我国证券市场并购重组对企业现金流量业绩影响的实证研究
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摘要
并购重组是各国证券市场的永恒主题。近些年来,我国并购活动十分活跃,已成为我国社会经济活动的重要组成部分,对我国的市场结构和产业结构产生了深远的影响。为此,相当多的学者相继从事了并购活动课题的研究。研究的方向是多方面的,其中,并购的业绩效应问题是研究的重点。但由于受到各种因素的影响,现有的研究没能达成一致的结论。并购的业绩效应一直成为学术界争论的问题,争论的焦点不仅表现在结论上,更是表现在研究方法上。
本文从全新的角度研究并购的业绩效应问题,即并购重组对企业现金流量业绩的影响效应。其目的不仅仅是为了测量并购重组企业获得现金流量业绩的问题本身,更重要的是通过现金流量业绩来直接而准确地测定出并购企业的经营业绩。用现金流量法来研究并购的业绩效应是西方学者最新的思想方法,在西方学术界已得到了广泛的应用。由于现金流量是经营业绩的一个重要指标,它具有客观的特点,不易受人为操纵,因而用现金流量法来测量并购企业的经营业绩具有客观可靠性、真实性和科学性。由此可见,现金流量法是我国已有并购企业绩效评价方法的补充和完善。
本文研究的内容主在包括四个方面:第一,上市公司并购重组事件对现金流量业绩的影响;第二,并购重组的股价波动效应对现金流量业绩的影响关系;第三,上市公司并购重组的控制权转移对现金流量业绩的影响;第四,上市公司并购重组中的主业转移对现金流量业绩的影响。研究所采用的分析方法主要为定量分析法。首先,建立分析模型;接着,对样本进行实证检验。本文根据样本的不同特性,对其进行了不同的分类,力求深入细致;然后,对每一检验结果进行分析。实证结果表明:并购重组对收购类公司现金流量业绩有一定的正影响效应,对目标类公司现金流量业绩有不显著的负影响效应;并购重组的股价波动效应对公司现金流量收益的影响甚微;控制权转移及公司的主业转移对公司现金流量业绩有不同程度的影响。从总体上看,我国并购重组市场的效率较低,为改善并购重组企业的现金流量业绩,本文针对已存在的问题,提出了提高企业现金流量业绩的一些政策性措施和建议。
M&As and restructuring are perpetual content in every country’ stock market. In these years, M&A activities in my country is very active, it has been am important component part of my nation economic activities, and has far-reaching effect on market structure and industrial structure. Many a scholar takes part in the research of M&A one by one. Although the research contents are manifold, among them, performance of M&As is am emphatic one. Because of some restrict conditions, the researchers have not drawn unanimous conclusion, which has been a disputatious question academically all the time. The focus of dispute exists not only in conclusion, but also in research method. The paper studies the performance effect of M&As with new method called cash flow return. The aim of the study is not only to measure the cash flow return itself, what is more, by means of cash flow return we can appraise the operational performance of M&As enterprises, the method of which is firstly employed by western scholars, and is now generally used in western academic field. As cash flow is am important index reflecting operational performance with the feature of objectiveness and not easily manipulated by accountants. It can reflect operational performance of M&As enterprises objectively, really and scientifically, so we can say, cash flow return method is am additional and perfect method in the performance appraisal methods of M&As enterprises.
The paper’ contents contain four aspects: The first, effect of event of M&As of going-public enterprises on cash flow return; The secondly, relationship between stock price fluctuation of M&As event and cash flow return; The thirdly, effect of transfer of corporate control right of on cash flow return; The fourth, effect of shift of main business on cash flow return. The main analytic method the paper uses is quantitative one: firstly, analytic models are established; then, empirical tests of sample are done. In this step, in order to study deeply, all samples are classified according to their character; and then, each result of empirical test is analyzed. Empirical results show: The event of M&As exert some right effect on cash flow return of acquiring enterprises, and unremarkable negative effect on acquired enterprises; Stock price fluctuation of M&As has little effect on cash flow return; Transfer of corporate control and main business have different effect on cash flow return. In general, the efficiency in the M&As market is low in our country. To improve enterprise operational performance, according to current relevant problems, some policy measures and proposal have been put forward.
