我国上市公司并购类型与绩效的相关性分析
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摘要
近年来,并购已经成为现代企业发展的主要形式,是企业实现超常规发展和提升业绩的重要途径,在企业发展战略中具有重要的地位。随着医药行业的不断发展,以并购为特征的医药行业的重组也得到了迅速发展。为了了解医药行业的并购现状,分析医药行业并购与绩效的关系,本文以发生并购的医药行业为研究对象,分析其并购动因,探索其并购方法和并购绩效,并针对实证结果提出相应的政策建议。
本文在综述企业并购相关理论的基础上,回顾国内外并购的研究成果,结合医药行业并购的发展过程和特点,分析适合我国医药行业并购的内外部动因。文章以沪深两市A股2002年—2006年发生相关并购和多元化并购的133家医药上市公司为分析对象,在控制公司规模、公司成立年限等因素的基础上,提出并购类型和并购绩效之间相关性的假设,构建并购类型对企业绩效影响的实证模型。通过整理这些公司从并购前一年到并购后三年共五年的财务绩效指标,对相关数据进行定量化的统计分析和多元回归,最后得出以下结论:
一、相关并购和多元化并购对企业绩效的影响存在较为显著的差异。
二、在并购当年、并购后一年和并购后两年,发生相关并购的企业绩效有所提高,并购后三年绩效出现下降,但是和并购之前相比企业的整体绩效上升;进行多元化并购的企业虽然在并购当年绩效得到提高,但是并购的长期绩效并不理想,和并购之前相比绩效反而下降即出现了折价效应。从总体上说,相关并购在短期内能够提升企业的绩效,而多元化并购对绩效产生负面影响,说明目前我国医药公司的并购并没有取得理想中较好的回报,并购之后的整合还需要进一步加强。
本文运用规范研究和实证研究相结合的方法,对我国医药类上市公司的并购活动的相关问题进行了研究与分析,旨在为我国医药企业的并购行为提供理论支持和实践指导,为医药行业未来的并购决策和发展提供参考。
In recent years, Merger and Acquisition(M&A) activities has become the main form of development of modern corporation and important way of supernormal development and improving performance ,thus it has played a vital part in the strategy of enterprise’s development, Along with the continuous development of medicine industry, Merger & Acquisition of pharmaceutical industry development rapidly. In order to understand current situation of M&A and analyze the relationship between merger acquisition and performance of the pharmaceutical industry, this paper takes the company who occurs merger as the research object, analyzes its M&A motivation, explore the method and performance of merger & acquisition, and in the light of the empirical results to put forward the corresponding policy.
The paper bases on the correlated theories of merger, reviews the research achievements of merger & acquisition both at home and abroad, combines pharmaceutical industry development process and characteristics of mergers and acquisitions, in order to analysis the internal and external causes of M&A in our pharmaceutical industry. The paper analysis the action of correlate and diversification M&A, collecting and cleaning up 133 listed medical M&A issues during 2002 to 2006 from Hu, Shen stock market, the paper control company scale、the company set up fixed number of year and other factors, then proposed the correlation assumption between merger type and corporate performance, constructed merger types on corporate performance influence of empirical model. Through sorting these companies financial performance index from one year before the M&A to three years after the M&A, after quantitative statistical analysis and multiple regression these relevant date and finally reach the following conclusions:
First, the impact on the performance of the correlation and diversification is very different.
Second, from that year to two years after merger and acquisition , corporate performance who occurs relevant merger improved, although performance decline at three year after M&A, overall performance is good than it before M&A. Diversification can improve the performance at the year of M&A, but long-term performance is not good, it appeared discount effect. Relevant M&A can improve corporate performance in short term while diversified M&A negative impact on performance. It is enough to indicate that M&A of our medical industry won’t obtain better performance, integration should be strengthened after merger and acquisition.
By comprehensive use the normative research and empirical studies method, studied and analyzed the related issues on our medical industry’s action of M&A. Thus ,it will propose the theoretical support and guidance for the medical industry and provide the purpose reference for pharmaceutical enterprise’s mergers and acquisitions in the future.
