我国上市公司资产重组绩效实证研究
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摘要
我国正在进行产业的调整,上市公司纷纷进行资产重组,并力图获得整体绩效业绩的提升。本文研究的重点就是在这种情况下,来研究制约因素和评价资产重组行为,从而为上市公司重组提供一个参考,并为我国上市公司重组的相关实证研究提供新的发展思路。
本文对国内外的资产重组绩效的发展做了回顾和综述,并定性和定量地分析了资产重组绩效及其影响因素。利用了主成分分析方法的系统评价,筛选和标准化数据;选取了十个财务指标来评价上市公司的盈利能力、营运能力、偿债能力和经营发展能力;应用SPSS软件来分析数据。本文作了四个研究假设,并通过实证分析及检验,得到以下四个结论。假设一:资产重组会对企业绩效产生没有实质提高,不成立。
假设二:资产重组中,在改变了第一大股东的情形下,会对重组后的绩效水平产生不了正效应,不成立将整体绩效水平上拉。
假设三:我国上市公司关联性重组对绩效水平的影响表现为负效应大于正效应,从而将整体绩效水平下拉,成立。
假设四:在改善企业绩效水平方面,收购兼并和股权转让类重组将会产生比资产剥离和资产置换类重组更大的正效应。
With the adjustment of industrial structure in China, listed company carries on the asset reorganization in succession in order to improve company performance by integrating own resources. There is no consistent opinion among academic community about whether the performance can be improved by asset reorganization. And, it provides a new way about the similar empirical analysis.
This paper will review the theory of asset reorganization and the restrict factor of listed companies in China. Above all, we will summarize and analyze the former research fruits according to the performance of asset reorganization and its affect factor.
Secondly, we clarify the motive and significance of this study and define its topic by analyzing the current internal and external situation of the performance of asset organization of listed companies.
Thirdly, we introduce the theory both the asset reorganization and performance of the theory; and we analyze the performance of asset reorganization and the restrict factors of it.
Through the research, we can see that the behavior of asset reorganization of listed companies hasn't improved the performance of listed companies in fact. We can also see that the changing of the first majority shareholder and the mode of reorganization are main factors impacting the performance of asset reorganization, while, the impact to the performance from affiliate transaction is significant. At last, it advances several suggestions to the research conclusion according to practice of asset reorganization of listed companies in China.
本文对国内外的资产重组绩效的发展做了回顾和综述,并定性和定量地分析了资产重组绩效及其影响因素。利用了主成分分析方法的系统评价,筛选和标准化数据;选取了十个财务指标来评价上市公司的盈利能力、营运能力、偿债能力和经营发展能力;应用SPSS软件来分析数据。本文作了四个研究假设,并通过实证分析及检验,得到以下四个结论。假设一:资产重组会对企业绩效产生没有实质提高,不成立。
假设二:资产重组中,在改变了第一大股东的情形下,会对重组后的绩效水平产生不了正效应,不成立将整体绩效水平上拉。
假设三:我国上市公司关联性重组对绩效水平的影响表现为负效应大于正效应,从而将整体绩效水平下拉,成立。
假设四:在改善企业绩效水平方面,收购兼并和股权转让类重组将会产生比资产剥离和资产置换类重组更大的正效应。
With the adjustment of industrial structure in China, listed company carries on the asset reorganization in succession in order to improve company performance by integrating own resources. There is no consistent opinion among academic community about whether the performance can be improved by asset reorganization. And, it provides a new way about the similar empirical analysis.
This paper will review the theory of asset reorganization and the restrict factor of listed companies in China. Above all, we will summarize and analyze the former research fruits according to the performance of asset reorganization and its affect factor.
Secondly, we clarify the motive and significance of this study and define its topic by analyzing the current internal and external situation of the performance of asset organization of listed companies.
Thirdly, we introduce the theory both the asset reorganization and performance of the theory; and we analyze the performance of asset reorganization and the restrict factors of it.
Through the research, we can see that the behavior of asset reorganization of listed companies hasn't improved the performance of listed companies in fact. We can also see that the changing of the first majority shareholder and the mode of reorganization are main factors impacting the performance of asset reorganization, while, the impact to the performance from affiliate transaction is significant. At last, it advances several suggestions to the research conclusion according to practice of asset reorganization of listed companies in China.
