【作者】 张宇；

【导师】 巫和懋；

【作者基本信息】 北京大学 ， 金融学， 2007， 硕士

【摘要】 并购重组在我国证券市场上愈演愈烈,公司并购重组的根本目的是有效地配置资源,实现公司价值地增加。并购重组可以引起上市公司股价的变化,因而引起企业价值的变化,2005年6月6日我国上证指数跌破1000点,跌至998.23点,又回到8年前的起点。国内证券市场处于最低迷的状态之中,沪、深两市参与者极少,交易极度萎缩,80%的投资者被套达4年之久,场外资金处于观望状态中,迟迟不肯入市,整个市场(A股)每日交易量不足百亿,在这种市场环境下,并购重组是否会给并购企业带来价值增加,是值得探讨研究的课题。本文采用事件研究法、会计研究法(财务指标研究法),对2005年我国证券市场沪、深两市587个并购公司、752起并购重组事件进行实证研究,研究发现:在事件期(-49,40)日内,并购活动使并购公司的企业价值得到增加,并购公司在事件期内累积平均超常收益率CAR平均值为0.5721%,说明并购活动使企业价值增加0.5721%;收购公司在事件期内累积平均超常收益率CAR平均值为0.641%,目标公司在事件期内累积平均超常收益率CAR平均值为0.5078%,收购公司CAR均值高于目标公司CAR均值,多出幅度为0.1332%;不同行业在事件期内CAR均值不同,并购重组给制造业公司、房地产业公司及综合类行业公司分别带来0.4112%、0.6762%、0.364%的价值增加;在较长的考察期(一年以上)内,并购公司的财务状况在并购当年有一定程度的下滑,但在并购第二年财务状况有明显地改善;在影响并购绩效变化的因素中,并购类型、行业、股权结构(控股股东类型)、处在市场涨跌期不同阶段的并购及多次并购对企业价值有一定的影响。更多还原

【Abstract】 The Mergers and Acquisitions have been expanding significantly on China’s stock market in recent years. The ultimate purpose of M&A is to allocate the resources effectively in order to increase company value. The M&A will change listed company’s share price and influence company value. On June 6th,2005,Shanghai composite stock index dropped below the 1,000-point level and fell to 998.23 points,returning to the starting point of 8 years before. During the whole year of 2005,China’s stock market was in a great depression which was worse than ever, investors in the Shanghai stock market and Shenzhen stock market were few and dealings shrunk,funds were in the state of wait-and-see,the average daily turnover was less than tens of billions RMB Yuan. In such market condition,whether M&A will bring value for companies is a subject worth studying. Adopting the Event Method and Accounting Method (Financial Indicators Method),this paper makes an empirical analysis of 752 M&A of 587 companies listed on Shanghai and Shenzhen stock market in 2005. The analysis indicates:within the event period (-49 days,40 days),M&A companies’values have been increased. The average CAR (Cumulative Abnormal Return) of M&A firms within the event period was 0.5721%;for acquiring firms and acquired firms,the average CAR were respectively 0.641% and 0.5078%;M&A in different industries show different average CAR within the event period,M&A brought a value gain of 0.4112% to the firms in the manufacture industry,a value gain of 0.6762% to the firms in the real estate industry,and a value gain of 0.364% to the firms of integrated industries; within a longer observation period(more than one year),the financial condition of M&A companies showed a certain degree of decline in the first year yet an obvious improvement in the following year;among the factors that affect the M&A’s performance,the M&A type,M&A companies’industries , M&A companies’ownership structures ( controlling shareholders’types),stock market’s fluctuation and multi-merger have certain impacts on company value.更多还原