并购交易中对赌协议的经济效果研究-会计学专业论文.docx

摘要 随着我国资本市场的不断发展完善和并购交易事件的不断增多，对赌协议 也越来越多地出现在并购交易当中，并成为并购交易成功完成的重要推手。作为 投资方控制并购成本的一种有效保护手段，对赌协议即估值调整机制必然会成为 并购双方估值博弈过程中的一个考虑因素，那么，这种估值机制究竟会对并购溢 价产生怎样的影响？本文运用控制权收益理论、价值创造理论以及委托代理等并 购溢价理论，发展了并购溢价模型。对 2011-2012 年间 224 起以上市公司为并购 主体，非上市公司为标的的并购样本进行了多元回归分析，从实证和理论的角度 对对赌协议与并购溢价之间的关系进行了探究及解释。研究发现，存在对赌协议 的并购事件其并购溢价率越高，该结果对对赌协议在并购中产生的影响及作用作 了新的阐释，进一步本文还发现，目标公司规模越小，对赌协议对并购溢价率的 影响程度越高。 关键词：对赌协议，并购交易，并购溢价 Abstract With the continuous development of Chinas growing capital markets and the growing number of mergers and acquisitions event, value adjustment mechanism appears more often, being a major force to promote the successful completion of mergers and acquisitions events. M A transaction price is the key to the success of mergers and acquisitions, and the factors that influence the acquisition premium is also very much. So as an effective means for an investor to control the merger costs, what kind of impact VAM will produce for the formation of the acquisition premium? In this paper, we use M A premium theories such as control benefits theory, agency theory and value creation theory to develop M A premium model .The multiple regression analysis consists of 234 samples from the year 2010 to 2012.Combining with the model mentioned above, the paper explored and explained the relationship between VAM and MA premiums from both the empirical and theoretical perspective. The paper found that the presence of VAM in MA events will help produce higher merger premium. Moreover, the expansion analysis revealed that the smaller size target companies have, the higher premium rate MA event involving VAM will produce. Key words: Value Adjustment Mechanism, Merger and Acquisition Transaction, Acquisition Premium 目录 第 1 章 绪论 1 1.1 研究背景及意义 1 1.2 国内外文献综述 2 1.2.1 对赌协议文献综述 2 1.2.2 并购溢价文献综述 5 1.2.3 国内外研究述评 9 第 2 章 理论分析与假设的提出 11 2．1 理论探讨11 2.1.1 对赌协议理论基础 11 2.1.2 并购溢价理论基础 12 2.2 研究假设13 2.3 模型的建立14 2.4 本章小节18 第 3 章 实证研究与结果分析 19 3.1 样本选取19 3.2 数据分析19 3.2.1 描述性统计分析 19 3.2.2 分类分析 20 3.2.3