發(fā)布時(shí)間：2018-05-18 09:58

  本文選題：贏者詛咒 + 實(shí)物期權(quán)�。� 參考：《河南工業(yè)大學(xué)》2017年碩士論文

【摘要】：在當(dāng)前經(jīng)濟(jì)全球化的潮流下,跨國并購已經(jīng)成為國際資本流動(dòng)的一種主要形式,也是現(xiàn)代企業(yè)通往國際化道路的重要形式。各國企業(yè)面臨著更為廣闊的市場空間和巨大的市場潛力,與此同時(shí),企業(yè)面臨全球范圍內(nèi)的激烈競爭,原有的市場格局被影響,各國企業(yè)不得不加快擴(kuò)大企業(yè)規(guī)模、搶占市場份額以增強(qiáng)企業(yè)競爭力,這催生了并購行為。隨著經(jīng)濟(jì)全球化進(jìn)程的加快和我國企業(yè)規(guī)模的不斷壯大,越來越多的中國企業(yè)開始把跨國并購作為對外直接投資、開拓國際市場的新策略,然而,即便從全球范圍來看,跨國并購的成功率也并不高。在此背景下,本研究基于實(shí)物期權(quán)和贏者詛咒理論,以案例研究作為研究方法,來對聯(lián)想集團(tuán)并購摩托羅拉移動(dòng)的案例展開探究,試圖得出并購方公司價(jià)值的形成機(jī)制與影響因素。本研究首先提取重要變量,提出相關(guān)命題。財(cái)務(wù)績效和戰(zhàn)略績效共同影響并購績效,并購資產(chǎn)價(jià)值不確定性和管理者過度自信也與之有關(guān)。并購中雙方期權(quán)價(jià)值影響著結(jié)局,上市公司的高管私有收益可能影響并購決定,以上變量對并購方公司價(jià)值產(chǎn)生影響。接著結(jié)合案例對這些命題進(jìn)行解讀,從營業(yè)額和稅前利潤了解聯(lián)想的財(cái)務(wù)績效,構(gòu)建戰(zhàn)略績效評價(jià)體系度量聯(lián)想戰(zhàn)略績效,依據(jù)信息不對稱和道德風(fēng)險(xiǎn)評價(jià)被并購公司摩托羅拉資產(chǎn)價(jià)值的不確定性,從管理者以往成功經(jīng)驗(yàn)與領(lǐng)導(dǎo)者的雄心分析管理者過度自信程度,以高管持股比例及管理層影響力探究高管私有收益,通過企業(yè)發(fā)展所處成長時(shí)期及其資產(chǎn)的盈利性及獲現(xiàn)性度量資產(chǎn)質(zhì)量與期權(quán)價(jià)值。以上分析將解釋聯(lián)想并購后的公司價(jià)值,最后基于本文的理論分析框架和案例研究結(jié)果對跨國并購后公司價(jià)值的增長提出了一些建議。本文的分析表明:聯(lián)想集團(tuán)并購摩托羅拉后的公司價(jià)值降低了,在這項(xiàng)投資中遭遇了贏者詛咒�？鐕�并購發(fā)生后并購方的績效受多方因素影響,財(cái)務(wù)績效可以反映企業(yè)短期內(nèi)的表現(xiàn),長期發(fā)展?jié)撃軇t更多地體現(xiàn)在企業(yè)的戰(zhàn)略績效上,此外資產(chǎn)價(jià)值的不確定性及管理者過度自信的程度與并購績效負(fù)相關(guān)。以期權(quán)視角看,一個(gè)有著增長期權(quán)價(jià)值的公司并購一個(gè)有著清算期權(quán)價(jià)值的公司,并購后公司價(jià)值的增長是不確定的,而公司高層管理者則可能為了私有收益而促使并購發(fā)生。
[Abstract]:In the current trend of economic globalization, cross-border mergers and acquisitions have become a major form of international capital flow, and also an important form of modern enterprises leading to internationalization. The enterprises of all countries are faced with broader market space and huge market potential. At the same time, the enterprises face fierce competition in the global scope, and the original market pattern is affected, so the enterprises of all countries have to speed up the expansion of the scale of enterprises. Preemption of market share to enhance the competitiveness of enterprises, which gave birth to mergers and acquisitions. With the acceleration of the process of economic globalization and the growing scale of Chinese enterprises, more and more Chinese enterprises begin to take transnational mergers and acquisitions as a new strategy for foreign direct investment and to open up international markets. However, even from a global perspective, The success rate of cross-border M & A is not high. In this context, based on real options and winner-curse theory, this study takes the case study as a research method to explore the acquisition of Motorola Mobility by Lenovo Group. This paper tries to find out the formation mechanism and influencing factors of M & A company value. In this study, important variables are extracted and related propositions are put forward. Both financial performance and strategic performance affect M & A performance, and the uncertainty of M & A asset value and manager overconfidence are also related to it. In M & A, the value of both options affects the outcome, the private income of the executives of listed companies may affect the decision of M & A, and the above variables have an impact on the value of the M & A company. Then, the thesis interprets these propositions by case study, then understands Lenovo's financial performance from turnover and pre-tax profit, and constructs a strategic performance evaluation system to measure Lenovo's strategic performance. Based on the information asymmetry and the uncertainty of the value of Motorola assets of acquired companies, the degree of overconfidence of managers is analyzed from the previous successful experiences of managers and the ambition of leaders. This paper explores the private income of senior executives by using the proportion of executive stock ownership and the influence of management, and measures the quality of assets and the value of options through the growth period of enterprises and the profitability and realizability of their assets. The above analysis will explain the company value after the merger and acquisition of Lenovo. Finally, based on the theoretical framework of this paper and the results of the case study, some suggestions on the growth of corporate value after cross-border M & A are put forward. The analysis shows that the value of Lenovo's acquisition of Motorola has been reduced, and the winner's curse has been encountered in this investment. The performance of M & A parties is influenced by many factors. The financial performance can reflect the short-term performance of the enterprise, and the long-term development potential is more reflected in the strategic performance of the enterprise. In addition, the uncertainty of asset value and the degree of manager overconfidence are negatively correlated with M & A performance. From the perspective of options, a company with the value of growth option M & A a company with liquidation option value, the increase of corporate value is uncertain, and the top management of the company may promote M & A for the sake of private income.
【學(xué)位授予單位】：河南工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F406.7;F271;F426.6

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