2005年中国上市公司并购绩效实证研究
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摘要
并购重组在我国证券市场上愈演愈烈,公司并购重组的根本目的是有效地配置资源,实现公司价值地增加。并购重组可以引起上市公司股价的变化,因而引起企业价值的变化,2005年6月6日我国上证指数跌破1000点,跌至998.23点,又回到8年前的起点。国内证券市场处于最低迷的状态之中,沪、深两市参与者极少,交易极度萎缩,80%的投资者被套达4年之久,场外资金处于观望状态中,迟迟不肯入市,整个市场(A股)每日交易量不足百亿,在这种市场环境下,并购重组是否会给并购企业带来价值增加,是值得探讨研究的课题。本文采用事件研究法、会计研究法(财务指标研究法),对2005年我国证券市场沪、深两市587个并购公司、752起并购重组事件进行实证研究,研究发现:在事件期(-49,40)日内,并购活动使并购公司的企业价值得到增加,并购公司在事件期内累积平均超常收益率CAR平均值为0.5721%,说明并购活动使企业价值增加0.5721%;收购公司在事件期内累积平均超常收益率CAR平均值为0.641%,目标公司在事件期内累积平均超常收益率CAR平均值为0.5078%,收购公司CAR均值高于目标公司CAR均值,多出幅度为0.1332%;不同行业在事件期内CAR均值不同,并购重组给制造业公司、房地产业公司及综合类行业公司分别带来0.4112%、0.6762%、0.364%的价值增加;在较长的考察期(一年以上)内,并购公司的财务状况在并购当年有一定程度的下滑,但在并购第二年财务状况有明显地改善;在影响并购绩效变化的因素中,并购类型、行业、股权结构(控股股东类型)、处在市场涨跌期不同阶段的并购及多次并购对企业价值有一定的影响。
The Mergers and Acquisitions have been expanding significantly on China’s stock market in recent years. The ultimate purpose of M&A is to allocate the resources effectively in order to increase company value. The M&A will change listed company’s share price and influence company value. On June 6th,2005,Shanghai composite stock index dropped below the 1,000-point level and fell to 998.23 points,returning to the starting point of 8 years before. During the whole year of 2005,China’s stock market was in a great depression which was worse than ever, investors in the Shanghai stock market and Shenzhen stock market were few and dealings shrunk,funds were in the state of wait-and-see,the average daily turnover was less than tens of billions RMB Yuan. In such market condition,whether M&A will bring value for companies is a subject worth studying. Adopting the Event Method and Accounting Method (Financial Indicators Method),this paper makes an empirical analysis of 752 M&A of 587 companies listed on Shanghai and Shenzhen stock market in 2005. The analysis indicates:within the event period (-49 days,40 days),M&A companies’values have been increased. The average CAR (Cumulative Abnormal Return) of M&A firms within the event period was 0.5721%;for acquiring firms and acquired firms,the average CAR were respectively 0.641% and 0.5078%;M&A in different industries show different average CAR within the event period,M&A brought a value gain of 0.4112% to the firms in the manufacture industry,a value gain of 0.6762% to the firms in the real estate industry,and a value gain of 0.364% to the firms of integrated industries; within a longer observation period(more than one year),the financial condition of M&A companies showed a certain degree of decline in the first year yet an obvious improvement in the following year;among the factors that affect the M&A’s performance,the M&A type,M&A companies’industries , M&A companies’ownership structures ( controlling shareholders’types),stock market’s fluctuation and multi-merger have certain impacts on company value.
The Mergers and Acquisitions have been expanding significantly on China’s stock market in recent years. The ultimate purpose of M&A is to allocate the resources effectively in order to increase company value. The M&A will change listed company’s share price and influence company value. On June 6th,2005,Shanghai composite stock index dropped below the 1,000-point level and fell to 998.23 points,returning to the starting point of 8 years before. During the whole year of 2005,China’s stock market was in a great depression which was worse than ever, investors in the Shanghai stock market and Shenzhen stock market were few and dealings shrunk,funds were in the state of wait-and-see,the average daily turnover was less than tens of billions RMB Yuan. In such market condition,whether M&A will bring value for companies is a subject worth studying. Adopting the Event Method and Accounting Method (Financial Indicators Method),this paper makes an empirical analysis of 752 M&A of 587 companies listed on Shanghai and Shenzhen stock market in 2005. The analysis indicates:within the event period (-49 days,40 days),M&A companies’values have been increased. The average CAR (Cumulative Abnormal Return) of M&A firms within the event period was 0.5721%;for acquiring firms and acquired firms,the average CAR were respectively 0.641% and 0.5078%;M&A in different industries show different average CAR within the event period,M&A brought a value gain of 0.4112% to the firms in the manufacture industry,a value gain of 0.6762% to the firms in the real estate industry,and a value gain of 0.364% to the firms of integrated industries; within a longer observation period(more than one year),the financial condition of M&A companies showed a certain degree of decline in the first year yet an obvious improvement in the following year;among the factors that affect the M&A’s performance,the M&A type,M&A companies’industries , M&A companies’ownership structures ( controlling shareholders’types),stock market’s fluctuation and multi-merger have certain impacts on company value.
