上市公司重大资产重组中资产定价研究
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摘要
随着证券市场10多年来的发展,上市公司并购重组活动快速发展,逐渐成为我国产业结构战略调整、上市公司优胜劣汰、社会资源优化配置的重要手段。资产定价作为重大资产重组过程中最重要的一个部分,影响着重大资产重组的交易过程和交易过后的市场反应,是交易双方和投资者所关注的重大问题。因此,本文把关注焦点放在了上市公司重大资产重组中的资产定价。
首先,根据相关法律法规,本文介绍了相关的重大资产重组概念,并总结了上市公司重大资产重组的交易流程,把重大资产重组过程划分为11个步骤。
其次,根据收集到的所有资料,把我国上市公司重大资产重组划分为9种类型,包括：新增股份吸收合并、换股吸收合并、发行股份购买资产、发行股份购买资产及重大资产出售、发行股份购买资产及换股吸收合并、发行股份购买资产及重大资产置换、重大资产置换、重大资产购买、增资控股等。其中,发行股份购买资产是一种非常重要的交易类型。
再次,以2008年和2009年数据为切入点,本文对总体的资产定价进行了统计分析,从资产定价方法、资产评估基准日和资产评估方法、股票定价基准日和股票定价方法、不同条件下的资产评估增值与市场反应的联系等角度出发,对我国上市公司重大资产重组中的资产定价进行了实证研究。通过上述研究,本文得出6种交易类型比较合理,3种交易类型不合理、各种资产评估方法下资产增值与市场反映正相关、关联交易也与资产定价相关等结论。然后,本文选择发行股份购买资产中的一个典型案例,进行了案例分析。
最后,本文提出相应的政策建议,以期为拟进行上市公司重大资产重组的企业或者后续研究者提供一个参考,为之选择交易类型、评估方法或者研究方向等提供一个依据,做出力所能及的贡献。
本文的创新点在于结合相关法律法规对资产定价过程进行了比较全面的分析,对上市公司重大资产重组按照现实中的交易进行分类,并从各种不同角度研究了资产的评估增值情况及市场反应情况,在统计分析的基础上还做了案例研究。不足点是时间比较仓促,研究还不够深入。
With the securities market more than 10 years development, the merger and reorganization of the listed companies developed rapidly, and gradually became an important means of strategic adjustment of industrial structure, the advanced optimize of listed companies, and the allocation of resources. As the most important part of the material assets reorganization process, asset pricing is influencing the transaction process and the after trading market reaction, and asset pricing is the serious problem that both the traders and investors concerning about. Therefore, this article focused on the asset pricing in the material assets reorganization of listed companies.
First, the concept of the material assets reorganization combining related laws and regulations were introduced in this paper, and procedures of the material assets reorganization of listed companies transaction was summarized. The material assets reorganization process was divided into 11 steps.
Secondly, according to all the material collected, the material assets reorganization of listed companies in China was divided into nine types, including:new shares absorption merger, absorbs merger, to purchase assets through issuing shares, to purchase assets through issuing shares and the major asset sale, to purchase assets through issuing shares and a absorb merger, to purchase assets through issuing shares and major assets displacement, major assets displacement, major assets purchased, payouts. Among them, to purchase assets through issuing shares was a very important transaction types.
Again, regard 2008 and 2009 data as the studying window, this paper made some statistical analyses on the general asset pricing, carried on an empirical research to the asset pricing in the material assets reorganization of our country's listed companies, from the views of the asset pricing method, assets appraisal base date and assets evaluation method, stock price setting base date and stock pricing method, linkage of asset appraisal increment and the market reaction in different conditions, etc. Took some conclusions such as that six of the transactions were reasonable and three were unreasonable, there were positive correlations between asset value and the market by various trade asset appraisal methods, there were positive correlations between affiliated transactions and asset pricing, etc. Then, this paper chose a typical case of to purchase assets through issuing shares, and then analyzed it.
Finally, this paper tried to put forward some corresponding policy recommendations, to provide a reference for listed companies which intend to conduct material assets reorganization and the researchers who take a follow-up study, to provide a basis for the choice of the transaction types, the evaluation methods or the research orientation. The insufficient is that the time was hasty, and the research needs an in-depth study.