本文在综述企业并购相关理论的基础上,回顾国内外并购的研究成果,结合医药行业并购的发展过程和特点,分析适合我国医药行业并购的内外部动因。文章以沪深两市A股2002年—2006年发生相关并购和多元化并购的133家医药上市公司为分析对象,在控制公司规模、公司成立年限等因素的基础上,提出并购类型和并购绩效之间相关性的假设,构建并购类型对企业绩效影响的实证模型。通过整理这些公司从并购前一年到并购后三年共五年的财务绩效指标,对相关数据进行定量化的统计分析和多元回归,最后得出以下结论:
一、相关并购和多元化并购对企业绩效的影响存在较为显著的差异。
二、在并购当年、并购后一年和并购后两年,发生相关并购的企业绩效有所提高,并购后三年绩效出现下降,但是和并购之前相比企业的整体绩效上升;进行多元化并购的企业虽然在并购当年绩效得到提高,但是并购的长期绩效并不理想,和并购之前相比绩效反而下降即出现了折价效应。从总体上说,相关并购在短期内能够提升企业的绩效,而多元化并购对绩效产生负面影响,说明目前我国医药公司的并购并没有取得理想中较好的回报,并购之后的整合还需要进一步加强。
本文运用规范研究和实证研究相结合的方法,对我国医药类上市公司的并购活动的相关问题进行了研究与分析,旨在为我国医药企业的并购行为提供理论支持和实践指导,为医药行业未来的并购决策和发展提供参考。
In recent years, Merger and Acquisition(M&A) activities has become the main form of development of modern corporation and important way of supernormal development and improving performance ,thus it has played a vital part in the strategy of enterprise’s development, Along with the continuous development of medicine industry, Merger & Acquisition of pharmaceutical industry development rapidly. In order to understand current situation of M&A and analyze the relationship between merger acquisition and performance of the pharmaceutical industry, this paper takes the company who occurs merger as the research object, analyzes its M&A motivation, explore the method and performance of merger & acquisition, and in the light of the empirical results to put forward the corresponding policy.
The paper bases on the correlated theories of merger, reviews the research achievements of merger & acquisition both at home and abroad, combines pharmaceutical industry development process and characteristics of mergers and acquisitions, in order to analysis the internal and external causes of M&A in our pharmaceutical industry. The paper analysis the action of correlate and diversification M&A, collecting and cleaning up 133 listed medical M&A issues during 2002 to 2006 from Hu, Shen stock market, the paper control company scale、the company set up fixed number of year and other factors, then proposed the correlation assumption between merger type and corporate performance, constructed merger types on corporate performance influence of empirical model. Through sorting these companies financial performance index from one year before the M&A to three years after the M&A, after quantitative statistical analysis and multiple regression these relevant date and finally reach the following conclusions:
First, the impact on the performance of the correlation and diversification is very different.
Second, from that year to two years after merger and acquisition , corporate performance who occurs relevant merger improved, although performance decline at three year after M&A, overall performance is good than it before M&A. Diversification can improve the performance at the year of M&A, but long-term performance is not good, it appeared discount effect. Relevant M&A can improve corporate performance in short term while diversified M&A negative impact on performance. It is enough to indicate that M&A of our medical industry won’t obtain better performance, integration should be strengthened after merger and acquisition.
By comprehensive use the normative research and empirical studies method, studied and analyzed the related issues on our medical industry’s action of M&A. Thus ,it will propose the theoretical support and guidance for the medical industry and provide the purpose reference for pharmaceutical enterprise’s mergers and acquisitions in the future.
