【作者】 刘锴；

【导师】 宋献中；

【作者基本信息】 暨南大学 ， 财务管理， 2009， 博士

【摘要】 中国上市公司的并购活动是在新兴转轨市场背景下发展起来的,带有鲜明的股权分置制度色彩。由于涉及到制度问题,国内有关并购的研究大都缺乏深层次分析,然而,制度变迁仍然是不容回避的。股权分置改革为市场化并购奠定了基础,积压已久的并购重组动力日益显现。后股权分置时代,上市公司并购能否创造价值?并购市场绩效受到哪些因素的影响,隐藏在并购行为背后的深层次原因是什么?这些问题都是现阶段中国资本市场发展中值得研究的重要问题。本文基于后股权分置时代中国资本市场的制度背景,构建并购交易特征、股权结构与市场绩效的理论分析框架,探讨了并购交易特征、股权结构对收购公司市场绩效的直接影响以及二者对收购公司市场绩效的交互影响,并以2005～2007年间已完成股改上市公司发生的并购事件为研究对象,从短期和长期市场绩效差异的角度进行实证检验。本文研究表明,已完成股改公司短期市场绩效显著为正,且高于未完成股改公司,持续性较差;但长期中遭受了显著的财富损失。收购公司采用股票支付的短期市场绩效优于现金支付;国有收购公司和第一大股东持股比例越高的收购公司并购后1年的市场绩效越差,但在更长的时间差异不显著;机构投资者持股比例对并购短期和长期市场绩效均有改善作用。国有收购公司采用股票支付方式和进行资产收购对并购短期和长期市场绩效均有改善作用,但在关联并购中的长期市场绩效较差,非国有收购公司采用股票支付方式和进行股权收购仅对短期市场绩效有改善作用;第一大股东持股比例越高的收购公司采用股票支付方式的短期市场绩效越差,而在关联并购中的长期市场绩效越好;机构投资者持股比例越高的收购公司在资产收购和关联并购中的长期市场绩效越差。总之,中国上市公司的并购行为逐渐显现出市场化的特征,股权分置改革在对上市公司并购产生积极作用的同时,也带来了消极影响。因此,制定和完善并购法律法规、加强并购重组的信息披露以及针对不同类型股东建立分类监管体系,是促进上市公司并购健康运作的重要保障。更多还原

【Abstract】 Background of the emerging market during economical transitional period,the developed activity of M&A of listed companies in China is characterized by the structure of share-splitting. Due to the problem of the system,the profound analysis of the M&A of listed companies are scarce in the domestic academic community.The ethos of institutional change,however,admits of no avoidance.The Share-splitting Reform laid the foundation for the marketization of M&A and the dynamical wheels of M&A becomes increasingly powerful.In the Post Share-splitting Reform Era,whether can M&A create value for listed companies? What factors will affect the performance of acquiring firms? What are the inside reasons behind M&A? These important questions are worth researching at the present stage of the developing capital market in China.Using M&A cases of listed companies of stock markets from 2005 to 2007 as a sample, empirically examines the disparity of the market performance from the perspective of long-term and short-term,this article which is based on the system of the Chinese capital market in Era of the Post Share-splitting Reform builds the theory frame of ownership structure,the characters of M&A transaction and of the acquiring firms’ performance,at the same time studies the direct influence of the ownership structure of the acquiring firms and the characters of M&A transaction on the market performance of acquiring firms,as well as the interactive effects.This study indicates that acquiring firms could obtain statistically significant positive accumulative abnormal return(CAR) on and near the acquiring announcement day,but no significant in the whole event period due to the poor persistence;and would suffer heavy loss in long-term.For the short-term perfoarmance of acquiring firms,paying in stocks and shares better than paying in cash;the nature of state-owned and the proportion of the first largest shareholder’s share-holding of the acquiring firms have significant negative effect on the long-term performance in 1 year after mergers,while this effect becomes insignificant in longer period after mergers;and with an increase of the proportion of institutional shares,the short-term perfoarmance as well as the long-term performance increase.The state-owned acquirers paying in stocks and shares and buying assets could improve the short-term performance and the long-term performance,but put up a bad show in the long-term performance of the related acquisiton;non state-owned acquiers paying in stocks and shares and acquiering stock equity could only improve the short-term perfoarmance;under the condition of paying in stocks and shares,the more proportion of the first largest shareholder,the poorer short-term performance, on the contrary,the better long-term performance in the related acquisition;the more proportions of institutional shares in acquiering firms,the poorer long-term performance in the assets acquisition and the related acquisition.M&A of listed companies in China is being characterised more and more by the marketization.The Share-splitting Reform has certain positive significance to M&A of listed companies,however,it also brings a lot of negative influences on the related parties.Therefore, enacting and improving laws and regulations on M&A,strengthening information disclosure in M&A,establishing the different supervisory systems according to different types of share holder are important measures in promotion of the healthy development of the M&A in China.更多还原