首先,根据相关法律法规,本文介绍了相关的重大资产重组概念,并总结了上市公司重大资产重组的交易流程,把重大资产重组过程划分为11个步骤。
其次,根据收集到的所有资料,把我国上市公司重大资产重组划分为9种类型,包括：新增股份吸收合并、换股吸收合并、发行股份购买资产、发行股份购买资产及重大资产出售、发行股份购买资产及换股吸收合并、发行股份购买资产及重大资产置换、重大资产置换、重大资产购买、增资控股等。其中,发行股份购买资产是一种非常重要的交易类型。
再次,以2008年和2009年数据为切入点,本文对总体的资产定价进行了统计分析,从资产定价方法、资产评估基准日和资产评估方法、股票定价基准日和股票定价方法、不同条件下的资产评估增值与市场反应的联系等角度出发,对我国上市公司重大资产重组中的资产定价进行了实证研究。通过上述研究,本文得出6种交易类型比较合理,3种交易类型不合理、各种资产评估方法下资产增值与市场反映正相关、关联交易也与资产定价相关等结论。然后,本文选择发行股份购买资产中的一个典型案例,进行了案例分析。
最后,本文提出相应的政策建议,以期为拟进行上市公司重大资产重组的企业或者后续研究者提供一个参考,为之选择交易类型、评估方法或者研究方向等提供一个依据,做出力所能及的贡献。
本文的创新点在于结合相关法律法规对资产定价过程进行了比较全面的分析,对上市公司重大资产重组按照现实中的交易进行分类,并从各种不同角度研究了资产的评估增值情况及市场反应情况,在统计分析的基础上还做了案例研究。不足点是时间比较仓促,研究还不够深入。
With the securities market more than 10 years development, the merger and reorganization of the listed companies developed rapidly, and gradually became an important means of strategic adjustment of industrial structure, the advanced optimize of listed companies, and the allocation of resources. As the most important part of the material assets reorganization process, asset pricing is influencing the transaction process and the after trading market reaction, and asset pricing is the serious problem that both the traders and investors concerning about. Therefore, this article focused on the asset pricing in the material assets reorganization of listed companies.
First, the concept of the material assets reorganization combining related laws and regulations were introduced in this paper, and procedures of the material assets reorganization of listed companies transaction was summarized. The material assets reorganization process was divided into 11 steps.
Secondly, according to all the material collected, the material assets reorganization of listed companies in China was divided into nine types, including:new shares absorption merger, absorbs merger, to purchase assets through issuing shares, to purchase assets through issuing shares and the major asset sale, to purchase assets through issuing shares and a absorb merger, to purchase assets through issuing shares and major assets displacement, major assets displacement, major assets purchased, payouts. Among them, to purchase assets through issuing shares was a very important transaction types.
Again, regard 2008 and 2009 data as the studying window, this paper made some statistical analyses on the general asset pricing, carried on an empirical research to the asset pricing in the material assets reorganization of our country's listed companies, from the views of the asset pricing method, assets appraisal base date and assets evaluation method, stock price setting base date and stock pricing method, linkage of asset appraisal increment and the market reaction in different conditions, etc. Took some conclusions such as that six of the transactions were reasonable and three were unreasonable, there were positive correlations between asset value and the market by various trade asset appraisal methods, there were positive correlations between affiliated transactions and asset pricing, etc. Then, this paper chose a typical case of to purchase assets through issuing shares, and then analyzed it.
Finally, this paper tried to put forward some corresponding policy recommendations, to provide a reference for listed companies which intend to conduct material assets reorganization and the researchers who take a follow-up study, to provide a basis for the choice of the transaction types, the evaluation methods or the research orientation. The insufficient is that the time was hasty, and the research needs an in-depth study.
引文
1 参见李书锋博士后研究报告：《我国资本市场企业并购重组研究》,2009年
2 参见《上市公司重大资产重组管理办法》第一章第二条
3 参见《上市公司重大资产重组管理办法》第二章第十三条
4 参见《上市公司重大资产重组管理办法》第二章第十一条
[1]Black, F. and M. Scholes,1973, "The Pricing of Options and Corporate Liabilities", Journal of Political Economy,81(3), pp.637-654.
[2]Brennan, M. and E. Schwartz,1985, "Evaluating Natural Resource Investments", Journal of Business,58, pp.135-57.
[3]Cox, J. and S. Ross,1976, "The Valuation of Options for Alternative Stochastic Processes", Journal of Financial Economics,3, pp.145-66.
[4]Cox, J., S. Ross and M. Rubinstein,1979, "Option Pricing:A Simplified Approach", Journal of Financial Economics,7, pp.229-63.
[5]Harrison, J. and D. Kreps,1979, "Martingales and Arbitrage in Multi-period Securities Markets", Journal of Economic Theory,20, pp.381-408.
[6]Harrison, J. and S. Pliska,1981, "Martingale and Stochastic Integrals in the Theory of Continuous Trading", Stochastic Process, Appl.,11, pp.215-260.
[7]Ingersoll, Jr. and S. Ross,1992, "Waiting to Invest:Investment and Uncertainty", Journal of Business,65, pp.1-29.
