外资并购和国内企业并购绩效比较研究
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摘要
并购重组是证券市场中最能体现其市场效率和最具有创新活力的一环。它不断给市场输入新的内容、注入新的活力，从而不断推动证券市场的发展与完善。一般来说，企业通过并购可以加速促进生产集中，适度扩大企业规模，优化产业组织结构，提高资源配置效率。但现实中许多案例表明事实上并不是每个并购企业都能够顺利达到这个目标，这与一再证明并购是经济飞跃发展的必然过程这一规律相悖。为什么会出现这种不协调的情况呢?学术界对此尚无统一的认识。判断并购成功与否，不仅在于研究方法和选取样本的差别，而且在于并购本身的复杂性。企业并购动机的多种多样，各国政府对待并购态度的不断变化以及市场的竞争法则的演进，这些都使企业并购行为及其影响日趋复杂，进而大大增加了评价并购成败的难度。今天我们已经清楚地看到，在市场竞争中企业间并购活动对我国上市公司的绩效有着全局性的、深刻的影响，因此，很有必要从并购的角度对上市公司绩效问题展开新的探索。
本文以上市公司并购绩效为主线，从理论和实践两个角度研究了外资并购和国内企业并购的绩效。在理论方面，本文在对并购的内涵加以阐释的基础上，分析了我国国内企业并购和外资并购的特点，然后在透视我国上市公司并购发展的基本历程的前提下，进一步研究了企业并购绩效的理论与评价方法。
在实证方面，本文运用市场反应法和财务绩效法对我国上市公司2000年发生的并购事件进行了比较研究：首先运用超额收益法实证分析了外资并购和国内企业并购在二级市场上的反应，研究中通过计算不同累计期间的超额收益率发现，国内上市公司并购中流通股股东的超额收益总体上要小于外资并购上市公司中流通股股东的超额收益，且国内上市公司并购后甚至出现负收益。然后运用主成分分析法和配对T检验法对外资并购和国内企业并购的财务绩效进行验证。结果表明：在两类并购类型中，从整合效果来看，外资并购绩效提升最为显著；国内上市公司并购绩效在并购两年后虽有上升趋势，但仍需要时间的进一步检验，短期内(5年)其业绩还是出现了整体的先恶化后提升的趋势。这表明外资并购已具有一定的规模和范围经济效应，其并购行为更具有市场行为特征。同时对影响实证结果可靠性的因素进行了探讨。
最后本文分析了我国上市公司在并购过程中遇到的主要障碍的深层次原因，并有针对性地提出了若干规范措施。
Merger and Acquisition (M&A) recombination embodies the market efficiency extremely and possesses the most advanced vigor in the securities market. It continuously inputs the new content and new vigor to the market. Thereby it continuously promotes the development and consummation of the securities market. Generally speaking M&A is an efficient method for business to accelerate the centralization of production .expand the business scale properly > Optimize the industrial organization structure , improve the resource distribution efficiency. However, many examples suggest that not all enterprise M&A can attain this target successfully in reality. It is opposite with the law that M&A is the necessary process for the economic leap development. Why does this kind of discordant situation appear? Unitary viewpoint to this phenomenon hasn't reached in academic circles. Whether or not the M&A being successful not only depends on the research means and the distinction of the selected specimen , But also rests with th
e complexity in M&A itself. The variable intention of enterprise M&A, the continuously changed attitudes of every government and the evolution in the market competition rule, these wholly cause the complexity of the enterprise M&A and add the evaluation difficulties to M&A success or failure. Today we also clearly see that in market competition the enterprise M&A has an overall and profound effect to the performance of listed enterprise. Hence it is necessary to research for the problem of the listed enterprise performance in point of the M&A.
This paper regards the listed enterprise M&A performance as a clue, It studies each performance from the angles of the theory and the demonstration. From angels of the theory, this paper expound the basic theory and the evaluating method of the enterprise M&A performance; From the angles of the demonstration, It compares and analyzes the enterprise M&A performance of 2000 in China, adopting the method of the Market Reaction and the method of the Finance Performance. Finally , on the basic of theory research and the demonstration this paper further analyze the main factors which affect the enterprise M&A performance. It also puts forward some advice on how to eliminate the obstacles.
