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MBA硕士论文_我国创业板重大资产重组中并购绩效研究DOC

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文本描述
摘要
并购重组既是资源配置的重要方式也是企业发展的重要途径,以美国为代表的西方
成熟市场已经历了五次并购浪潮。2008年金融危机之后,我国并购活动也随着经济和股
市的复苏以及监管法规的逐步完善,呈现出越来越频密的势头。鉴于国情、企情的不同,
西方的并购研宄和理论并不能普遍适用于特殊制度背景下的我国资本市场的并购行为

充分考虑到我国创业板上市公司重大资产重组自身的突出特点,笔者认为值得有针对性
地对其进行深入研宄。 .
本文拟从作为并购主并方的我国创业板上市公司的视角出发,通过研宄并购引起的
绩效变化,来考察并购作为企业重要发展途径的财务效果。研宄的对象设定为:对创业
板上市公司而言,具有重大影响的重大资产重组中最主要的形式一一上市公司通过股权
方式收购非上市资产的行为。本文采用财务指标研究法,从上市公司整体经营效率变化
和上市公司股东价值变化两个层面入手,分别考察了并购前后的财务绩效变化

基于我国创业板自身的市场和制度特点,通过对该板块2014年度28家上市公司重
大资产重组样本的并购绩效进行研宂,得出基本结论,再进一步分析并购重组行为对企
业、股东、其他利益相关者以及给市场监管方面带来的影响,最后提出若干针对性建议

在具体行文过程中,主要依据以下方式展开:
首先,通过构建财务指标评价体系,并利用因子分析法来评价并购对上市公司整体
经营效率绩效的影响,得出并购绩效并未使企业的经营效率实质性的改善或下滑的结
论。主要原因分析如下:一是重大资产重组须经证监会的严格核准等程序,并入资产质
量有较高保障;二是引入了有对赌性质的业绩承诺机制,这使并入资产在业绩承诺期间
尽力达成业绩承诺;三是从企业合并的性质上看,并购使企业变大了,虽可能因协同效
应提升了经营效率,也可能因后续整合难度及会计上大额商誉的确认而影响财务指标,
况且创业板上市公司本身具备高成长性的特点,在并购前各项指标就己经较髙

其次,通过统计分析与二级市场估值相关的财务指标,利用财务指标比较法,分析
并购对上市公司股东价值的影响情况,得出并购大幅增厚了每股收益,进而使上市公司
I 股东财务绩效得到大幅提升,给股东带来了巨大的财富增值的结论。分析了造成该结论
的主要因素:一是并购提升上市公司总市值的比例大于主并方股权稀释的比例,令重组
前股东受益;二是并入资产贡献了绝大部分净利润,进而令每股收益大幅增厚,明显提
升了上市公司股东价值;三是上市公司市盈率并不因资产的并入而下降。原本相对低估
值的一级市场资产,因并购得以置入上市公司,进而透过二级市场实现了高估值,这大
大提升了股东财富;此外,仅从股价的角度来看,这些样本公司总体上跑赢大盘,或因
为重组概念的炒作

最后,综合两个层面的结论来看,虽然重大资产重组并购并没有提升企业经营效率,
但却大幅度提升了上市公司的股东价值。并购使资产估值从一级市场的相对低位大幅跃
升至二级市场的髙位,上市公司股东因此享受了巨大的估值溢价

在论文中,笔者还在研宄结论的基础上总结了我国创业板重大资产重组的概貌:由
于现阶段我国上市公司资源的稀缺性,导致我国股市估值长期居高不下。在这样的市场
环境中,创业板上市公司积极并购相对“物美价廉”的一级市场资产,并引入业绩补偿
机制,获得到证监会的认可和审核,最终既做大了公司又大幅提升了股东价值。于是并
购重组成为上市公司趋之若鹜的高效发展途径

进而,本文分析了这一现象背后的问题:一是创业板并购“套利”的模式并不具有
可持续性;二是“套利”可行性来自上市公司资源供应不足所致的估值长期居高不下,
注册制等市场化机制尚待推进;三是业绩承诺机制主要保护重组前的股东,而并购成功
后高价接盘的投资者则面临很高风险

