资产评估操纵提高了企业权益资本成本吗?——基于资产收购关联交易的实证检验
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摘要
并购重组作为资源配置的重要手段,在资本市场上发挥的作用越来越重要,其中并购重组中大股东操纵资产定价的问题更是得到了各界广泛关注。将资产收购关联交易作为研究样本,考察了我国上市公司产权交易中,大股东操纵标的资产定价的行为对企业权益资本成本的影响。通过研究发现,大股东对资产评估结果的操纵总体上提高了企业的权益资本成本,这一结果在掏空组的检验中尤为显著。且不管是基于支持还是掏空上市公司的目的,大股东对资产评估结果的操纵都损害了中小投资者的利益,加大了中小投资者的投资风险。
As an important means of resource allocation,M&A plays an important role in the capital market. Meanwhile,the manipulation of assets pricing in M&A has been the focus of attention from all walks of life. In this paper,the asset acquisition of related party transactions as a sample,we test the impact of the large shareholders manipulating the underlying asset pricing on the cost of equity capital in the property rights trading of listed companies in China. Through the study,we find that the manipulation of asset revaluation will increase the cost of equity capital. The relation between the manipulation of asset revaluation and the cost of equity capital in tunneling group is significantly positive. And whether it is based on the purpose of tunneling or propping the listed company,the manipulation of asset revaluation has damaged the small and medium investors' interests and increased their investment risk.
As an important means of resource allocation,M&A plays an important role in the capital market. Meanwhile,the manipulation of assets pricing in M&A has been the focus of attention from all walks of life. In this paper,the asset acquisition of related party transactions as a sample,we test the impact of the large shareholders manipulating the underlying asset pricing on the cost of equity capital in the property rights trading of listed companies in China. Through the study,we find that the manipulation of asset revaluation will increase the cost of equity capital. The relation between the manipulation of asset revaluation and the cost of equity capital in tunneling group is significantly positive. And whether it is based on the purpose of tunneling or propping the listed company,the manipulation of asset revaluation has damaged the small and medium investors' interests and increased their investment risk.
引文
[1]李明,叶勇.媒体负面报道对控股股东掏空行为影响的实证研究[J].管理评论,2016(01).
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[13]沈艺峰,肖珉,黄娟娟.中小投资者法律保护与公司权益资本成本[J].经济研究,2005(06).
[14]李慧云,刘镝.市场化进程、自愿性信息披露和权益资本成本[J].会计研究,2016(01).
[15]毛新述,叶康涛,张頔.上市公司权益资本成本的测度与评价——基于我国证券市场的经验检验[J].会计研究,2012(11).
[16]陆德民.上市改组过程中的资产评估:一项实证研究[J].会计研究,1998(5).
[2]王化成,曹丰,叶康涛.监督还是掏空:大股东持股比例与股价崩盘风险[J].管理世界,2015(02).
[3]周勤业,夏立军,李莫愁.大股东侵害与上市公司资产评估偏差[J].统计研究,2003(10).
[4]苏忠秦,沈中华,黄登仕.政治关联、终极控制人性质与权益资本成本[J].南方经济,2012(10).
[5]Friedman,Eric,Johnson,Simon,Mitton,Todd.Propping and Tunneling[J].Journal of Comparative Economics,2003,31(4).
[6]丁希炜.上市公司最终控制人特征对股权再融资成本的影响[J].中南财经政法大学学报,2008(06).
[7]Shlefer A,Vishny Y R.A Survey of Corporate Governance[J].Journal of Finance,1997,52(6).
[8]La Porta R,Lopez-de-Silanes F,Shleifer A,Vishny R W.Investor Protection and Corporate Valuation[J].Journal of Finance,2002(57).
[9]原红旗,王纪伟,杨静.上市公司股份制改制中资产评估操纵的动机及其经济后果[J].中国会计与财务研究,2008,10(3).
[10]宋顺林,翟进步.大股东操纵资产评估价格了吗?——来自股改后资产注入的经验证据[J].经济管理,2014(9).
[11]郭化林,项代有,王平裔.上市公司δ值异常:大股东侵害还是盈余管理——基于2009-2011年的数据[J].财经论丛,2014(04).
[12]程凤朝,刘旭,温馨.上市公司并购重组标的资产价值评估与交易定价关系研究[J].会计研究,2013(8).
[13]沈艺峰,肖珉,黄娟娟.中小投资者法律保护与公司权益资本成本[J].经济研究,2005(06).
[14]李慧云,刘镝.市场化进程、自愿性信息披露和权益资本成本[J].会计研究,2016(01).
[15]毛新述,叶康涛,张頔.上市公司权益资本成本的测度与评价——基于我国证券市场的经验检验[J].会计研究,2012(11).
[16]陆德民.上市改组过程中的资产评估:一项实证研究[J].会计研究,1998(5).