Firstly, this paper defines M&A and analyzes the each characteristic of domestic enterprise M&A and the foreign capital M&A in China. Then on the basic of analyzing the development of the listed enterprise M&A it introduces the theory and the evaluating method of the enterprise M&A performance and analyze the effect factors of the enterprise M&A performance.
Secondly, this paper summarises the advanced performance evaluating method, and form the research method of itself. First this paper adopts the method of CAR to valuate the market reaction to foreign capital M&A and the domestic enterprise M&A performance in the second market. We calculate the exceeding earning rate in different calculating period of time through market reaction method. The circulating shareholders' exceeding earnings in domestic M&A is less than the foreign capital
M&A. This paper use the method of principle components and the method of Paired Sample Test to verify the finance performance of foreign capital and the domestic enterprise M&A. The demonstration suggests: the integration effect of foreign capital M&A improves more notable. It shows the foreign capital M&A has some outstanding scale-economy effect. The behavior possesses the market characteristics. It also discusses the factors which affect the result reliability at the same time.
Finally in the part of normalizing the M&A behavior, this paper first analyzes main obstacles of the listed enterprises in China in-depth in the process of M&A. Then it puts forward some standard step directly.
本文以上市公司并购绩效为主线，从理论和实践两个角度研究了外资并购和国内企业并购的绩效。在理论方面，本文在对并购的内涵加以阐释的基础上，分析了我国国内企业并购和外资并购的特点，然后在透视我国上市公司并购发展的基本历程的前提下，进一步研究了企业并购绩效的理论与评价方法。
在实证方面，本文运用市场反应法和财务绩效法对我国上市公司2000年发生的并购事件进行了比较研究：首先运用超额收益法实证分析了外资并购和国内企业并购在二级市场上的反应，研究中通过计算不同累计期间的超额收益率发现，国内上市公司并购中流通股股东的超额收益总体上要小于外资并购上市公司中流通股股东的超额收益，且国内上市公司并购后甚至出现负收益。然后运用主成分分析法和配对T检验法对外资并购和国内企业并购的财务绩效进行验证。结果表明：在两类并购类型中，从整合效果来看，外资并购绩效提升最为显著；国内上市公司并购绩效在并购两年后虽有上升趋势，但仍需要时间的进一步检验，短期内(5年)其业绩还是出现了整体的先恶化后提升的趋势。这表明外资并购已具有一定的规模和范围经济效应，其并购行为更具有市场行为特征。同时对影响实证结果可靠性的因素进行了探讨。
最后本文分析了我国上市公司在并购过程中遇到的主要障碍的深层次原因，并有针对性地提出了若干规范措施。
Merger and Acquisition (M&A) recombination embodies the market efficiency extremely and possesses the most advanced vigor in the securities market. It continuously inputs the new content and new vigor to the market. Thereby it continuously promotes the development and consummation of the securities market. Generally speaking M&A is an efficient method for business to accelerate the centralization of production .expand the business scale properly > Optimize the industrial organization structure , improve the resource distribution efficiency. However, many examples suggest that not all enterprise M&A can attain this target successfully in reality. It is opposite with the law that M&A is the necessary process for the economic leap development. Why does this kind of discordant situation appear? Unitary viewpoint to this phenomenon hasn't reached in academic circles. Whether or not the M&A being successful not only depends on the research means and the distinction of the selected specimen , But also rests with th
e complexity in M&A itself. The variable intention of enterprise M&A, the continuously changed attitudes of every government and the evolution in the market competition rule, these wholly cause the complexity of the enterprise M&A and add the evaluation difficulties to M&A success or failure. Today we also clearly see that in market competition the enterprise M&A has an overall and profound effect to the performance of listed enterprise. Hence it is necessary to research for the problem of the listed enterprise performance in point of the M&A.
This paper regards the listed enterprise M&A performance as a clue, It studies each performance from the angles of the theory and the demonstration. From angels of the theory, this paper expound the basic theory and the evaluating method of the enterprise M&A performance; From the angles of the demonstration, It compares and analyzes the enterprise M&A performance of 2000 in China, adopting the method of the Market Reaction and the method of the Finance Performance. Finally , on the basic of theory research and the demonstration this paper further analyze the main factors which affect the enterprise M&A performance. It also puts forward some advice on how to eliminate the obstacles.