引文
[1]A.C.利特尔顿著,林志军,黄世忠译.会计理论结构[M].北京:中国商业出版社,1989.24
[2]Lev Baruch.On the Usefulness of Earnings and Earnings Research:Lessons and Directions from Two Decades of Empirical Research[J].Journal of Accounting Research Supplement,1989,27:153-192
[3]李丹.实证会计理论与资本市场.哈尔滨:东北林业大学出版社.2004.34,46
[4]Hendriksen E S.Accounting Theory[M],4th ed,Homewood,Ⅲ.:Richard D.Irwin,1982
[5]乔治·T·盖斯/乔治·S·盖斯著,蔡舜玉、丁惠民,张倩茜译《并购成长》,中国财政经济出版社,2002.5
[6]Polasky S,Mason C F.On the welfare effects of mergers:short run vs.long run[J].The Quarterly Review of Economics and Finance,1998,38(1):1-24
[7]上市公司收购管理办法[R].中国证监会,2002.12.1
[8]Robert Carleton,R.S.Ruback.The Market for Corporate Control:The Scientific Evidence.Journal of Financial Economics[J],1983.11(1),5-50
[9]Gregg A.Martin.The Returns to Acquiring Firms in Tender Offers:Evidence from Three Decades.Financial Management[J],1989(3),12-19
[10]Beaver W H.Financial Reporting:An Accounting Revolution[M],Englewood Cliffs,NJ:Prentice-Hall,1998
[11]Ball R,Brown P.An Empirical Evaluation of Accounting Income Numbers[J],Journal of Accounting Research,1968,6:159-178
[12]Beaver W.The Information Content of Annual Earnings Announcements[J],Journal of Accounting Research Supplement,1968,6:67-92
[13]Edwards E O,P W Bell.The Theory and Measurement of Business Income[M].Berkeley:University of California Press,1961
[14]殷醒民:《公司并购的金融经济学解释》,上海财经大学出版社,1999
[15]冯西桥.Modigliani F,M H Miller.The Cost of Capital,Corporation Finance and the Theory of Investment[J].American Economic Review,1958,48:261-297
[16]Agrawal,Queen.The post-merger performance of Acquiring Firms:A re-examination of Anomaly.Journal of Finance[J],1989.47,1605-1621
[17]J.Healy.Weston,Palepu.Mergers,Restructuring and Corporate Control,Prentice Hall Englewood Cliffs,New Jersey[J],1997,176-198
[18]Eckbo.R.J.Corporate Mergers and Shareholder Wealth Effects.Accounting and Business Research[J],1991.27(1),109-129
[19]Beaver W,Lamber R,Morse D.The Information Content of Security Prices:a second look[J].Journal of Accounting and Economics,1980,(2):3-28
[20]Beaver W,Griffin,Landsman.The Incremental Information Content of Replacement Cost Earnings[J].JournalofAccounting and Economics,1982,4:15-39
[21]Rayburn J.The association of Operating Cash Flow And Accruals With Security Returns[J],Journal of Accounting Research Supplement,1986,24:112-133
[22]刘骏:《论公司并购中的管理者动机》,《当代财经》1999.10
[23]Kormendi R,Lipe R.Earnings Innovations,Earnings Persistence and Stock Returns[J].Journal of Business,1987,60:323-345
[24]Easton P,Zmijewski M.Cross-Sectional Variation in the Stock Market Response to Accounting Earnings Announcement[J].Journal of Accounting and Economics,1989.11:117-141
[25]张颖.成长性、成熟性和衰退性行业上市公司并购绩效的实证分析.中国工业经济[J],1997(8).65-72
[26]李匆,韩慧君,1999年中国上市公司并购事件的效应分析,经济研究[J],2002.11,20-26
[27]何丹.并购重组是否创造价值.经济研究[J].2002.6,1-10
[28]于浩州.我国上市公司并购支付方式的案例研究.经济研究[J],2004.1,54-61
[29]赵郁.上市公司并购支付方式及融资方式.经济管理新管理[J],2005.14,2-6
[30]陈健,席西民.并购支付方式的实证研究.管理世界[J],2005.2,15-20
[31]郭东强,王志红:《公司兼并方式选择的数学模型》,《技术经济与管理研究》,2000
[32]Board J L,Day J F.The Information Content of UK Cash Flow Figures[J].Accounting and Business Research.1989.20(77):3-11
