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摘要在当前的中国市场，虽然市场和投资者已经接受溢价并购这一并购交易模式，但近年来公司并购溢价率的迅速攀升却使投资者感到不可思议，并且质疑并购方对并购溢价的支付是否理性。因此本文基于并购交易中目标公司的相关特征构建理论模型，并运用以上市公司股权为标的且控制权发生转移的212个协议收购样本对上市公司并购溢价的影响因素进行实证研究。研究发现：第一，国有股权在并购交易中获得的并购溢价要显著低于非国有股权。第二，目标公司规模与并购溢价之间存在负相关关系，并且这种相关关系的强弱随着股权标的的性质差异而发生变化。第三，目标公司价值与并购溢价之间存在显著的正相关关系。第四，资产负债率与并购溢价之间的相关关系随着股权标的的性质差异而发生变化。第五，目标公司股权集中度与并购溢价之间存在负相关关系。42794
关键词 并购溢价 股权性质 公司价值 资产负债率 实证分析
毕业论文外 文 摘 要
Title Empirical analysis on the influencing factors of the listing corporations’M&A premium
Abstract
In the current Chinese market，although the premium M & A as a typical M &A transaction mode has been accepted by the market and investors ，but in recent years，the mergers and acquisitions premium rate has been rising rapidly,beyond the capital market and investors rational expectations.Thus,this paper constructs the theoretical model based on the features of target corporations in M&A,and uses 212 agreement acquisition samples from 2002 to 2012 which takes the listing corporation’s equity as the subject and transfers the control right to do an empirical study on the influencing factors of the M&A premium of the listing Corporations.The study found that: first，state-owned equity in M & A transactions obtains acquisition premium which is significantly lower than the non state owned equity. Second，between the scale of target corporations and the premium of M & A there exists a negative correlation and the strength of this relationship varies with the nature of the equity subject.Third,there is a significant positive correlation between the value of target corporations and the premium of M & A which does not change with the nature of equity subject. Fourth，when the equity target is state-owned ，there is a significant positive correlation between asset liability ratio and M & A premium，while equity target is non state-owned,the correlation between those two variables is totally on the other side.Fifth，there is a negative correlation between ownership concentration and M & A premium.
Keywords takeover premium equity nature company value asset liability ratio empirical analysis
目 次
1 引言 1
1.1 研究背景 1
1.2 研究内容与研究框架 2
1.3 创新 3
2 文献回顾 4
2.1 国外文献回顾 4
2.2 国内文献回顾 4
3 理论基础与研究假设 5
3.1 有关公司规模的理论与假设 5
3.2 有关股权标的性质的理论与假设 7
3.3 有关股权集中度的理论与假设 9
3.4 有关公司价值和资产负债率的理论与假设 10
4 实证分析 11
4.1 数据来源与样本选取 11
4.2 变量定义与模型设计 11
4.3 实证结果与分析 14
结论 21
致谢 22
参考文献 23
1 引言