中国管理层收购（MBO）的市场效应及其对上市公司经营绩效和财务政策的影响
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摘要
管理层收购(MBO)在欧美等发达国家已有二、三十年的历史,在东欧各国、俄罗斯等经济转型国家也有近十年的发展。从国外的经验看,管理层收购不论在发达的资本主义国家,还是在经济处于转型的发展中国家,都对经济发展起到了积极的推动作用。而在中国,管理层收购作为产权制度改革的一种方式,自上世纪九十年代末在我国上市公司应用和推广以来,遇到了法律法规和操作方式等方面的问题,也暴露了管理层收购交易价格不透明、价格意义不清晰等方面的缺陷,成为了各方争论的热点。本文从管理层收购的市场效应、管理层收购的经营绩效以及管理层收购后的财务政策三个方面对我国上市公司的管理层收购进行全面的剖析和研究,并提出相关的建议。
在理论研究部分,本文回顾了管理层收购的动因、管理层收购的一般特征、理论基础及研究现状,并着重阐述了管理层收购在中国的发展困境。在实证研究部分,本文收集了1997年至2006年间我国实施管理层收购的上市公司样本的相关数据,借助SPSS13.0软件,应用事件分析法、主成分分析法和参数检验等数理统计方法对所搜集的样本进行统计分析,以考察管理层收购产生的市场效应和对目标公司经营绩效的影响,同时通过对管理层收购后关联交易和分红效应的分析来判断国内的管理层收购是否存在财富转移的现象。
通过理论和实证的分析,本文认为中国上市公司的管理层收购没有给流通股股东带来显著的财富效应,企业的经营绩效也未得到显著的提升,而且由于管理层收购后关联交易的大幅增加,使得国内的管理层收购呈现出财富转移的特征。为了促进管理层收购在中国的健康发展,必须加快资本市场建设、建立投资者保护制度以及优化管理层收购融资体制,从而使管理层收购的积极功能得以充分发挥,真正成为改进公司治理、降低代理成本、提升公司价值和提高公司绩效的有效方式。
Management Buyouts had a history of over 20 years in Western countries, and developed rapidly in North European countries, as well as Russia which are facing economic reform problems. From the foreign experience, MBO has made a positive impulse on economic development. Management Buyouts, reform in property relations, However, has met many difficulties in the aspects of policies and regulations, government, as well as mode of purchase, also exposed the defects that the trading price is opaque and the price meaning is unclear since it has been introduced into China in 1997. Management Buyouts has become a heat controversy in China, and this paper makes a deep research on MBO about three aspects, that is the Market Effect, the Operating Performance, and the Financial Policy. Furthermore, the paper also makes some constructive suggestions.
The paper first reviews motivations, the general features, theoretical foundations and current researches about Management Buyouts, and points out the difficult positions in China by explaining various problems in domestic MBO models. The paper also collects relevant data from a sample of listed firms that conduct MBO from the year 1997 to 2006. Based on a statistical analysis of these data, using the Event-study Methodology and the Principal Components Analysis, the paper studies the Market Effect of Management Buyouts and its influence on the Operating Performance of the targeted company as well as the Financial Policy to discover whether the wealth transfer exists.
Through both theoretical and case study, we find that MBO in China is a way to transfer wealth, and suggest that we should accelerate the pace of restructuring the capital market, set up the protective regulations for investors and optimize the financing system in order to bring the positive effect of MBO into play, and enable it to be an effective way to improve corporate governance, reduce the acting cost, enhance the corporate value and raise the corporate performance.
在理论研究部分,本文回顾了管理层收购的动因、管理层收购的一般特征、理论基础及研究现状,并着重阐述了管理层收购在中国的发展困境。在实证研究部分,本文收集了1997年至2006年间我国实施管理层收购的上市公司样本的相关数据,借助SPSS13.0软件,应用事件分析法、主成分分析法和参数检验等数理统计方法对所搜集的样本进行统计分析,以考察管理层收购产生的市场效应和对目标公司经营绩效的影响,同时通过对管理层收购后关联交易和分红效应的分析来判断国内的管理层收购是否存在财富转移的现象。
通过理论和实证的分析,本文认为中国上市公司的管理层收购没有给流通股股东带来显著的财富效应,企业的经营绩效也未得到显著的提升,而且由于管理层收购后关联交易的大幅增加,使得国内的管理层收购呈现出财富转移的特征。为了促进管理层收购在中国的健康发展,必须加快资本市场建设、建立投资者保护制度以及优化管理层收购融资体制,从而使管理层收购的积极功能得以充分发挥,真正成为改进公司治理、降低代理成本、提升公司价值和提高公司绩效的有效方式。
Management Buyouts had a history of over 20 years in Western countries, and developed rapidly in North European countries, as well as Russia which are facing economic reform problems. From the foreign experience, MBO has made a positive impulse on economic development. Management Buyouts, reform in property relations, However, has met many difficulties in the aspects of policies and regulations, government, as well as mode of purchase, also exposed the defects that the trading price is opaque and the price meaning is unclear since it has been introduced into China in 1997. Management Buyouts has become a heat controversy in China, and this paper makes a deep research on MBO about three aspects, that is the Market Effect, the Operating Performance, and the Financial Policy. Furthermore, the paper also makes some constructive suggestions.
