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论文编号：	13181
作者编号：	2120202866
上传时间：	2022/6/7 10:30:53
中文题目：	中国上市公司收购后资产剥离绩效研究
英文题目：	A Study on Post-acquisition Divestitures of Chinese Listed companies
指导老师：	薛有志
中文关键字：	收购后资产剥离；资产收购；绩效
英文关键字：	Post-Acquisition Divestitures; Acquisition; Performance
中文摘要：	随着市场的发展和企业重组行为的活跃，我国上市公司资产剥离频率和规模显著增大。而有研究发现约 33%-50%的资产剥离都来源于之前的收购行为，收购后的资产剥离作为一类专门的剥离事件有其独特的性质与特点，其中绩效作为剥离行为的结果，在研究当中受到了比较多的关注。然而现有文献对于收购后资产剥离的研究还比较少，主要都是针对国外企业的研究，国内对于这一话题的研究十分罕见，对于收购后资产剥离的绩效也没有形成统一的结论，因此本文选取收购后剥离这一特定资产剥离作为研究对象，通过事件研究法分析收购后资产剥离的绩效，然后从对收购后资产剥离出现的动因出发，研究影响收购后剥离绩效的因素，并用回归分析进行验证。 本文通过选取我国上市公司中在 2013 年发生过的资产收购事件和随后在2013-2021 年又进行剥离了的事件作为研究样本，分别计算了收购后资产剥离的绩效及其在收购时的市场绩效，结合其他影响因素进行统计分析，结果发现：有13.1%的收购在之后的 7-8 年中又被剥离,总体来说，收购后资产剥离能给企业带来正的市场绩效，并且它们在收购时也能能让收购企业产生显著的正绩效；拥有不同方向的收购绩效、交易差价以及不同关联交易方式的收购后资产剥离绩效有明显的差异；经过回归分析验证，收购时的绩效、资产相对规模、剥离时企业经营状况以及交易价差，能给收购后资产剥离绩效带来显著影响。 最后，文章根据研究结论，提出了管理建议和下一步研究方向。丰富了我国资产剥离的研究和收购后资产剥离研究的实证结果，为企业联系收购和剥离提供参考和建议。
英文摘要：	With the development of the market and active corporate restructuring behavior, the frequency and scale of divestitures of listed company in China have increased significantly. Some studies have found that about 34%-50% of divestitures originate from previous acquisitions (post-acquisition divestitures), and post-acquisition divestitures have their unique characteristics as a specialized type of divestiture event, and performance as a result of divestiture behavior has received more attention in research. However, the existing literature on post-acquisition divestitures is relatively scarce, and mainly for foreign companies, domestic research on this topic is rare, and there is no uniform conclusion on the performance of post-acquisition divestitures. Therefore, this paper selects post-acquisition divestitures as the research object. Firstly, this paper analyzes the performance of post-acquisition divestitures through the event study method. Secondly, examines the factors affecting the performance of postacquisition divestitures from the perspective of the drivers of post-acquisition divestitures, and validates them with regression analysis. By selecting the asset acquisition events that occurred in listed companies of China in 2013 and the events of divesting acquired assets from 2013 to 2021 as research samples, this paper calculates the performance of post-acquisition divestitures and their performance at the time of acquisition, respectively. Then, statistical analysis was performed in conjunction with other influencing factors. The results found that: 13.1% of acquisitions were divested in the following 7-8 years, post-acquisition divestitures can bring positive market performance, and they can also bring significant positive performance of the acquiring firm at the time of acquisition; there are significant differences in post-acquisition divestiture performance with different acquisition performance, transaction spreads, and whether is related transactions or not; as verified by regression analysis, post-acquisition performance, the relative size of assets, the operating condition of the firm at the time of divestiture, and the transaction spread can bring about significant effects on post-acquisition divestiture performance. Finally, the article proposes management recommendations and next research directions based on the research findings. It enriches the empirical results of the research on divestitures and post-acquisition divestiture studies in China, and provides references and suggestions for companies to contact acquisitions and divestitures.
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