基于REVA的我国上市公司并购价值实证研究
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摘要
针对上市公司并购是否能真正提升企业价值的不确定性,为克服以财务指标为基础的传统评价方法和以股票价格为基础的超额收益率方法的缺陷,提出了基于经济增加值(EVA)的上市公司并购价值评价方法,能够更加准确的反映企业在一定时期内为股东创造的价值。选取2006年发生并购事件的上市公司为样本,通过调整后的EVA模型计算出并购前后四年的经济增加值率(REVA),对样本公司的价值变化进行实证研究,运用相关性分析、描述性统计、回归分析检验等方法处理数据得到统计结果。实证研究结果显示上市公司并购后企业价值得到了一定程度的提升,并购当年效应显著,并购后两年内效应不理想。
Aimed at the uncertainty of whether the listed company merger and acquisition could enhance enterprise value,to overcome the deficiency of excess return method based on the stock price and of traditional evaluation method based on the financial index,evaluation methodology of merger and acquisition value of listed company based on EVA was put forward which could reflect accurately the value created for stockholder by enterprise in a given period.The listed companies which occurred M&A event in 2006 was chosen as samples,by means of using the adjusted EVA models to calculate the REVA of M&A before and after four years in order to make empirical research on the value change of the samples.At the same time,some methods such as descriptive statistics,correlation analysis and regression analysis were used to get statistical results.At last,the empirical research results showed that the enterprise value had obtained certain improvement,the effect of M&A was significant but two years after the effect was not ideal.
Aimed at the uncertainty of whether the listed company merger and acquisition could enhance enterprise value,to overcome the deficiency of excess return method based on the stock price and of traditional evaluation method based on the financial index,evaluation methodology of merger and acquisition value of listed company based on EVA was put forward which could reflect accurately the value created for stockholder by enterprise in a given period.The listed companies which occurred M&A event in 2006 was chosen as samples,by means of using the adjusted EVA models to calculate the REVA of M&A before and after four years in order to make empirical research on the value change of the samples.At the same time,some methods such as descriptive statistics,correlation analysis and regression analysis were used to get statistical results.At last,the empirical research results showed that the enterprise value had obtained certain improvement,the effect of M&A was significant but two years after the effect was not ideal.
引文
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[2]陈晓红.EVA计量模型本土化的创新思考[J].会计之友,2009,20(4):92-94.
[3]刘丹.基于EVA的上市公司经营绩效实证研究——以我国煤炭上市公司为例[J].会计之友,2011,12(7):19-25.
[4]张锐,程夏.利用EVA评价上市公司并购绩效[J].财会月刊,2006,27(2):12-13.
[5]周小春,董平.基于EVA的上市公司并购价值创造实证研究[J].财会通讯,2010,4(11):14-19.
[6]周小春,陈玉罡.兼并收购中价值创造的驱动因素研究[J].当代财经,2011,7(5):76-82.
[7]梅良勇.经济增加值(EVA)估价模型在企业并购价值评估中的应用[J].统计与决策,2005,29(6):131-132.
[8]王巍等.中国并购报告[M].北京:人民邮电出版社,2006.
[9]徐丹丹,刘淑莲.我国上市公司并购价值的实证研究[J].会计师,2010,8(4):107-111.
[10]马丽娟,权聪娜.上市公司EVA实证分析—来自沪市制造业[J].财会通讯,2007,5(7):18-23.
[11]卢秋林,兰庆高,侯竹君.基于区域的农业企业并购行为研究[J].农业经济问题,2008,16(4):86-90.
[12]刘志成,董淑兰.农业上市公司社会责任会计信息披露现状分析[J].黑龙江八一农垦大学学报,2012,24(2):18-23.