The paper first reviews motivations, the general features, theoretical foundations and current researches about Management Buyouts, and points out the difficult positions in China by explaining various problems in domestic MBO models. The paper also collects relevant data from a sample of listed firms that conduct MBO from the year 1997 to 2006. Based on a statistical analysis of these data, using the Event-study Methodology and the Principal Components Analysis, the paper studies the Market Effect of Management Buyouts and its influence on the Operating Performance of the targeted company as well as the Financial Policy to discover whether the wealth transfer exists.
Through both theoretical and case study, we find that MBO in China is a way to transfer wealth, and suggest that we should accelerate the pace of restructuring the capital market, set up the protective regulations for investors and optimize the financing system in order to bring the positive effect of MBO into play, and enable it to be an effective way to improve corporate governance, reduce the acting cost, enhance the corporate value and raise the corporate performance.
引文
[1]Lowenstein L.,Management buyouts[J],Columbia Law Review,1985,(85):730-784.
[2]何光辉、杨咸月.中国上市公司管理层收购的股价反应—与投资者市场行为理性的对照检验[J].财贸研究,2007(2),94-103.
[3]魏建.管理层收购的成功之路—管理层收购在中国的困境及突破[M].北京:人民出版社,2005.
[4]王巍、李曙光.管理者收购—从经理到股东[M].北京:中国人民大学出版社,1999.
[5]魏建.股东筛选、财富转移与投资者保护[J].学术月刊,2004(11),57-65.
[6]宋力、刘英男、韩亮亮.管理层收购理论与实务[M].沈阳:东北大学出版社,2004.
[7]方华.管理层收购及其在中国的实践[J].经济与管理研究,2002(6),58-61.
[8]Kieschnik R.L.,Free cash flow and stockholder gains in going private transactions revisited[J],Journal of Business Finance and Accounting,1998,(25):187-202.
[9]Jensen,and Michael C.,Agency costs of free cash flow:corporate finance and takeover[J],American Economic Review,1986,(76):322-329.
[10]Jensen,and Michael C.,Active investors,LBOs,and the privatization of bankruptcy[J],Journal of Applied Corporate Finance,1989,(2):35-44.
[11]菲吕博顿、瑞切特.新制度经济学(中译本)[M].上海:上海财经大学出版社,1998.
[12]威斯通等.兼并、重组与公司控制(中译本)[M].北京:经济科学出版社,1998.
[13]Mike Wright,and Hoskisson R.,Firm rebirth:buyouts as facilitators of strategic growth and entrepreneurship[J],The Academy of Management Executive,2001,(2):111-125.
[14]Hans Bruining,and Mike Wright,Entrepreneurial orientation in Management Buy-outs and the contribution of Venture Capital[J],Venture Capital,2002,(4):147-176.
[15]Mike Wright,Thompson S.,and Robbie K.,Venture capital and management led leveraged buyouts:the European perspective[J],Journal of Business Venturing,1992,(7):47-71.
[16]Lowenstein L.,No more cozy management buyouts[J],Harvard Business Review,1986,(1):147-156.
[17]Rappaport A.,The staying power of the Public corporation[J],Harvard Business Review,1990,(68):96-106.
[18]Anju Seth,Strategic Redirection in Large Management Buyouts:The Evidence from Post-buyout Restructuring Activity[J],Strategic Management Journal,1993,(14):251-273.
[19]DeAngelo H.,DeAngelo L.,and Rice E.,Going Private in minority freezeouts and shareholder wealth[J],Journal of Law and Economics,1984,(27):367-402.
