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论文编号：	1524
作者编号：	031724
上传时间：	2010/5/24 10:57:50
中文题目：	中国上市公司并购协同效应实证研究
英文题目：	Merger and Acquisition （M&A） Synergy effect Listed corporations Event-based method
指导老师：	陈国欣
中文关键字：	并购 协同效应 上市公司 事件收益法
英文关键字：	Merger and Acquisition （M&A） Synergy effect Listed corporations Event-based method
中文摘要：	企业并购是市场经济的产物，自19世纪末以来，全球已经历了五次并购浪潮。并购作为企业产权交易与重组的行为，已经成为十分重要的经济现象。在我国，随着经济体制的深化，优胜劣汰作为市场经济的基本法则已被越来越多人所接受，企业并购开始成为企业资本营运的重要形式，国内上市公司间并购活动也逐步活跃，上市公司并购对我国上市公司的整体发展以及证券市场的完善有着重大意义。 通过并购获得协同价值是现代企业并购的基本理念，协同效应大于零，企业才有并购的必要性，协同效应的多少也同时决定着企业并购的成败。然而，现实中由于缺乏理论的指导，人们对协同效应的内在逻辑缺乏深刻的理解和把握，造成很多并购没有实现协同效应或协同效应有限，从而直接导致并购失败率居高不下。因此，有效地评估协同效应对并购事件双方均有举足轻重的意义。 本文围绕着并购协同效应即价值创造这一主线，对协同效应的理论演进过程进行了系统而详尽的梳理，并对协同效应的各主要研究角度进行了探讨，试图勾勒出协同效应的整个框架。本文对协同效应的各种评估方法进行了系统剖析和研究，总结出协同效应评估方法的两个总体脉络，构建出一个评估方法体系。在各种具体方法的详细介绍中，指出现金流评估法和事件收益法分别在并购前评估和实证研究中的重要性。随后，本文运用事件收益法以1999－2004年间的34起上市公司间并购事件为样本，将并购双方作为整体定量研究了并购的协同效应价值。 实证发现，短期内并购双方作为整体并没有显著地创造出新的价值；在并购前后，并购公司的累积异常收益显著增加，并超过了目标公司的累积异常收益；并购前期存在信息泄漏现象。 最后，在上述结论基础上，本文针对我国并购的协同效应实践中存在的问题提出建议，以期为理论界和实业界的研究和决策提供参考。
英文摘要：	Enterprise merger and acquisition （M&A） is a result of the market economy. Since the end of 19th century, there have already been five times merger tides in the whole world. M&A as the transactions of property right of enterprise and behavior of the reorganization, has already become the very important economic phenomenon. In our country, with the in-depth of the economic system, more and more person accepted selecting the superior and eliminating the inferior as the basic rule of market economy. Enterprise M&A become the important form of the capital operating of the enterprise. Recently, M&A Activities between Listed Corporations flourishes in our country, M&A plays a key role in the development of listed companies and the improvement of securities market． It is the basic theory for the modern enterprise M&A to give birth to synergy, and enterprise M&A is necessary if synergy is greater than zero. The amount of synergy determines the success or failure of M&A at the same time. However, because of lacking the guide of the theory in reality, it leads to the fact that people lack deep understanding and assurance in coordination with the inherent logic of synergy. It also results in lacking of synergy or the limited synergy, which causes the failure of the M&A finally. So, it has very important meanings for the enterprises that participate in M&A to evaluate the synergy effectively. This paper surrounds the center of synergy, that is, value creation, studies its related theory especially the development of the synergy theory, so as to outline its whole frame. In the paper, the author discusses different methods of synergy evaluation in two ways, and built an evaluation system, pointing out the importance of cash flow method and event-based method in ex-merger and post-merger. Further, the author investigates the 34 cases cover in all major M&A events related to listed corporations from 1999 to 2004, using the event-based method, examines the synergy of China's M&As empirically. It finds out that the purchasing and targeted companies as a whole didn't create any remarkable new value in short time. The cumulative abnormal return of purchasing companies are found to have improved significantly around the M&A deals，the purchasing companies get more cumulative abnormal returns than the targeted companies. There was information leaking before the M&A. Finally, based on the above study and the problems lying in China's M&A synergy practice, it puts forward several suggestions and provides reference for the theoretical and practical circles.
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