海外并购的融资模式与财富效应——基于A股上市企业海外并购交易数据的实证研究
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摘要
本文利用市场模型和事件评估方法,实证研究了中国上市企业海外并购所采取的融资模式对股东财富效应的影响。研究显示:相比于权益融资,债务融资在短期和中长期都会给股东带来正面的财富效应,并且这种正面的财富效应在中长期中更显著。从影响机制分析,使用债务融资的并购企业支付并购对价的谨慎性动机更强。同时负债所带来的还本付息压力为管理层创造了正面激励,从而提高了并购企业的经营绩效。这意味着公司在开展海外并购时,合理选择并购的融资模式仅是提高股东财富的浅层次必要条件,其深层次的必要条件则是合理评估并购标的、慎重决定并购对价,切实增强并购后的资源整合效应,提高最终经营绩效。
By means of market model and event evaluation,the paper studies empirical evidence to show the correlation between the financing decision of Chinese overseas M&A companies and its wealth effect.The study depicts that compared with equity financing debt financing can bring shareholders positive wealth effect,no matter in the short term or in the medium-long term.Moreover,the positive wealth effect brought by debt financing is more significant in the medium-long term.With respect to influence mechanism,companies employing debt financing are more prudential to pay M&A premium.In the meantime,the pressure of repaying capital with interest brought up by debt financing creates positive incentives for managers,resulting in better profitability.The implication of our study is that,in order to maximize shareholder's value through overseas M&A,company should not only finance wisely,but also reasonably calculate the merger premium and ultimately improve profitability in essence.
By means of market model and event evaluation,the paper studies empirical evidence to show the correlation between the financing decision of Chinese overseas M&A companies and its wealth effect.The study depicts that compared with equity financing debt financing can bring shareholders positive wealth effect,no matter in the short term or in the medium-long term.Moreover,the positive wealth effect brought by debt financing is more significant in the medium-long term.With respect to influence mechanism,companies employing debt financing are more prudential to pay M&A premium.In the meantime,the pressure of repaying capital with interest brought up by debt financing creates positive incentives for managers,resulting in better profitability.The implication of our study is that,in order to maximize shareholder's value through overseas M&A,company should not only finance wisely,but also reasonably calculate the merger premium and ultimately improve profitability in essence.
引文
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[8]李燕,李应博.高端装备制造企业海外并购的财富效应及影响因素研究——基于2001~2014年数据的实证分析[J].国际商务(对外经济贸易大学学报),2016(1).
[9]危平,唐慧泉.跨国并购的财富效应及其影响因素研究——基于双重差分方法的分析[J].国际贸易问题,2016(11).
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[17]薛安伟.跨国并购提高企业绩效了吗?——基于中国上市公司的实证分析[J].经济学家,2017(6).
[18]Lins K V,Volpin P,Wagner H F.Does family control matter?International evidence from the 2008–2009financial crisis[J].The Review of Financial Studies,2013,26(10).
[19] Haunschild Pamela R.InterorganizationalImitation:The Impact of Interlocks on Corporate Acquisition Activity[J].Administrative Science Quarterly,1993,38(4).
[20]Baker Malcolm,Xin Pan and Jeffrey Wurgler.The Effect of Reference Point Prices on Mergers and Acquisitions[J].Journal of Financial Economics,2012,106(1).
[21]Roll Richard.The Hubris Hypothesis of Corporate Takeovers[J].Journal of Business,1986,59(2).
[22]唐宗明,蒋位.中国上市公司大股东侵害度实证分析[J].经济研究,2002(4).
[23]陈仕华,李维安.并购溢价决策中的锚定效应研究[J].经济研究,2016(6).
[24]Jensen Michael C.Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers[J].The American Economic Review,1986,76(2).
[25]Robinson David T.and Berk A.Sensoy.Cyclicality,Performance Measurement,and Cash Flow Liquidity in Private Equity[J].Journal of Financial Economics,2016,122(3).