[20]Maupin R.J.,Financial and Stock Market Variables as Predictors of Management Buyouts[J],Strategic Management Journal,1987,(3):39-57.
[21]Lichtenberg F.,and Siegel D.,The effects of Leveraged Buyouts on Productivity and Related Aspects of Firm Behavior[J],Journal of Financial Economics,1990,(27):143-267.
[22]Smith,and Abbie J.,Corporate ownership structure and performance:the case of management buyouts[J],Journal of Financial Economics,1990,(27):143-164.
[23]Singh Habir,Management Buy-out:distinguishing characteristic and operating change offering[J],Strategic Management Journal,1990,(11):111-136.
[24]Kaplan S.,The effects of management buyouts on operating performance and value[J],Journal of Financial Economics,1989,(24):217-254.
[25]Amess,and Kevin,Management Buyouts and Firm-level Productivity:Evidence from a Panel of U.K.Manufacturing Firms[J],The Scottish Journal of Political Economy,2002,(3).
[26]Jensen,M.C,,and Meckling,Theory of the firm:Managerial Behavior,agency cost and ownership structure[J],Journal of Financial Economics,1976,(4):305-360.
[27]Leand H.,and Pyle D.,Informational Asymmetries,Financial Structure and Financial Intermediation[J],Journal of Finance,1977,(32):371-387.
[28]Morck,Shleifer A.,and Vishny W.,Management Ownership and Market Valuation:An Empirical Analysis[J],Journal of Financial Economics,1988,(20):293-315.
[29]McConnell J.J.,and Servaes H.,Additional evidence on equity ownership and corporate value[J],Journal of Financial Economics,1990,(27):595-612.
[30]毛道维、蔡雷、任佩喻.1999—2002年中国上市公司MBO研究[J].中国工业经济,2003(10),74-81.
[31]益智.中国上市公司MBO的实证研究[J].财经研究,2003(5),45-51.
[32]何光辉、杨咸月.上市公司管理层收购的绩效出现结构性变化[J].中国工业经济,2007(1),86-94.
[33]程才良.国有控股上市公司MBO的绩效变动成因分析[J].证券市场导报,2007(6),34 -42.
[34]黄小花、李林初.管理层收购与上市公司治理绩效研究[J].财经理论与实践,2004(1),52-57.
[35]徐大伟、蔡锐、徐鸣雷.管理层持股比例与公司绩效关系的实证研究—基于中国上市公司的MBO[J].管理科学,2005(4),40-47.
[36]Brown S.,and J.Warner,Measuring security price performance[J],Journal of Financial Economics,1980,(8):205-258.
[37]Johnson,Tunneling[J],American Economic Review,2000,(10):22-27.
[38]李昕.从财富效应角度研究我国上市公司管理层收购[J].企业经济,2005(11),217-219)
[39]汪伟、金祥荣、汪淼军.激励扭曲下的管理层收购[J].经济研究,2006(3),82-89[J].
[40]李曜、梁建斌.MBO后我国上市公司治理绩效四效应的实证研究[J].南开管理评论,2006(9),52-57.
[41]叶勤.金融体制对上市公司管理层收购融资的影响及改革[J].杭州金融研修学院学报,2003(5),4-7.
[2]何光辉、杨咸月.中国上市公司管理层收购的股价反应—与投资者市场行为理性的对照检验[J].财贸研究,2007(2),94-103.
[3]魏建.管理层收购的成功之路—管理层收购在中国的困境及突破[M].北京:人民出版社,2005.
[4]王巍、李曙光.管理者收购—从经理到股东[M].北京:中国人民大学出版社,1999.
[5]魏建.股东筛选、财富转移与投资者保护[J].学术月刊,2004(11),57-65.
[6]宋力、刘英男、韩亮亮.管理层收购理论与实务[M].沈阳:东北大学出版社,2004.
[7]方华.管理层收购及其在中国的实践[J].经济与管理研究,2002(6),58-61.
[8]Kieschnik R.L.,Free cash flow and stockholder gains in going private transactions revisited[J],Journal of Business Finance and Accounting,1998,(25):187-202.
[9]Jensen,and Michael C.,Agency costs of free cash flow:corporate finance and takeover[J],American Economic Review,1986,(76):322-329.
[10]Jensen,and Michael C.,Active investors,LBOs,and the privatization of bankruptcy[J],Journal of Applied Corporate Finance,1989,(2):35-44.
[11]菲吕博顿、瑞切特.新制度经济学(中译本)[M].上海:上海财经大学出版社,1998.
