股票市场高估值对并购绩效影响的实证分析
毕业论文关键词 股票市场估值水平 并购 绩效
Title Empirical Research on the Impact of High-valuation StockMarket on the Performance of M&A
Abstract As the first merge-Shenzhen Baoan company purchased Shanghai Yanzhong, took place in1993, merge and acquisition has become a trend with more various forms and larger scale.Especially in 2015, under the influence of national policies, vitality of Chinese enterprises grewto a record after 2014.The thesis pays attention to the impact of stock market valuation on theperformance of M&A.The thesis uses document research and analysis of theories combined with empirical test. Firstthe article cites a large number of relevant research literatures at home and abroad. Secondly onthe basis of studies Security Market Drive Acquisition Theory, the paper analyzes the stockmarket valuation of the mechanism of the M&A performance and makes assumption for theresearch. Then empirical part depends on the listed companies from Shanghai and ShenzhenStock Exchange M&A events between 2012 and 2014 as the study sample, and studies therelationship between the stock market valuation and the performance of M&A through anempirical test. The stock market valuation is measured by average PE monthly, and theperformance of M&A is calculated by financial data.Through analysis getting the following conclusion: According to Security Market DriveAcquisition Theory and study, in the over-valuation period, more M&A events take place. Andthe performance are worse when M&A events took place in the over-valuation period.On thebasis of the conclusion, the author will put forward suggestions for listed companies.
Keywords Stock Market Valuation M&A the Performance of M&A
目次
1引言1
1．1研究背景与研究意义.1
1.2研究方法与研究思路...1
2文献综述...3
2.1国外文献综述...3
2.2国内文献综述...3
2.3文献评述5
3研究设计...6
3.1研究假设..6
3.2数据来源与样本选择.6
3.3变量的测量7
3.4回归模型的建立...8
4实证分析.10
4.1股票市场估值水平的划分...10
4.2样本的描述性统计.11
4.3.变量的描述性统计.11
4.4多元回归分析.12
4.5实证结论..13
结论15
致谢16
参考文献.17
附录19
1 引言
1．1 研究背景与研究意义
1.1.1 研究背景随着全球经济一体化程度不断加强，各国经济间的联系越来越密切，跨国并购也屡见不鲜，2012 年全球并购规模已达 2.21 万亿元。近些年国内资本市场体制与结构的不断完善，并受到国际并购热潮的影响，使国内企业并购也得到迅速地发展。中国并购市场这几年迅速成长，2015 年完成的并购案达6269 起，同比增长了54.3%：所有的交易金额共 28395亿元，也同比增长了 16.6%，交易数量与金额都创造了历史。2015 年国内完成了5792 笔并购案，所涉及的交易额已达 2.45亿元，相比2014 年增长 33.77%。国内并购市场从 2012年开始爆发，2015 年更是超过了 2014年的并购规模，但是增速却开始下滑[27]。中国并购市场发展得如此迅速，一起并购案会影响好多方的利益，甚至会影响地区经济的发展，因此企业并购绩效的提高需要引起广大学者策重视。
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