本文从全新的角度研究并购的业绩效应问题,即并购重组对企业现金流量业绩的影响效应。其目的不仅仅是为了测量并购重组企业获得现金流量业绩的问题本身,更重要的是通过现金流量业绩来直接而准确地测定出并购企业的经营业绩。用现金流量法来研究并购的业绩效应是西方学者最新的思想方法,在西方学术界已得到了广泛的应用。由于现金流量是经营业绩的一个重要指标,它具有客观的特点,不易受人为操纵,因而用现金流量法来测量并购企业的经营业绩具有客观可靠性、真实性和科学性。由此可见,现金流量法是我国已有并购企业绩效评价方法的补充和完善。
本文研究的内容主在包括四个方面:第一,上市公司并购重组事件对现金流量业绩的影响;第二,并购重组的股价波动效应对现金流量业绩的影响关系;第三,上市公司并购重组的控制权转移对现金流量业绩的影响;第四,上市公司并购重组中的主业转移对现金流量业绩的影响。研究所采用的分析方法主要为定量分析法。首先,建立分析模型;接着,对样本进行实证检验。本文根据样本的不同特性,对其进行了不同的分类,力求深入细致;然后,对每一检验结果进行分析。实证结果表明:并购重组对收购类公司现金流量业绩有一定的正影响效应,对目标类公司现金流量业绩有不显著的负影响效应;并购重组的股价波动效应对公司现金流量收益的影响甚微;控制权转移及公司的主业转移对公司现金流量业绩有不同程度的影响。从总体上看,我国并购重组市场的效率较低,为改善并购重组企业的现金流量业绩,本文针对已存在的问题,提出了提高企业现金流量业绩的一些政策性措施和建议。
M&As and restructuring are perpetual content in every country’ stock market. In these years, M&A activities in my country is very active, it has been am important component part of my nation economic activities, and has far-reaching effect on market structure and industrial structure. Many a scholar takes part in the research of M&A one by one. Although the research contents are manifold, among them, performance of M&As is am emphatic one. Because of some restrict conditions, the researchers have not drawn unanimous conclusion, which has been a disputatious question academically all the time. The focus of dispute exists not only in conclusion, but also in research method. The paper studies the performance effect of M&As with new method called cash flow return. The aim of the study is not only to measure the cash flow return itself, what is more, by means of cash flow return we can appraise the operational performance of M&As enterprises, the method of which is firstly employed by western scholars, and is now generally used in western academic field. As cash flow is am important index reflecting operational performance with the feature of objectiveness and not easily manipulated by accountants. It can reflect operational performance of M&As enterprises objectively, really and scientifically, so we can say, cash flow return method is am additional and perfect method in the performance appraisal methods of M&As enterprises.
The paper’ contents contain four aspects: The first, effect of event of M&As of going-public enterprises on cash flow return; The secondly, relationship between stock price fluctuation of M&As event and cash flow return; The thirdly, effect of transfer of corporate control right of on cash flow return; The fourth, effect of shift of main business on cash flow return. The main analytic method the paper uses is quantitative one: firstly, analytic models are established; then, empirical tests of sample are done. In this step, in order to study deeply, all samples are classified according to their character; and then, each result of empirical test is analyzed. Empirical results show: The event of M&As exert some right effect on cash flow return of acquiring enterprises, and unremarkable negative effect on acquired enterprises; Stock price fluctuation of M&As has little effect on cash flow return; Transfer of corporate control and main business have different effect on cash flow return. In general, the efficiency in the M&As market is low in our country. To improve enterprise operational performance, according to current relevant problems, some policy measures and proposal have been put forward.