[8]Lambrecht, B.,2001, "The Timing and Terms of Takeovers under Uncertainty:A Real Option Approach", Working paper, University of Cambridge.
[9]Merton, R.,1973a, "Theory of Rational Option Pricing", Bell Journal of Economics and Management Sciences,4(1), pp.141-183.
[10]Novy-Marx, R.,2003, "An Equilibrium Model of Investment Under Uncertainty", Working paper, University of California, Berkeley.
[11]Paddock, J., D. Siegel and J. Smith,1988, "Option Valuation of Claims on Real Assets:The Case of Offshore Petroleum Leases", Quarterly Journal of Economics,103, pp.479-508.
[12]Ross, S.,1976, "Arbitrage Theory of Capital Asset Pricing", Journal of Economic Theory,13, pp.341-360.
[13]Sharpe, W.,1978, Investments, Englewood Cliffs, NJ:Prentice-Hall.
[14]Scheinkman, J. and W. Xiong,2003, "Overconfidence and Speculative Bubbles", Journal of Political Economy,111, pp.1183-1219.
[15]李书锋.我国资本市场企业并购重组研究[D].2009年.
[16]辛家鼎.关于重组资产的定价问题[J].山东经济.2001年9月总106期第5期.
[17]蒋大兴.私法正义缘何而来?——闭锁性股权收购定价原则的再解释[J].当代法学.第19卷第6期(总第114期).2005年11月.
[18]马理.国企并购重组中的价格发现与占优策略设计[J].商业时代.2005年第27期.
[19]成京联、阮梓坪.论企业价值理论与企业价值评估[J].求索.2005年10月.
[20]左庆乐.企业价值评估观点综述[J].长安大学学报.2002年6月.
[21]刘贵生、万虎高.无形资产评估方法的理论创新[J].石家庄经济学院学报.2002年05期.
[22]朱荣、朱璇.关于收益现值法中基本参数确定方法的研究[J].长春大学学报.2003年03期.
[23]姚曼琪.企业价值评估的价值类型选择问题研究[D].东北财经大学.2007年.
[24]王喆.基于博弈论的企业并购定价及其策略研究[D].哈尔滨工程大学.2007年.
[25]袁焱黄.收益法与期权定价在技术型无形资产评估中的比较研究[D].暨南大学.2007年.
[26]柯珂、张世英、杨忠直.企业兼并中的资产定价研究[J].化工技术经济.1998年05期.
[27]张世英、柯珂.企业兼并中的资产定价研究[J].技术经济.1999年02期.
[28]刘毅.资产定价发展的理论基础溯源[J].北方经贸.2001年07期. 中央民族大学硕士学位论文
[29]苟宇.行为资产定价理论与实证研究[D].西南财经大学.2005年.
[30]刘少波、崔萍.试析现代资本市场定价理论的发展[J].金融研究.2002年08
期.
[31]李伯德.资本资产定价模型及其应用[A].中国运筹学会第七届学术交流会
论文集(上卷)[C].2004年.
[32]李寿喜、齐兴利.无形资产计量与股票定价——来自中国证券市场的经验证
据[A].当代管理会计新发展——第五届会计与财务问题国际研讨会论文集(下)
[C].2005年.
[33]鲁开宏.经济合理性评判与资产定价方式[N].科学时报.2002年.
[34]胡宗义.投资选择及资产定价数学模型研究[D].湖南大学.2004年.
[35]王燕.非对称信息对资产价格的影响[D].天津大学.2004年.
[36]张秀丽.基于个体行为的资产定价模型研究[D].西南交通大学.2006年.
[37]耿美华.关于资产定价基本定理的几个问题[D].国防科学技术大学.2004
年.
[38]徐江伟.企业投资决策的净现值准则研究[D].重庆大学.2004年.
[39]柏恩娟.关于资产定价第一基本定理[D].国防科学技术大学.2003年.
[40]杨静芳.资本资产定价理论演进过程研究[D].东南大学.2004年.
[41]李海舰、冯丽.企业价值来源及其理论研究[J].中国工业经济.2004年3
月.
2 参见《上市公司重大资产重组管理办法》第一章第二条
3 参见《上市公司重大资产重组管理办法》第二章第十三条
4 参见《上市公司重大资产重组管理办法》第二章第十一条
[1]Black, F. and M. Scholes,1973, "The Pricing of Options and Corporate Liabilities", Journal of Political Economy,81(3), pp.637-654.
[2]Brennan, M. and E. Schwartz,1985, "Evaluating Natural Resource Investments", Journal of Business,58, pp.135-57.
[3]Cox, J. and S. Ross,1976, "The Valuation of Options for Alternative Stochastic Processes", Journal of Financial Economics,3, pp.145-66.