Firstly, this paper defines M&A and analyzes the each characteristic of domestic enterprise M&A and the foreign capital M&A in China. Then on the basic of analyzing the development of the listed enterprise M&A it introduces the theory and the evaluating method of the enterprise M&A performance and analyze the effect factors of the enterprise M&A performance.
Secondly, this paper summarises the advanced performance evaluating method, and form the research method of itself. First this paper adopts the method of CAR to valuate the market reaction to foreign capital M&A and the domestic enterprise M&A performance in the second market. We calculate the exceeding earning rate in different calculating period of time through market reaction method. The circulating shareholders' exceeding earnings in domestic M&A is less than the foreign capital
M&A. This paper use the method of principle components and the method of Paired Sample Test to verify the finance performance of foreign capital and the domestic enterprise M&A. The demonstration suggests: the integration effect of foreign capital M&A improves more notable. It shows the foreign capital M&A has some outstanding scale-economy effect. The behavior possesses the market characteristics. It also discusses the factors which affect the result reliability at the same time.
Finally in the part of normalizing the M&A behavior, this paper first analyzes main obstacles of the listed enterprises in China in-depth in the process of M&A. Then it puts forward some standard step directly.
引文
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[3] 王一．企业并购理论及其在中国的应用．上海：复旦大学出版社，1999，23-49
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[10] 杨朝军，蔡明超，洪泳．上海股票市场弱式有效性实证分析．上海交通大学学报，1997，(2)：65-69
[11] 张新．并购重组是否创造价值?经济研究，2003，(6)：20-29
[12] 本书编写组．大不列颠百科全书．上海：上海译文出版社，1996，31-45
[13] 陈共，周升业，吴晓求等．公司并购原理与案例．北京：中国人民大学出版社，1998年版：106～148
[14] 钱小安．外资参与条件下的资产重组与并购．南开经济研究，2003，(2)：33-35
[15] 石则琪，张发余．外资并购、重组——加入WTO的潜在投资机会．长江证券2001年研究年报，345-362
[16] 杨华，中国上市公司并购与重组，中国证券报，2002年10月9日
[17] 王恩等，对外经济贸易年鉴，2003，125-129
[18] 毛道维．我国上市公司的资产重组及绩效分析．经济体制改革，1999，(6)：68-73
[19] 斯蒂芬．P．罗宾斯．管理学．中国人民大学出版社，1996，41-45
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[21] Meeks, G.,1977, Disappointing Marriage:A Study of the Gains From Merger, Cambridge Univ press. 57-68
[22] Ravenscraft, D., and F.M. Scherer, 1987, " Life after Takeovers",Journal of Industria Economics, 36-41
[23] Jensen M. C. and Ruback Richard S., 1983, "The Market for Corporate Control:The Scientific Evidence" ,Journal of Financial Economics, Vol.11,5—50
[24] Mueller. A Theory of Conglomerate. Quarterly Journal of Economic s. 1996, 33-45
[25] Healy, P.,K. Palepu, and Ruback, 1992, "Dose Corporate Performance Improve After Mergers?" Journal of Financial Economics 31(No. 2, April), pp. 135-175
[26] Fama, E.,Fisher, L.,jensen, M.,and Roll, R,. "The Adjustment of Stock Price to New-Information ,International Economic Review , Feb. 1969, 67-88
