民营企业并购上市公司的行为研究

【作者】 陈小豹；

【导师】 林勇；

【作者基本信息】 华南师范大学 ， 西方经济学， 2004， 硕士

【摘要】 民营企业并购上市公司是一种企业间特殊的并购行为和间接上市的捷径。自1997年以来，随着我国证券市场的发展和民营企业实力普遍的增强，民营企业并购上市公司的现象风起云涌。本文从理论和实证两方面入手，探讨了促使我国民营企业并购上市公司这种行为发生的社会、经济和制度动因，以及产生的企业效应和社会福利效应，以期对其做出客观的评价。全文分为六部分： 第一部分介绍了并购的相关概念和动因以及本文的研究对象，包括并购的内涵，并购及上市并购的原因，并购类型的划分以及我国民营企业并购的情况。 第二部分在探讨我国企业并购行为的一般性动因的基础上，从内因和外因两方面剖析了我国民营企业并购上市公司这种行为发生的原因。 第三部分通过与西方发达国家成熟股市中的上市并购行为的对比，分析了民营企业并购上市公司行为的效应。通过分析得出，我国民营企业并购上市公司的行为并非都是有效率的，可能导致社会福利的损失。 第四部分实证分析民营企业并购上市公司的绩效，包括合并收益和经营业绩两方面，选用1998年发生在深、沪两地股市的民营企业并购上市公司的事件为样本，采用了事件研究法和财务指标法检验合并收益和经营业绩的变化，通过研究发现，证券市场对并购事件存在过度反应；并购绩效改善的持续性不好，并购整合并不成功。 第五部分进一步探讨了影响民营企业并购上市公司绩效的主要因素，通过分析得出：产业因素和公司特征因素对绩效的解释能力较为有限，并购行为在某种程度上表现出较强的突破“制度抑制”的特征。 第六部分论文小结。归纳总结了对民营企业并购上市公司行为的认识，并在此基础上从有利于民营企业和并购市场健康、良好发展的角度提出了一些建议。更多还原

【Abstract】 The M&A of public company by private company is a special M&A between corporations and a shortcut for private companies to enter the stock exchange indirectly. Since 1997, with the development of stock market and the strengthening of private companies, the phenomenon of M&A of public company by private company have emerged continuously. The paper studies the social, economic and institutional reasons for the phenomenon both theoretically and demonstratively, and the positive effect both to the company and to the society. The paper is consist of six sections:The first section introduces the related definition and the reasons of M&A of public company by private company and put forward the studied object, including the definition of M&A, the reasons of M&A, the classification of M&A and the related situation in china.The second section analyses the internal and external reasons for the emergence of M&A of public company by private company in China, based on the common reason of Chinese companies’ M&A.The third section analyses the effect of M&A comparing with the developed stock market in western countries. It concludes that not all the M&A are efficient; some can lead loss of the society.The forth section analyses demonstratively the effect of M&A of public company by private company, including M&A’s benefits and operate benefits. The paper chooses the M&A cases took place in Shanghai and Shenzhen stock exchange; adopting cases study method and financial index method. It concludes that some of the M&A react overly and the consistency isn’t good, the M&A is not successful.The fifth section analyses the factors influencing the performance of private company mergering Pubic Company and concludes that the explainatory ability of industry and companies’ character is limited, mergering to some extent appears break through "institutional restraining".The last section is conclusion that summarizes the concept of private companymergering public company and put forwards some advice that would benefit the private companies and the mergering market.更多还原