导　　师： 宋光辉

学科专业： 020201

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 在2006年之前,我国并购活动的支付手段长期局限于现金支付、以及在支付方式单一和企业可用于支付的现金不足的困境下催生的资产置换、债权支付和承债收购等中国特有的支付方式。2006年相关法律的修改引入了股权支付这一新的支付方式,大大缓解了单一的现金支付对国内企业、尤其是上市公司并购活动的限制。允许上市公司定向增发新股以支付并购对价的新政策实施时间虽然不长,但国内上市公司的并购活动已经开始发生新的变化。本文试图从上市公司并购的异常收益角度捕捉这些微观变化的表现,揭示这些新变化的性质、特征以及产生的原因,以期更深地了解新支付方式对并购活动相关各方利益的影响。 本文选取首次公告发生在二级市场实现全流通到2007年牛市见顶这两大标志性时刻之间的并购事件,从现金支付和股权支付出发,对上市公司并购非上市公司和非上市公司并购上市公司的事件分别进行单边研究,利用事件研究法考察选定样本在并购首次公告日前后各30天内的异常收益,得到了与国外实证研究结果相反的结论。即股权支付而非现金支付的并购得到正的异常收益,并购方而非目标方得到正的异常收益。在考虑样本公司并购动机的基础上,发现实证结果符合产业整合的政策导向下并购活动的现实状况,并对该类并购的资本市场效应提供了正面的论据。 Before 2006, the M/&A payment method was limited to cash in China. Under the predicament of single method of payment and the cash insufficiency, firms in M/&A invented some China idiomatical methods such as assets swap, creditor’s right payment, and debt bearing. Not until 2006, the relevant law changed, a new method named equity payment was introduced, which relieved the bound of cash payment to local firms especially listed firms in M/&A. The time of the new law applied that permitted the private issue is not long enough, but the listed firms M/&A activities has begun to produce new changes. This paper attempt to discover these changes from the view of abnormal return, reveal the characteristic and the reason. And also try to understand the influence of the new payment method to the interest of relevant party in M/&A. This paper selects M/&A events occurred between two symbolic moments. The one was full circulation of the secondary market, and the other was the bull market realized the peak in 2007. It is a unilateral research to two kinds of event. The one is listed firms merger private firms, and the other is private firms merger listed firms. These events were classified by cash and equity payment then. The means of event study is applied to these selected samples, and the abnormal returns within 30 days before and after first announcement are investigated. The outcomes of empirical research are contrary to the results of empirical research overseas. Namely the equity mergers and bidding firms gain positive abnormal returns. Considering the merger motivation of sample firms, the empirical result accord with the actual merger activities under the policy guidance of industrial integration, and also provides positive arguments for the capital market effect of this kind of M/&A.

关 键 词： 并购 异常收益 支付方式 并购方上市公司 目标方上市公司

分 类 号： [F279.21 F832.51 F224]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]