外资并购溢价影响因素实证及研究.doc

外资并购溢价影响因素的实证研究 摘 要 首先分析研究背景及意义，以 2013年中国企业并购情况的研究结果为例（表 1），研究显示：20年受国内产业结构调整及中国企业海外并购双重因素影响，中国并购市场共完成 起并购交易，披露价格的 起并购交易总金额达到亿美元，同比增长 0%。然后国内外对并购的研究，包括对并购动机、并购溢价、并购绩效的研究。最后介绍主要研究内容及研究方法 本文从外资并购的背景出发，对外资并购的发展与现状进行回顾，对并购的相关概念、特征等进行一些简要的分析。同时，在对影响并购溢价的影响因素进行理论分析的基础上，以国际板的28家企业为研究样本，从并购方的财务角度分析其影响因素。明确了影响因素之后我们能更准确的抓住企业谈判中的砝码，从而控制谈判的主动权，合理地为企业定价，避免被低估。 并购后产生的溢价有两个部分，首先，本文分析股权并购定价的形成机理，并购定价包括按其股价估算的市场价值和并购溢价，然后对股权并购溢价估算。对摘取的国际板28家上市公司为研究样本，按照溢价支付程度的不同分为三组，对比并购前后平均净资产收益率及每股收益的变化，从而判断溢价不同程度的影响。通过前面的理论与实证研究，了我国上市公司溢价并购，比如评估机构对价值评估重视不够，信息不对称，还有政府的干预等。归纳和阐述论文的主要结论；提出针对性的政策建议；最后，针对本文的研究局限提出进一步研究的展望。An Empirical Study of Factors of Foreign MA Premium Abstract In this paper, the theme is the foreign MA premium .Firstly, the acquirer is selected as the study sample and started from the perspective of this. In this paper, the removal of the international board 28 mergers and acquisitions of listed companies as the research object, according to the extent to which pay a premium not paid premiums into different pay low premiums , and pay a high premium three groups observed before and after acquisition-related financial data , found that premiums factors formation. Today, mainstream research methods are mainly two acquisitions , one event study method , the second is financial indicators analysis. Taking into account Chinas capital market conditions , we use financial indicators analysis. 牋牋 tFrom the background of foreign mergers and acquisitions , development and current situation of foreign acquisitions were reviewed , the acquisition of related concepts , characteristics such as some brief analysis . Meanwhile , based on the factors that influence the acquisition premium theoretical analysis on the international board of 28 companies as samples , from a financial point of view of its impact on the acquirer factors . After we clear the influencing factors can be more accurately grasp the business negotiations weights to control the initiative in the negotiations , reasonably p