[33]Dechow P.Accounting Earnings and Cash Flows as Measures of Firm Performance:The Role of Accounting Accruals[J].Journal of Accounting and Economics,1994,8:3-42
[34]何红渠等:《公司并购的理论探源》,《技术经济》1999.6
[35]Guay W R,Sidhu B K.The Usefulness of Long-Term Accruals[J].ABACUS,2001,37:110-131
[36]In-Mu Haw,Daqing Qi,Woody Wu.The Nature of Information in Accrnals and Cash Flows in an Emerging Capital Market:The Case of China[J].The International Journal of Accounting,2001,36:391-407
[37]赵宇龙.会计盈余披露的信息含量—来自上海股市的经验证据[J],经济研究,1998,7:41-49
[38]陈晓,陈小悦,刘钊.A股盈余报告的有用性研究—来自上海、深圳股市的实证证据[J],经济研究,1999,6:21-28
[39]Anup Agrawal,Jeffrey F.Jeffe,and Gershon N.Mandelker:The Post-Merger Performance of Acquiring Firms:A Reexamination of an Anomaly,Journal of Finance,47,September,1992
[40]孙黎:《公司收购战略》,中国经济出版社,1996
[41]Lafont.J.and Tirole.J.:" A Theory of incentives In Procurement and Regulation",Cambridge.The MIF Press.1993
[42]刘冰一:《公司并购有关问题研究》,《冶金经济与管理》1999,3
[43]王裕明:《公司并购得财务学思考》,《财会月刊》2000(22)
[44]International Financing Review:Mergers and Acquisitions,the Complete Guide to Principles and Practice.Published by Gee & Co.1989
[45]冯根福,吴林江:《我国上市公司并购绩效的实证研究》,《经济研究》2001
[46]席彦群、岳松:《公司并购于资源配置》,东北财经大学出版社,2001,6
[47]Lafont.J.,Tirole.J.A Theory of incentives In Procurement and Regulation.Cambridge,The MIF Press.[J],1993,544
[48]干春晖.并购经济学.清华大学出版社[M],2004
[49]曹永刚.并购策略-国际企业兼并收购大案透析.东北财经大学出版社[M],1998
[50]王巍,李曙光等.管理者收购从经理到股东.中国人民大学出版社[M],1999
[51]王一.企业并购理论及其在中国的应用.上海复旦大学出版社[M],2000
[52]美约瑟夫、克拉林格.兼并与收购交易管理 中文1版.中国人民大学出版社[M],2000
[2]Lev Baruch.On the Usefulness of Earnings and Earnings Research:Lessons and Directions from Two Decades of Empirical Research[J].Journal of Accounting Research Supplement,1989,27:153-192
[3]李丹.实证会计理论与资本市场.哈尔滨:东北林业大学出版社.2004.34,46
[4]Hendriksen E S.Accounting Theory[M],4th ed,Homewood,Ⅲ.:Richard D.Irwin,1982
[5]乔治·T·盖斯/乔治·S·盖斯著,蔡舜玉、丁惠民,张倩茜译《并购成长》,中国财政经济出版社,2002.5
[6]Polasky S,Mason C F.On the welfare effects of mergers:short run vs.long run[J].The Quarterly Review of Economics and Finance,1998,38(1):1-24
[7]上市公司收购管理办法[R].中国证监会,2002.12.1
[8]Robert Carleton,R.S.Ruback.The Market for Corporate Control:The Scientific Evidence.Journal of Financial Economics[J],1983.11(1),5-50
[9]Gregg A.Martin.The Returns to Acquiring Firms in Tender Offers:Evidence from Three Decades.Financial Management[J],1989(3),12-19
[10]Beaver W H.Financial Reporting:An Accounting Revolution[M],Englewood Cliffs,NJ:Prentice-Hall,1998
[11]Ball R,Brown P.An Empirical Evaluation of Accounting Income Numbers[J],Journal of Accounting Research,1968,6:159-178
[12]Beaver W.The Information Content of Annual Earnings Announcements[J],Journal of Accounting Research Supplement,1968,6:67-92
[13]Edwards E O,P W Bell.The Theory and Measurement of Business Income[M].Berkeley:University of California Press,1961
[14]殷醒民:《公司并购的金融经济学解释》,上海财经大学出版社,1999
[15]冯西桥.Modigliani F,M H Miller.The Cost of Capital,Corporation Finance and the Theory of Investment[J].American Economic Review,1958,48:261-297
