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论文编号：	7610
作者编号：	2120122603
上传时间：	2015/6/16 22:32:32
中文题目：	基于并购基金的上市公司并购绩效研究
英文题目：	Research of listed company M&A Performance based on M&A Fund
指导老师：	王永进
中文关键字：	并购基金；上市公司；并购；并购绩效
英文关键字：	M&A, M&A Fund, Listed Company, M&A Performance
中文摘要：	近几年，中国并购市场出现一波又一波的并购热潮，由于市场的发展，并购活动呈现多样化。其中，并购基金作为专业进行并购的金融机构，在这次热潮中大展身手。并购基金是一种私募股权基金，它是以盈利为目的、投资于成熟企业的资本运作方式，在整合企业资源、帮助企业转型、调整产业结构等方面发挥了积极的作用。但是并购基金在我国出现的时间较短，专业的并购基金较少，大部分都是上市公司为完成并购活动、进行企业转型或扩大规模而联合券商、PE 等投资机构成立的，因此我国的并购基金具有自己的特色。由于以往对并购基金的研究数量较少、内容有限，本文从基于并购基金的上市公司并购行为入手，对“上市公司+机构”成立并购基金这种模式下的上市公司绩效进行研究，探讨并购基金对我国上市公司并购活动的影响，无论对理论研究还是现实经验都具有一定的价值。 本文首先对过往文献进行整理，总结了以往学者的研究思路与方法，确定采取定性与定量相结合的方法进行研究。其次，描述了我国当前并购基金市场现状并总结了我国特殊的并购基金模式。之后又试探性地对并购基金参与并购活动进行理论研究，结合并购基金的特点和并购的相关理论，得出上市公司的并购活动中如果有并购基金的参与会提高该公司的并购绩效的结论。实证部分按照“上市公司+机构”模式并购基金的特点分别选取 2010年到2014年并购基金支持的上市公司并购行为、2011 年到 2014 年上市公司宣布与投资机构联合成立并购基金的事件以及 2006 年到 2014 年并购基金现金收购并获得其控股权的上市公司作为三组研究样本，分别使用事件研究法对有投资机构支持的上市公司并购行为的短期绩效和成立并购基金事件对上市公司股价的影响进行研究，使用财务指标分析法对并购基金并购目标企业的长期绩效进行实证研究，结果显示投资机构参与上市公司并购能够产生股东财富聚集效应，联合机构成立并购基金会在一段时期内提升上市公司股票的超常收益但并购基金对目标企业的长期发展没有显著的影响。最后，总结理论以及实证研究的结果，提出本文研 究的创新之处，分析研究缺陷，对未来的工作提出建议。
英文摘要：	In recent years, China's M&A market goes through wave after wave of booms. Due to the development of the market, M&A presents diversification. M&A fund, as a professional financial institution, develops quickly following the trend. M&A fund is a kind of private equity funds, whose purpose is making a profit. It is an important mode of capital operation, which can contribute to the integration of enterprise resources, the transformation of enterprises, and the adjustment of industrial structure. But M&A fund is a new thing in our country and it is less professional compared with foreign buyout fund. Most of them are established by the joint of listed companies and investment institutions such as brokerage, PE etc. Therefore M&A fund has its own characteristics in our country. There is less previous research on M&A fund and the content is limited. This paper focuses on the M&A activities of listed companies, which involve M&A funds. Studying the impacts of M&A funds on the performance of listed companies M&A has theoretical value and practical significance. First, this paper combs the past scholar's research methods: the qualitative research method and the quantitative research method. Second, this paper summarizes the characters of the special M&A funds in China, and tentatively analyses the M&A theory considering M&A fund. According to the characteristics of M&A fund, the performance of listed companies M&A will be improved with the help of M&A fund. Then, by selecting the related data of M&A from 2006 to 2014 as the research sample, this paper uses event study method and financial index method to do the empirical research of short-term and long-term M&A performance. The results show that investment institutions result in the accumulation of the listed companies’ shareholder wealth, but have no significant effect on the long-term development of listed companies. Finally, this paper summarizes the result of theoretical research and empirical research, and presents innovation and defect.
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