[12]威斯通等.兼并、重组与公司控制(中译本)[M].北京:经济科学出版社,1998.
[13]Mike Wright,and Hoskisson R.,Firm rebirth:buyouts as facilitators of strategic growth and entrepreneurship[J],The Academy of Management Executive,2001,(2):111-125.
[14]Hans Bruining,and Mike Wright,Entrepreneurial orientation in Management Buy-outs and the contribution of Venture Capital[J],Venture Capital,2002,(4):147-176.
[15]Mike Wright,Thompson S.,and Robbie K.,Venture capital and management led leveraged buyouts:the European perspective[J],Journal of Business Venturing,1992,(7):47-71.
[16]Lowenstein L.,No more cozy management buyouts[J],Harvard Business Review,1986,(1):147-156.
[17]Rappaport A.,The staying power of the Public corporation[J],Harvard Business Review,1990,(68):96-106.
[18]Anju Seth,Strategic Redirection in Large Management Buyouts:The Evidence from Post-buyout Restructuring Activity[J],Strategic Management Journal,1993,(14):251-273.
[19]DeAngelo H.,DeAngelo L.,and Rice E.,Going Private in minority freezeouts and shareholder wealth[J],Journal of Law and Economics,1984,(27):367-402.
[20]Maupin R.J.,Financial and Stock Market Variables as Predictors of Management Buyouts[J],Strategic Management Journal,1987,(3):39-57.
[21]Lichtenberg F.,and Siegel D.,The effects of Leveraged Buyouts on Productivity and Related Aspects of Firm Behavior[J],Journal of Financial Economics,1990,(27):143-267.
[22]Smith,and Abbie J.,Corporate ownership structure and performance:the case of management buyouts[J],Journal of Financial Economics,1990,(27):143-164.
[23]Singh Habir,Management Buy-out:distinguishing characteristic and operating change offering[J],Strategic Management Journal,1990,(11):111-136.
[24]Kaplan S.,The effects of management buyouts on operating performance and value[J],Journal of Financial Economics,1989,(24):217-254.
[25]Amess,and Kevin,Management Buyouts and Firm-level Productivity:Evidence from a Panel of U.K.Manufacturing Firms[J],The Scottish Journal of Political Economy,2002,(3).
[26]Jensen,M.C,,and Meckling,Theory of the firm:Managerial Behavior,agency cost and ownership structure[J],Journal of Financial Economics,1976,(4):305-360.
[27]Leand H.,and Pyle D.,Informational Asymmetries,Financial Structure and Financial Intermediation[J],Journal of Finance,1977,(32):371-387.
[28]Morck,Shleifer A.,and Vishny W.,Management Ownership and Market Valuation:An Empirical Analysis[J],Journal of Financial Economics,1988,(20):293-315.
[29]McConnell J.J.,and Servaes H.,Additional evidence on equity ownership and corporate value[J],Journal of Financial Economics,1990,(27):595-612.
[30]毛道维、蔡雷、任佩喻.1999—2002年中国上市公司MBO研究[J].中国工业经济,2003(10),74-81.
[31]益智.中国上市公司MBO的实证研究[J].财经研究,2003(5),45-51.
[32]何光辉、杨咸月.上市公司管理层收购的绩效出现结构性变化[J].中国工业经济,2007(1),86-94.
[33]程才良.国有控股上市公司MBO的绩效变动成因分析[J].证券市场导报,2007(6),34 -42.
[34]黄小花、李林初.管理层收购与上市公司治理绩效研究[J].财经理论与实践,2004(1),52-57.
[35]徐大伟、蔡锐、徐鸣雷.管理层持股比例与公司绩效关系的实证研究—基于中国上市公司的MBO[J].管理科学,2005(4),40-47.
[36]Brown S.,and J.Warner,Measuring security price performance[J],Journal of Financial Economics,1980,(8):205-258.
[37]Johnson,Tunneling[J],American Economic Review,2000,(10):22-27.
[38]李昕.从财富效应角度研究我国上市公司管理层收购[J].企业经济,2005(11),217-219)
[39]汪伟、金祥荣、汪淼军.激励扭曲下的管理层收购[J].经济研究,2006(3),82-89[J].
[40]李曜、梁建斌.MBO后我国上市公司治理绩效四效应的实证研究[J].南开管理评论,2006(9),52-57.
[41]叶勤.金融体制对上市公司管理层收购融资的影响及改革[J].杭州金融研修学院学报,2003(5),4-7.