本文最后针对这些问题分别从微观层面和宏观层面提出建议

关键词:创业板;重大资产重组;并购绩效
II A Study on M & A Performance in Major Asset Restructuring
on the Chi Next
ABSTRACT
M & A is not only an important way of resource allocation, but also an important way for
the growth of enterprises. The western mature markets, represented by the United States, have
experienced five times of waves of merger and acquisition activities. After the financial crisis
in 2008, the mergers and acquisitions activities in the PRC demonstrated more and more
frequent momentum, along with recovery of the economic and stock market and the
enhancement of the regulatory regulations. In view of the different national conditions and the
different enterprises&39; situation, the western M & A research and theory may not be generally
applicable to the M & A behaviors in the capital market with the backdrop of special system
in the PRC. Taking full account of the unique features of the major asset restructuring for the
listed companies on the ChiNext, I believe that it is valuable for us to conduct an in-depth
study on such field.
This paper intends to examine the financial effect of M & A as an important development
path of the enterprise by studying the performance changes caused by M & A from the
perspective of the listed companies on the ChiNext (as acquirers in the M & A). The object of
the study is: for the listed companies on the ChiNext, with significant impact on the major
asset restructuring in the most important form - the listed companies acquired the non-listed
assets by way of equity behavior. This paper examines the financial performance changes
before and after the acquisition from the listed company&39;s overall operating efficiency changes
and changes in the shareholders value of listed companies, respectively, adopting the financial
index research method.
Based on the market and institutional characteristics of ChiNext, this paper studies the M
& A performance of 28 major listed companies in 2014, and draws a basic conclusion, and
further analyzes the potential impacts on the relevant enterprises, shareholders and other
stakeholders as well as the market regulation resulting from the behavior of mergers and
acquisitions and finally put forward a number of pertinence recommendations.
My analysis is conducted as follows in the specific process of writing:
hi First of all, we evaluate the impact of merger and acquisition activities on the overall
operating efficiency of the listed companies through establishing financial evaluation system
and adopting factor analysis method, which concluded that the operating efficiency of the
entities would not be improved or declined substantially by the performance of mergers and
acquisitions. The major reasons are as follows: Firstly, the major asset restructuring are
subject to the strict approval of the CSRC and other procedures, which the assets to be
acquired generally have relatively high quality; Secondly, with the introduction of a bet on
the nature of the performance undertaking mechanism, accordingly the assets to be acquired
will endeavor to fulfill the performance undertaking during the performance undertaking
Period; Thirdly, in respect of the nature of the merger, the enterprises become larger through
the M&A activities, the operational efficiency may be improved due to the synergy effect, and
the financial indicators may also be affected due to the follow-up integration difficulties and
the recognition of the significant goodwill in the accounting field, Moreover, the ChiNext
listed companies have their own characteristics of high growth with the pre-merger indicators
being relatively higher.
Secondly, the author analyzes the impact of mergers and acquisitions on the shareholders
of listed companies through the statistical analysis of the financial indicators related to the
valuation of the secondary market and the use of financial indicators comparison method,
which concluded that the merger significantly increased the earnings per share, and the
financial performance has been greatly improved, which brings great wealth valuation to the
shareholders. Analysis of the main factors that led to the conclusion: Firstly, mergers and
acquisitions enhanced the proportion of the total market value of listed companies, which is
greater than the proportion of the main and equity dilution, so that the former shareholders of
the restructuring will be benefited; Secondly, the assets contributed to the vast majority of net
profit, which in turn resulted the significant increase in stock earnings, and the value of
shareholders of listed companies will be significantly enhanced; Thirdly, the price-earnings
ratio of listed companies will not be decreased due to the incorporation of assets. The
relatively underestimated value of the primary market assets will achieve a high valuation
through the secondary market due to the mergers and acquisitions to be placed into the listed
company, and then, which will enhance the shareholder wealth greatly; In addition, only in
terms of the stock price, among these samples, the company generally outperform the broader
market, or because of the concept of reorganization speculation.
Finally, from the view of two levels of integration, although the major assets of the
merger and acquisition did not improve business efficiency, but significantly enhanced the
IV shareholder value of lis
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