[4]Cox, J., S. Ross and M. Rubinstein,1979, "Option Pricing:A Simplified Approach", Journal of Financial Economics,7, pp.229-63.
[5]Harrison, J. and D. Kreps,1979, "Martingales and Arbitrage in Multi-period Securities Markets", Journal of Economic Theory,20, pp.381-408.
[6]Harrison, J. and S. Pliska,1981, "Martingale and Stochastic Integrals in the Theory of Continuous Trading", Stochastic Process, Appl.,11, pp.215-260.
[7]Ingersoll, Jr. and S. Ross,1992, "Waiting to Invest:Investment and Uncertainty", Journal of Business,65, pp.1-29.
[8]Lambrecht, B.,2001, "The Timing and Terms of Takeovers under Uncertainty:A Real Option Approach", Working paper, University of Cambridge.
[9]Merton, R.,1973a, "Theory of Rational Option Pricing", Bell Journal of Economics and Management Sciences,4(1), pp.141-183.
[10]Novy-Marx, R.,2003, "An Equilibrium Model of Investment Under Uncertainty", Working paper, University of California, Berkeley.
[11]Paddock, J., D. Siegel and J. Smith,1988, "Option Valuation of Claims on Real Assets:The Case of Offshore Petroleum Leases", Quarterly Journal of Economics,103, pp.479-508.
[12]Ross, S.,1976, "Arbitrage Theory of Capital Asset Pricing", Journal of Economic Theory,13, pp.341-360.
[13]Sharpe, W.,1978, Investments, Englewood Cliffs, NJ:Prentice-Hall.
[14]Scheinkman, J. and W. Xiong,2003, "Overconfidence and Speculative Bubbles", Journal of Political Economy,111, pp.1183-1219.
[15]李书锋.我国资本市场企业并购重组研究[D].2009年.
[16]辛家鼎.关于重组资产的定价问题[J].山东经济.2001年9月总106期第5期.
[17]蒋大兴.私法正义缘何而来?——闭锁性股权收购定价原则的再解释[J].当代法学.第19卷第6期(总第114期).2005年11月.
[18]马理.国企并购重组中的价格发现与占优策略设计[J].商业时代.2005年第27期.
[19]成京联、阮梓坪.论企业价值理论与企业价值评估[J].求索.2005年10月.
[20]左庆乐.企业价值评估观点综述[J].长安大学学报.2002年6月.
[21]刘贵生、万虎高.无形资产评估方法的理论创新[J].石家庄经济学院学报.2002年05期.
[22]朱荣、朱璇.关于收益现值法中基本参数确定方法的研究[J].长春大学学报.2003年03期.
[23]姚曼琪.企业价值评估的价值类型选择问题研究[D].东北财经大学.2007年.
[24]王喆.基于博弈论的企业并购定价及其策略研究[D].哈尔滨工程大学.2007年.
[25]袁焱黄.收益法与期权定价在技术型无形资产评估中的比较研究[D].暨南大学.2007年.
[26]柯珂、张世英、杨忠直.企业兼并中的资产定价研究[J].化工技术经济.1998年05期.
[27]张世英、柯珂.企业兼并中的资产定价研究[J].技术经济.1999年02期.
[28]刘毅.资产定价发展的理论基础溯源[J].北方经贸.2001年07期. 中央民族大学硕士学位论文
[29]苟宇.行为资产定价理论与实证研究[D].西南财经大学.2005年.
[30]刘少波、崔萍.试析现代资本市场定价理论的发展[J].金融研究.2002年08
期.
[31]李伯德.资本资产定价模型及其应用[A].中国运筹学会第七届学术交流会
论文集(上卷)[C].2004年.
[32]李寿喜、齐兴利.无形资产计量与股票定价——来自中国证券市场的经验证
据[A].当代管理会计新发展——第五届会计与财务问题国际研讨会论文集(下)
[C].2005年.
[33]鲁开宏.经济合理性评判与资产定价方式[N].科学时报.2002年.
[34]胡宗义.投资选择及资产定价数学模型研究[D].湖南大学.2004年.
[35]王燕.非对称信息对资产价格的影响[D].天津大学.2004年.
[36]张秀丽.基于个体行为的资产定价模型研究[D].西南交通大学.2006年.
[37]耿美华.关于资产定价基本定理的几个问题[D].国防科学技术大学.2004
年.
[38]徐江伟.企业投资决策的净现值准则研究[D].重庆大学.2004年.
[39]柏恩娟.关于资产定价第一基本定理[D].国防科学技术大学.2003年.
[40]杨静芳.资本资产定价理论演进过程研究[D].东南大学.2004年.
[41]李海舰、冯丽.企业价值来源及其理论研究[J].中国工业经济.2004年3
月.