引文
中文参考文献:
1、吴德庆、邓荣霖主编:《企业兼并问题研究》,中国人民大学出版社,1992年版。
2、梁国勇:“企业购并动机和购并行为研究”, 《经济研究》,1997年第8期。
3、J·弗雷德·威斯通(美)等著,唐旭译:《兼并、重组与公司控制》,经济科学出版社,1998年2月版。
4、原红旗、吴星宇:“资产重组对财务业绩影响的实证研究”,《上海证券报》,1998年8月26日。
5、檀向球:“沪市上市公司资产重组绩效实证研究”,《中国证券报》,1998年9月28日。
6、何晓群编著:《现代统计分析方法与应用》,中国人民大学出版社,1998年11月第1版。
7、李常青:“企业经营业绩评价:会计利润抑或现金流量”,《财会月刊》,1999年第3期。
8、周小知著:《兼并收购与企业扩张》,中国劳动出版社,1999年6月第1版。
9、陈晓等:“A股盈余报告的有用性研究”,《经济研究》,1999年第6期。
10、陈信元、张田余:“资产重组的市场反应”,《经济研究》,1999年第9期。
11、张弛:“每股收益与每股现金流量:究竞什么更有价值?”,《会计研究》,1999年第11期。
12、余光、杨荣:“企业并购股价效应的理论分析和实证分析”,《当代财经》,2000年第7期。
13、肯尼斯·汉克尔(美)、尤西·李凡特(美)著,张凯、刘英等译:《现金流量与证券分析》,华夏出版社,2001年1月第1版。
14、冯根福等:“我国上市公司并购绩效的实证研究”,《经济研究》,2001年第1期。
15、王一著:《企业并购》,上海财经大学出版社,2001年1月第1版。
16、肯尼斯·汉克尔(美)等著,张凯等译:《现金流量与证券分析》(第二版),华夏出版社,2001年1月版。
17、爱斯华斯·达莫德伦(美)著,荆霞等译:《公司财务—理论与实务》,中国人民大学出版社,2001年10月版。
18、胡玄能著:《企业并购分析》,经济管理出版社,2002年1月第1版。
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20、李善民、陈玉罡:“上市公司兼并与收购的财富效应”,《经济研究》,2002年第9期。
21、朱宝宪、王怡凯:“1998年中国上市公司并购实践的效应分析”,《经济研究》,2002年第11期。
22、南京大学管理科学与工程研究院课题组:“中国上市公司并购绩效实证研究”,《上证研究》,2003年第1辑。
23、南开大学课题组:“并购重组是否创造价值—中国证券市场的理论与实证研究”,《上证研究》,2003年第1辑。
24、浙江大学课题组:“中国上市公司购并动机:治理因素分析”,《上证研究》,2003年第1辑。
25、鹿小楠、傅浩:“中国上市公司财务造假问题研究”,《上证研究》,2003年第1辑。
26、孙铮、李增泉:“股价反应、企业绩效与控制权转移:来自中国上市公司的经验证据”,《中国会计与财务研究》,2003年3月,第1期。
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1、吴德庆、邓荣霖主编:《企业兼并问题研究》,中国人民大学出版社,1992年版。
2、梁国勇:“企业购并动机和购并行为研究”, 《经济研究》,1997年第8期。
3、J·弗雷德·威斯通(美)等著,唐旭译:《兼并、重组与公司控制》,经济科学出版社,1998年2月版。
4、原红旗、吴星宇:“资产重组对财务业绩影响的实证研究”,《上海证券报》,1998年8月26日。
5、檀向球:“沪市上市公司资产重组绩效实证研究”,《中国证券报》,1998年9月28日。
6、何晓群编著:《现代统计分析方法与应用》,中国人民大学出版社,1998年11月第1版。
7、李常青:“企业经营业绩评价:会计利润抑或现金流量”,《财会月刊》,1999年第3期。
8、周小知著:《兼并收购与企业扩张》,中国劳动出版社,1999年6月第1版。
9、陈晓等:“A股盈余报告的有用性研究”,《经济研究》,1999年第6期。
10、陈信元、张田余:“资产重组的市场反应”,《经济研究》,1999年第9期。
11、张弛:“每股收益与每股现金流量:究竞什么更有价值?”,《会计研究》,1999年第11期。
12、余光、杨荣:“企业并购股价效应的理论分析和实证分析”,《当代财经》,2000年第7期。
13、肯尼斯·汉克尔(美)、尤西·李凡特(美)著,张凯、刘英等译:《现金流量与证券分析》,华夏出版社,2001年1月第1版。
14、冯根福等:“我国上市公司并购绩效的实证研究”,《经济研究》,2001年第1期。
15、王一著:《企业并购》,上海财经大学出版社,2001年1月第1版。
16、肯尼斯·汉克尔(美)等著,张凯等译:《现金流量与证券分析》(第二版),华夏出版社,2001年1月版。
17、爱斯华斯·达莫德伦(美)著,荆霞等译:《公司财务—理论与实务》,中国人民大学出版社,2001年10月版。
18、胡玄能著:《企业并购分析》,经济管理出版社,2002年1月第1版。
19、李月平著:《企业并购分析》,经济科学出版社,2002年2月第1版。
20、李善民、陈玉罡:“上市公司兼并与收购的财富效应”,《经济研究》,2002年第9期。
21、朱宝宪、王怡凯:“1998年中国上市公司并购实践的效应分析”,《经济研究》,2002年第11期。
22、南京大学管理科学与工程研究院课题组:“中国上市公司并购绩效实证研究”,《上证研究》,2003年第1辑。
23、南开大学课题组:“并购重组是否创造价值—中国证券市场的理论与实证研究”,《上证研究》,2003年第1辑。
24、浙江大学课题组:“中国上市公司购并动机:治理因素分析”,《上证研究》,2003年第1辑。
25、鹿小楠、傅浩:“中国上市公司财务造假问题研究”,《上证研究》,2003年第1辑。
26、孙铮、李增泉:“股价反应、企业绩效与控制权转移:来自中国上市公司的经验证据”,《中国会计与财务研究》,2003年3月,第1期。
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