[16]Agrawal,Queen.The post-merger performance of Acquiring Firms:A re-examination of Anomaly.Journal of Finance[J],1989.47,1605-1621
[17]J.Healy.Weston,Palepu.Mergers,Restructuring and Corporate Control,Prentice Hall Englewood Cliffs,New Jersey[J],1997,176-198
[18]Eckbo.R.J.Corporate Mergers and Shareholder Wealth Effects.Accounting and Business Research[J],1991.27(1),109-129
[19]Beaver W,Lamber R,Morse D.The Information Content of Security Prices:a second look[J].Journal of Accounting and Economics,1980,(2):3-28
[20]Beaver W,Griffin,Landsman.The Incremental Information Content of Replacement Cost Earnings[J].JournalofAccounting and Economics,1982,4:15-39
[21]Rayburn J.The association of Operating Cash Flow And Accruals With Security Returns[J],Journal of Accounting Research Supplement,1986,24:112-133
[22]刘骏:《论公司并购中的管理者动机》,《当代财经》1999.10
[23]Kormendi R,Lipe R.Earnings Innovations,Earnings Persistence and Stock Returns[J].Journal of Business,1987,60:323-345
[24]Easton P,Zmijewski M.Cross-Sectional Variation in the Stock Market Response to Accounting Earnings Announcement[J].Journal of Accounting and Economics,1989.11:117-141
[25]张颖.成长性、成熟性和衰退性行业上市公司并购绩效的实证分析.中国工业经济[J],1997(8).65-72
[26]李匆,韩慧君,1999年中国上市公司并购事件的效应分析,经济研究[J],2002.11,20-26
[27]何丹.并购重组是否创造价值.经济研究[J].2002.6,1-10
[28]于浩州.我国上市公司并购支付方式的案例研究.经济研究[J],2004.1,54-61
[29]赵郁.上市公司并购支付方式及融资方式.经济管理新管理[J],2005.14,2-6
[30]陈健,席西民.并购支付方式的实证研究.管理世界[J],2005.2,15-20
[31]郭东强,王志红:《公司兼并方式选择的数学模型》,《技术经济与管理研究》,2000
[32]Board J L,Day J F.The Information Content of UK Cash Flow Figures[J].Accounting and Business Research.1989.20(77):3-11
[33]Dechow P.Accounting Earnings and Cash Flows as Measures of Firm Performance:The Role of Accounting Accruals[J].Journal of Accounting and Economics,1994,8:3-42
[34]何红渠等:《公司并购的理论探源》,《技术经济》1999.6
[35]Guay W R,Sidhu B K.The Usefulness of Long-Term Accruals[J].ABACUS,2001,37:110-131
[36]In-Mu Haw,Daqing Qi,Woody Wu.The Nature of Information in Accrnals and Cash Flows in an Emerging Capital Market:The Case of China[J].The International Journal of Accounting,2001,36:391-407
[37]赵宇龙.会计盈余披露的信息含量—来自上海股市的经验证据[J],经济研究,1998,7:41-49
[38]陈晓,陈小悦,刘钊.A股盈余报告的有用性研究—来自上海、深圳股市的实证证据[J],经济研究,1999,6:21-28
[39]Anup Agrawal,Jeffrey F.Jeffe,and Gershon N.Mandelker:The Post-Merger Performance of Acquiring Firms:A Reexamination of an Anomaly,Journal of Finance,47,September,1992
[40]孙黎:《公司收购战略》,中国经济出版社,1996
[41]Lafont.J.and Tirole.J.:" A Theory of incentives In Procurement and Regulation",Cambridge.The MIF Press.1993
[42]刘冰一:《公司并购有关问题研究》,《冶金经济与管理》1999,3
[43]王裕明:《公司并购得财务学思考》,《财会月刊》2000(22)
[44]International Financing Review:Mergers and Acquisitions,the Complete Guide to Principles and Practice.Published by Gee & Co.1989
[45]冯根福,吴林江:《我国上市公司并购绩效的实证研究》,《经济研究》2001
[46]席彦群、岳松:《公司并购于资源配置》,东北财经大学出版社,2001,6
[47]Lafont.J.,Tirole.J.A Theory of incentives In Procurement and Regulation.Cambridge,The MIF Press.[J],1993,544
[48]干春晖.并购经济学.清华大学出版社[M],2004
[49]曹永刚.并购策略-国际企业兼并收购大案透析.东北财经大学出版社[M],1998
[50]王巍,李曙光等.管理者收购从经理到股东.中国人民大学出版社[M],1999
[51]王一.企业并购理论及其在中国的应用.上海复旦大学出版社[M],2000
[52]美约瑟夫、克拉林格.兼并与收购交易管理 中文1版.中国人民大学出版社[M],2000