企业并购与IPO之间的策略选择研究

摘要企业并购和IPO（首次公开发行）是企业融资最常见的两种形式。若企业同时拥有这两种选择，该选哪一种，才能给企业带来最大的利益呢？本文的目的正是研究当企业面临这样的选择时，跳过并购直接IPO和先并购再IPO，这两者之间的选择策略，并探究并购对企业IPO的影响。65341

本文以IPO定价为切入点展开研究。主要运用了多因素定价模型来研究IPO的定价。在前人研究的基础上，考虑“是否并购”、“企业发行规模”和“企业资产负债率”三个解释变量，构建了新的IPO解释模型。利用2012年深圳证券交易所主板、创业板上市新股的数据，并使用SPSS 19.0软件，求得该线性模型的系数，检验发现本文提出的新模型具有较好的理论意义和经济解释功能。

本文最终得出了这样的结论：企业并购会对IPO定价产生积极影响，对中小企业影响更为显著。本文最后给出了一种选择建议，为日后的研究提供了参考。

毕业论文关键词企业并购；首次公开发行（IPO）；多因素定价模型；线性回归法

毕业设计说明书（论文）外文摘要

Title Strategy Choice between M&A and IPO

Abstract

Enterprise M&A and IPO(initial public offering)are two of the most common forms of corporate finance. If enterprises have two choices at the same time, which one should they choose for the biggest benefit bringing to the enterprise? The purpose of this paper is to research in the enterprises faced with such choices, giving selection strategies between IPO directly and IPO after M&A. This paper also studies the effects of mergers and acquisitions to enterprise IPO.

The research is based on the study of IPO pricing. It mainly uses the multifactor pricing model to study the pricing of IPO. On the basis of predecessors’ study, considering “merger”, “enterprise publishing size” and “enterprise asset ratio” as explaining variables, I build a new IPO interpretation model. Based on the data of new shares listing in Shenzhen Stock Exchange (including the main board and gem)in 2012,using SPSS 19.0,I get the coefficients of the new linear model. Inspection found that the new model proposed in this paper has good theoretical significance and economic explanation function.

The paper finally draws the conclusion that merger will have a positive impact on the IPO pricing, even more significant impact on small and medium-sized enterprises. Finally, the paper puts forward a proposal for the case mentioned before, providing the reference for future researches.

Keywords Mergers and acquisitions(M&A)；Initial public offering(IPO)；Multiple factors pricing model；The linear regression method

1 引言 1

1.1 选题的背景 1

1.2 问题提出与研究意义 4

1.3 本文的研究内容与方法 4

1.4 本文的创新之处 5

2 预备知识 6

2.1 企业并购 6

2.2 IPO 10

3 公司并购与IPO策略之选择模型 13

3.1 理论假设 13

3.2 变量及系数说明 14

3.3 不并购直接上市的企业IPO定价模型（模型1） 16

3.4 模型改进：并购后再上市的企业IPO定价模型（模型2） 17

3.5 模型改进：含“是否并购”因素的企业IPO定价模型（模型3）企业并购与IPO之间的策略选择研究:http://www.youerw.com/kuaiji/lunwen_72927.html