引文
①上交所、中国资产评估协会联合课题组.上市公司2009年度并购重组资产评估专题分析报告. 2010-4-15
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④王北辰,《现代企业经营与发展战略》,经济管理出版社,1987,323
⑤Robert.F.Bruner. Does M&A Pay A Survey of Evidence for the Decision-Maker[J].University of Viginia working paper. 2001
⑥刘平.国外企业并购绩效及市政研究评述.外国经济与管理,2002,(7):28‐33
⑦冯福根,吴林江.我国上市公司并购绩效的实证研究[J].经济研究,2001,(1):54-68
⑧王跃兴.我国医药行业重组的动因、特征和趋势分析.经济理论与经济管理,2004(2):22‐26
⑨张小倩.企业并购绩效的实证研究[J].消费导刊. 2009(2)
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④王北辰,《现代企业经营与发展战略》,经济管理出版社,1987,323
⑤Robert.F.Bruner. Does M&A Pay A Survey of Evidence for the Decision-Maker[J].University of Viginia working paper. 2001
⑥刘平.国外企业并购绩效及市政研究评述.外国经济与管理,2002,(7):28‐33
⑦冯福根,吴林江.我国上市公司并购绩效的实证研究[J].经济研究,2001,(1):54-68
⑧王跃兴.我国医药行业重组的动因、特征和趋势分析.经济理论与经济管理,2004(2):22‐26
⑨张小倩.企业并购绩效的实证研究[J].消费导刊. 2009(2)
[1]陈信元,张田余.资产重组的市场效应[J].经济研究,1999,9(3)
[2]陈善朴.企业并购绩效研究[J].现代商贸工业,2010,1(1)
[3]陈昆玉,王跃堂.国有控股上市公司控制权转移对经营绩效的影响—来自中国A股市场的经验证据[J].经济与管理研究,2006,10(7)
[4]邓海云.《如何应对全球跨国并购浪潮》[N].光明日报,2003.11.10
[5]范从来,袁静.成长性、成熟性和衰退性产业上市公司并购绩效的实证分析[J].中国工业经济,2002,8(6)
[6]弗雷德·威斯通,苏珊:E侯格,郑光.兼并、重组与公司控制[M],北京:经济科学出版社,1998
[7]冯福根,吴林江.我国上市公司并购绩效的实证研究[J].经济研究,2001,1(4)
[8]方芳,闫晓彤.中国上市公司并购绩效分析[J].金融时报,2002
[9]郭来生.1998年沪深上市公司资产重组绩效实证分析[J].大鹏证券研究所研究报告,1999
[10]高见.中国证券市场资产重组效应分析[J].经济科学,2000,1(9)
[11]关超,段进东.我国医药上市公司并购绩效实证研究[J].金融经济
[12]何晓莹,牛霞.中国医药上市公司并购绩效分析[ J ] .经济研究导刊,2009,15(11)
[13]胡怡.中国医药行业并购绩效研究[D].上海:东华大学,2006
[14]江根福.我国上市公司多元化战略与绩效关系实证研究[J].西安理工大学,2007,3(1)
[15]李善民,陈玉罡.上市公司兼并与收购的财富效应[J].经济研究,2002,11(15)
[16]李善民,朱滔.中国上市公司并购的长期绩效[J].中山大学学报,2005,5(16)
[17]李善民.资产重组的性质与制度的关联性分析[J].经济与管理研究,2005,6
[18]李志刚,陈守东.我国上市公司并购绩效分析[J].税务与经济,2008,5(23)
[19]雷辉,陈收.基于长期超额收益率的不同资产重组方式绩效实证研究[J].财经理论与实践,2006,9(17)
[20]马治勇.医药上市公司并购绩效的实证研究[J].哈尔滨商业大学学报, 2009,5(38)
[21]邱岚,王一涛.我国医药行业上市公司并购绩效的实证研究[J].中国药房,2006,19(27)
[22]沈艺峰,贺颖奇.企业并购分析[M].北京:中国对外经济贸易出版社,1998,238
[23]上交所、中国资产评估协会联合课题组.上市公司2009年度并购重组资产评估专题分析报告. 2010-4-15
[24]王北辰.现代企业经营与发展战略[M].北京:经济管理出版社,1987
[25]王宏利.企业并购绩效与目标公司选择—企业财务会计实证模型应用[M].北京:中国财政经济出版社,2005
[26]黄旭,史锐.制造业上市公司并购:绩效分析与政策建议[J].财经科学,2007,11(38)
[27]魏东.西方企业购并理论综述[J].世界经济研究,1996,5(25)
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