[27] 赵宇龙．会计盈余披露的信息含量——来自上海股市的经验证据．经济研究，1998，(7)：41-49
[28] 魏刚．我国上市公司股利分配的实证研究．经济研究，1998，(6)：30-36
[29] 陈伟，刘星，杨源新．上海股票市场股利政策信息传递效应的实证研究．中国管理科学，1999，(9)：56-62
[30] Fama, Eugene, "Market efficiency, long-term returns, and behavioral finance", Journal of Financial Economics , 1998, 33-39
[31] 上市公司年报，www.cnlist.com,1998～2002
[32] 彭志刚，涂人猛．上市公司资产重组的动因、模式与绩效．南方经济，1999，(5)：44-46
[33] 邵建云．上市公司资产重组实务．北京：中国发展出版社，2000，23-47
[34] 王一．企业并购．上海财经大学出版社，2001，53-67
[35] 张广柱．中国上市公司制度实证分析．立信会计出版社，2000，15-34
[36] 周小知．兼并收购与企业扩张．劳动出版社，1999，23-35
[37] 哈特．企业、合同与财务结构．上海三联出版社，1998，36-47
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[2] 迈克尔．詹森、威廉．麦克林．所有权、控制权与激励——代理经济学文选．上海：三联书店，1998，17-29
[3] 王一．企业并购理论及其在中国的应用．上海：复旦大学出版社，1999，23-49
[4] 原红旗，吴星宇．上市公司资产重组实证分析．经济管理，1998，(6)：15-18
[5] 檀向球．沪市上市公司资产重组绩效之比较研究．中国证券报，1998，(9)：28-30
[6] 王跃堂．我国证券市场资产重组绩效之比较分析[M]．财经研究，1999，(7)：13-15
[7] 冯根福，吴林江．我国上市公司不够绩效的实证研究．经济研究，2001，(1)：54-68
[8] 朱宝宪，王怡凯．1998年中国并购实践的效应分析．经济研究，2002(11)：20-26
[9] 陈信元，张田余．资产重组的市场反应——1997年沪市资产重组实证分析．经济研究，1999，(9)：47-55
[10] 杨朝军，蔡明超，洪泳．上海股票市场弱式有效性实证分析．上海交通大学学报，1997，(2)：65-69
[11] 张新．并购重组是否创造价值?经济研究，2003，(6)：20-29
[12] 本书编写组．大不列颠百科全书．上海：上海译文出版社，1996，31-45
[13] 陈共，周升业，吴晓求等．公司并购原理与案例．北京：中国人民大学出版社，1998年版：106～148
[14] 钱小安．外资参与条件下的资产重组与并购．南开经济研究，2003，(2)：33-35
[15] 石则琪，张发余．外资并购、重组——加入WTO的潜在投资机会．长江证券2001年研究年报，345-362
[16] 杨华，中国上市公司并购与重组，中国证券报，2002年10月9日
[17] 王恩等，对外经济贸易年鉴，2003，125-129
[18] 毛道维．我国上市公司的资产重组及绩效分析．经济体制改革，1999，(6)：68-73
[19] 斯蒂芬．P．罗宾斯．管理学．中国人民大学出版社，1996，41-45
[20] Jensen, M. C., 1986, "Agency Costs of Free Cash Flow", American Economics Review 76, May, pp. 323-329
[21] Meeks, G.,1977, Disappointing Marriage:A Study of the Gains From Merger, Cambridge Univ press. 57-68
[22] Ravenscraft, D., and F.M. Scherer, 1987, " Life after Takeovers",Journal of Industria Economics, 36-41
[23] Jensen M. C. and Ruback Richard S., 1983, "The Market for Corporate Control:The Scientific Evidence" ,Journal of Financial Economics, Vol.11,5—50
[24] Mueller. A Theory of Conglomerate. Quarterly Journal of Economic s. 1996, 33-45
[25] Healy, P.,K. Palepu, and Ruback, 1992, "Dose Corporate Performance Improve After Mergers?" Journal of Financial Economics 31(No. 2, April), pp. 135-175
[26] Fama, E.,Fisher, L.,jensen, M.,and Roll, R,. "The Adjustment of Stock Price to New-Information ,International Economic Review , Feb. 1969, 67-88
[27] 赵宇龙．会计盈余披露的信息含量——来自上海股市的经验证据．经济研究，1998，(7)：41-49
[28] 魏刚．我国上市公司股利分配的实证研究．经济研究，1998，(6)：30-36
[29] 陈伟，刘星，杨源新．上海股票市场股利政策信息传递效应的实证研究．中国管理科学，1999，(9)：56-62
[30] Fama, Eugene, "Market efficiency, long-term returns, and behavioral finance", Journal of Financial Economics , 1998, 33-39
[31] 上市公司年报，www.cnlist.com,1998～2002
[32] 彭志刚，涂人猛．上市公司资产重组的动因、模式与绩效．南方经济，1999，(5)：44-46
[33] 邵建云．上市公司资产重组实务．北京：中国发展出版社，2000，23-47
[34] 王一．企业并购．上海财经大学出版社，2001，53-67
[35] 张广柱．中国上市公司制度实证分析．立信会计出版社，2000，15-34
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