. In the empirical research part, this article takes the merger and acquisition events of A-share listed companies from 2016 to 2020 as research sample, uses the direct consumption coefficient and the direct distribution coefficient under input-output method to measure the industry relevance of both parties, uses the event study to calculate the cumulated abnormal return, and tries to use the change of activeness of market transactions to measure market response. Specifically, firstly, descriptive analysis and correlation analysis are carried out, then t-test is used to verify whether merger and acquisition can bring significant extraordinary returns to acquiring company, and multiple regression is used to analyze the influence of industry relevance of merger and acquisition parties on market response of merger and acquisition announcement. Finally, to test the results, this article carries out robustness test. Through empirical research, it is found that: (1) Merger and acquisition can bring significant positive cumulative abnormal return to the acquiring company, and the shareholders of acquiring company can increase their wealth significantly; (2) The industry relevance of both parties is positively correlated with the cumulative abnormal return. Therefore, the acquiring company can make decisions from the perspective of operation and industry relevance when choosing targets; (3) The industry relevance of both parties is positively correlated with the change of stock trading activeness. Based on these research results, relevant policy suggestions are offered. Firstly, the government and relevant departments should improve laws and regulations to standardize the merger and acquisition market, strengthen the supervision and management of intermediaries and the education of investors. Furthermore, proper industrial policies should be formulated and improved. Secondly, enterprises are supposed to consider their own situation and avoid following trend blindly when it comes to merger and acquisition decisions. Finally, investors should maintain rational judgment, make value-based investments and avoid speculation.
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