[26]Kim Yongtae,Myung Seok Park and Benson Wier.Is Earnings Quality Associated with Corporate Social Responsibility?[J].The Accounting Review,2012,87(3).
[2]郭桂霞,赵岳,巫和懋.我国“走出去”企业的最优融资模式选择——基于信息经济学的视角[J].金融研究,2016(8).
[3]Mulherin,J.Harold,and Audra L.Boone.Comparing Acquisitions and Divestitures[J].Journal of Corporate Finance,2000,6(2).
[4]Shelton,Lois M.Merger Market Dynamics:Insights into the Behavior of Target and Bidder Firms[J].Journal of Economic Behavior&Organization,2000,41(4).
[5]胡杰武,韩丽.我国上市公司跨国并购的财富效应及影响因素[J].国际商务(对外经济贸易大学学报),2016(1).
[6]顾露露,Robert Reed.中国企业海外并购失败了吗?[J].经济研究,2011(7).
[7]赵宇华.我国上市公司海外并购股东财富效应研究——基于2004—2010年数据的实证分析[J].国际商务(对外经济贸易大学学报),2012(6).
[8]李燕,李应博.高端装备制造企业海外并购的财富效应及影响因素研究——基于2001~2014年数据的实证分析[J].国际商务(对外经济贸易大学学报),2016(1).
[9]危平,唐慧泉.跨国并购的财富效应及其影响因素研究——基于双重差分方法的分析[J].国际贸易问题,2016(11).
[10]MacKinlay A C.Event studies in economics and finance[J].Journal of economic literature,1997,35(1).
[11]Brown S J,Warner J B.Using daily stock returns:The case of event studies[J].Journal of financial economics,1985,14(1).
[12]Loughran T,Ritter J R.The new issues puzzle[J].The Journal of finance,1995,50(1).
[13]Damodaran Aswath.Corporate Finance[M].Wiley,1996.
[14]Martynova Marina and Luc Renneboog.What Determines the Financing Decision in Corporate Takeovers:Cost of Capital,Agency Problems,or the Means of Payment?[J].Journal of Corporate Finance,2009,15(3).
[15]翟进步,王玉涛,李丹.上市公司并购融资方式选择与并购绩效:“功能锁定”视角[J].中国工业经济,2011(12).
[16]郭文伟.创业股东特征、融资模式与新创小微型企业绩效[J].上海经济研究,2013(6).
[17]薛安伟.跨国并购提高企业绩效了吗?——基于中国上市公司的实证分析[J].经济学家,2017(6).
[18]Lins K V,Volpin P,Wagner H F.Does family control matter?International evidence from the 2008–2009financial crisis[J].The Review of Financial Studies,2013,26(10).
[19] Haunschild Pamela R.InterorganizationalImitation:The Impact of Interlocks on Corporate Acquisition Activity[J].Administrative Science Quarterly,1993,38(4).
[20]Baker Malcolm,Xin Pan and Jeffrey Wurgler.The Effect of Reference Point Prices on Mergers and Acquisitions[J].Journal of Financial Economics,2012,106(1).
[21]Roll Richard.The Hubris Hypothesis of Corporate Takeovers[J].Journal of Business,1986,59(2).
[22]唐宗明,蒋位.中国上市公司大股东侵害度实证分析[J].经济研究,2002(4).
[23]陈仕华,李维安.并购溢价决策中的锚定效应研究[J].经济研究,2016(6).
[24]Jensen Michael C.Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers[J].The American Economic Review,1986,76(2).
[25]Robinson David T.and Berk A.Sensoy.Cyclicality,Performance Measurement,and Cash Flow Liquidity in Private Equity[J].Journal of Financial Economics,2016,122(3).
[26]Kim Yongtae,Myung Seok Park and Benson Wier.Is Earnings Quality Associated with Corporate Social Responsibility?[J].The Accounting Review,2012,87(3).
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