导　　师： 马金城

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 东北财经大学

摘　　要： 并购通常被看作是一种理性选择,可提升企业价值,实现股东价值最大化,增加管理层的绩效。但是,主并公司通常为获取目标公司的控制权而支付了过高的溢价,导致并购后未能达到预期的绩效。已有学者对并购溢价从并购协同理论、信号理论、代理理论、行为理论、信息不对称理论以及大股东私利等角度进行了研究。而本文则从主并公司的角度出发,对并购的主因进行研究。公司在发展过程中会不断积累资源,建立自身的优势,但是在进一步扩张中,由于市场的不完全竞争使得外部交易成本较高,所以公司会采用并购等内部化的方式进行经济活动,而为了保持住此种优势,公司会支付一定的溢价。在此基础上,本文将所有权优势的理论引入进来,研究其对并购溢价可能产生的影响,同时所有权优势也会因目标公司的大小而具有相对性,所以将相对规模作为调节变量。 本文采取规范分析和实证分析相结合的研究方法,选取2003-2013年中国上市公司间发生的并购事件为样本进行研究。在规范分析中,本文分别对所有权优势、相对规模以及并购溢价进行综述并进行概念界定。Lundan/(2008/)将所有权优势划分为基于资产的所有权优势、基于交易的所有权优势以及体制优势,本文在理论分析的基础上,结合尹盛焕/(2004,2005/)的研究,分别用技术能力、营销能力以及财务能力对三种优势进行测量。同时,分析三种能力分别对并购溢价产生的影响,提出研究假设。在实证分析中,本文经过描述性分析、相关性分析以及回归分析测量变量之间的关系,并得出以下结论： /(1/)主并公司的技术能力与并购溢价正相关。主并公司为了保持技术能力的优势,往往通过并购等内部化方式来实现,为此公司愿意付出相对高的溢价来达到目的从而避免外部较高的交易成本,但是不排除有管理层自大而支付高溢价的可能性。 /(2/)主并公司的营销能力与并购溢价正相关。主并公司在市场上通过交易不断增加竞争优势,需要的时间与经济成本均较高,所以公司进行并购时愿意支付相对较高的溢价,但是不排除管理层自大而支付高溢价的可能性。 /(3/)主并公司的财务能力与并购溢价负相关。具有良好财务能力的主并公司在并购时比较慎重,它会利用自身的财务优势尽可能的降低财务风险与并购成本,使得并购溢价降低。 /(4/)当相对规模越大时,技术能力较强的主并公司会支付更高的溢价,财务能力较强的主并公司会支付更低的并购溢价,而对营销能力较强的主并公司没有调节作用。 M/&A is often seen as a rational choice, which can enhance corporate's value, maximize shareholder's value, and increase management's performance. However, the acquiring company usually pay a high premium to obtain the control rights of the target company, so that it fails to achieve the expected performance after the merger. Scholars have studied the acquisition premium from the angle of M/&A synergy theory, signal theory, agency theory, behavioral theory, asymmetric information theory and major shareholder personal gain, etc. While this paper researches the main reason of the acquisition from the perspective of acquiring company. Companies will continue to accumulate resources to build their own advantages in the development process, but because of the imperfectly competitive market, the external transaction cost is very high, so the company will adopt the internalizing way like mergers and acquisitions to advance economic activities, and in order to hold this advantage, the company will pay a premium. On that basis, this paper introduces the theory of ownership advantages, and studies its possible impact on the merger premium, in the meantime ownership advantages also has relativity because of the size of the target company, so this paper uses the relative size as the moderator variable. The paper adopts the research methods of normative analysis and empirical analysis, and selects the M/&A events between2003-2013Chinese listed companies as the sample. In the normative analysis, the paper summarizes and defines the ownership advantage, relative scale and acquisition premium. Lundan/(2008/) divided ownership advantage into asset-based ownership advantages, transactional advantages and institutional advantages, this paper combines with the research of Shenghuan Yin/(2004,2005/) on the basis of theoretical analysis, measures three advantages with technical capability, marketing capability and financial capability respectively. At the same time, the paper puts forward the research hypothesis analyzing the impact that three abilities had on acquisition premium. In the empirical analysis, the paper measures the relationship between the variables after descriptive analysis, correlation analysis and regression analysis, and concluded: /(1/) The acquiring company's technical capability is positively correlated with acquisition premium. The acquiring company often adopts the internalizing way like mergers and acquisitions to maintain the advantages of technological capability, so the company is willing to pay a relatively high premium to achieve its goals and avoid external high transaction costs, but it does not rule out the possibility of management arrogant paying the high premium. /(2/) The acquiring company's marketing capability is positively correlated with acquisition premium. The acquiring company increases the competitive advantage by transaction in the market, with high time and economic costs, so the company is willing to pay the premium during the acquisition, but it does not rule out the possibility of management arrogant paying the high premium. /(3/) The acquiring company's financial capability is negatively correlated with acquisition premium. The acquiring company with good financial capability is cautious during the acquisition, it will reduce the financial risk and acquisition cost as much as possible using its own financial advantage, lowering the acquisition premium. /(4/) The greater the relative scale, the more premium acquiring company with strong technical capability would pay, the less premium acquiring company with strong financial capability would pay, but relative scale has no regulation to the acquiring company with strong marketing capability.

关 键 词： 所有权优势 相对规模 并购溢价 内部化

分 类 号： [F271 F275]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]