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论文编号：	7499
作者编号：	2120132419
上传时间：	2015/6/10 21:49:19
中文题目：	中国上市公司并购支付方式对并购绩效影响的研究
英文题目：	Research on the Influence of Payment Method on the M&A Performance based on Chinese listed Corporation
指导老师：	张晓农
中文关键字：	上市公司;企业并购;支付方式;并购绩效
英文关键字：	Listed Corporation; Merger and Acquisition; Methods of Payment; Performance of M&A
中文摘要：	近年来，无论是国际市场还是国内市场，大量的企业并购交易事件不断出现。并购可以起到优化资源配置作用，加速了资本集中程度和企业资产规模的扩大。到目前为止，西方资本主义国家至少经历了五次大规模的并购浪潮，且一次比一次大，并逐步发展成跨国并购的全球化发展形式。我国企业并购的起步较晚，股权分置改革完成后，为企业并购交易的发展带来了契机，上市公司间的并购交易活动迅速发展。当企业进行并购时，并购支付方式的选择会受到并购企业控制权和资本结构等因素的影响，而不同支付方式的选择也会影响到企业的股权结构和资本结构，经营效益也会随之受到影响，最终影响到并购的绩效。目前，我国针对并购支付方式对并购绩效影响的研究很少，支付方式是否会对企业绩效产生影响是值得探究的问题。因此，本文主要从并购支付方式这个角度来研究对企业并购绩效的影响，以期能够给我国日益活跃的并购活动提供理论建议，对企业并购支付方式的选择提供参考。 本文在论述国内外学者的相关文献研究基础上，介绍了相关概念和基本理论分析，并提出本文的研究假设。选取2011年沪深A股市场上发生并购事件的上市公司为研究基期样本，统计这些上市公司从2010年到2013年的数据，运用因子分析法计算出不同支付方式下的并购绩效，在此基础上，进一步针对两者关系进行研究，构建多元回归模型进行实证分析，分别从支付方式的直接作用和支付方式与第一大股东持股比例的交互作用两个方面，研究其对企业并购绩效的影响。经过实证分析及稳健性检验最终得出本文的研究结论：第一，企业发生并购交易后的并购绩效并没有得到提升，无论采取何种支付方式，并购企业都没有得到正的财富效应。第二，现金支付方式下的企业并购绩效要比股票支付方式下的企业并购绩效好。第三，在第一大股东持股比例与支付方式的相互作用下，第一大股东持股比例越高时采用股票支付能够提高企业的并购绩效。最后根据本文的实证结果提出相关的研究建议。
英文摘要：	In recent years, both the international market and the domestic market, a large number of enterprises M&A cases continue to emerge. It is an important method to promote the optimal allocation of resources acquisition and to develop enterprises growth, and accelerate the expansion of capital concentration degree and scale of enterprise assets. So far, there are five times large wave of mergers and acquisitions has happened in western countries, and every wave larger than last time, and gradually developed into a transnational merger of globalization development form. The history of M&A event is short in China. The reform of non-tradable shares creates a good environment for our country enterprises, mergers and acquisitions in Chinese corporation rapidly develop. In the mergers and acquisitions, the options for method of payment will be affected by the impact of enterprise control and capital structure. Also, the options for method of payment will affect enterprise control and capital structure. Then the benefit of enterprise will be influenced, ultimately affect the performance of mergers and acquisitions. At present, the research on the influence of payment method on the M&A performance based on Chinese listed corporation is rarely. It is a worth exploring question to analysis different methods of payment would impact the performance of M&A or not. Therefore, this paper mainly studies the influence of payment method on the M&A performance based on Chinese listed corporation, in order to provide theoretical suggestions and the choice of payment method to reference. This paper reviews the research of M&A performance, define the concept and put forward the research hypothesis. Then it selects M&A listing corporations in Shanghai and Shenzhen A shares market from 2010 to 2013, using the factor analysis method to calculate the performance of M&A under different payment methods. On this basis, do further study of payment effect on performance of M&A, and establish the regression model to study the relationship between method of payment and performance of merger and acquisition. Through empirical analysis and test the robustness, this article gets some conclusions as follow. First, the performance of M&A is bad; the corporation has not obtained the positive wealth effect. Second, the performance of cash payment is better than stock payment. Third, under the interaction influence of ownership structure and methods of payment, stock payment can improve the performance of corporate when the proportion of the first shareholder is higher. Finally, according to the empirical results, this paper puts forward some related suggestions.
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