引文
① 全球并购研究中心主编,2006 年《中国并购报告》,人民邮电出版社,第 149 页。
③ 《中国并购报告》2006 年版,人民邮电出版社,第 2 页。
①上海国有资产监督管理委员会编,2006 年《并购与重组》,上海财经大学出版社,第 13 页。
②上海国有资产监督管理委员会编,2006 年《并购与重组》,上海财经大学出版社,第 21 页。
③ 参见浙江大学课题组,“中国上市公司并购动机、治理因素分析”,上证联合研究课题成果,《中国证券报》2003 年 4 月 29 日。
① J.弗雷德.威斯通,1998 年《兼并、重组与公司控制》,北京:经济科学出版社,第 196 页。
② 朱武祥,蒋殿春,张新,2005 年《中国公司金融学》,上海三联书店,第 552 页。
③ 刘波,1997,《中国证券市场实证分析》,学林出版社。
(1) 陈慧琴:《中国上市公司资产重组问题研究》,上海财经大学出版社,2005年。
(2) 陈信元、张田余:《资产重组的市场反应》,经济研究,1999 年第 9 期。
(3) 董力为:《企业并购会计问题研究》,首都经济贸易大学出版社,2003 年。
(4) 樊行键:《上市公司财务经济分析理论与实证》,西南财经大学出版社,2006年。
(5) 冯根福、吴林江:《我国上市公司并购绩效的实证》,经济研究,2001 年第 1 期。
(6) 胡罡:《企业并购与资产重组理论研究》,国防科技大学出版社,2003 年。
(7) 李春玲、丁新娅:《并购的效应》,中国人民大学出版社,2006 年。
(8) 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 11 期。
(9) 李善民、曾昭灶:《中国上市公司并购与重组的实证研究》当代经济出版社,2003年。
(10)李曜:《公司并购与重组导论》,上海财经大学出版社,2006 年。
(11)李忠波:《企业财务报表分析》,科学出版社,2005 年。
(12)全球并购研究中心:《中国并购报告》,人民邮电出版社,2006 年。
(13)孙涛:《公司并购》经济管理出版社,2005 年。
(14)王晋勇:《上市公司并购刨析》,经济科学出版社,2004 年。
(15)王铁锋:《中国并购分析及价值创造》,经济科学出版社,2004 年。
(16)王巍、康荣平:《中国并购报告》中国物资出版社,2001 年。
(17)徐波:《第五次企业购并浪潮及对我国经济影响的研究》,中国商务出版社,2004 年。
(18)薛斐:《公司金融》,立信会计出版社,2005 年。
(19)于春辉:《并购实物》,清华大学出版社,2004 年。
(20)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。
(21)余力、刘英:《中国上市公司并购绩效的实证分析》当代经济科学,2004年 7 月,第 26 卷第 4 期。
(22)朱武祥、蒋殿春、张新:《中国公司金融学》,上海三联书店,2005年。
(23)张新:《并购重组是否创造价值?》经济研究,2003年第6期。
(1) Agrawal, A. , J. F. Jaffe and Gershon. N. Mandelker, 1992, The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly, Journal of Finance47: 1605-1621.
(2) Bruner R. , 2002, Does M&A pay? A survey of evidence for the decision-maker, Journal of Applied Finance 12: 48-68.
(3) Clark, K. , and E. Ofek, 1994, Mergers as a means of restructuring distressed firms: an empirical investigation. Journal of Financial and Quantitative Analysis, December: 541-565.
(4) Datta D. K. , G. .E. Pinches and V. K. Narayanan, 1992, Factors Influencing Wealth Creation from Mergers and Acquisitions : A Meta-Analysis, Strategic Management Journa13: 67-86.
(5) Dodd P. and R. Ruback, 1977, Tender offers and stockholder returns: An empirical analysis, Journal of Financial Economics 5: 351-374.
(6) Gillan, stuart L. , John W. Kensinger, John D. Martin. 2000. Value creation and corporate diversification: the case of sears, Roebuck & Co. Journal of Financial Economics 55: 103-137.
(7) Healy, Paul M. , Krrishna G. Palepu, and Richard S. Ruback. 1992, Does Corporate Performance Improve After Mergers? Journal of Financial Economics 31: 135-175.
(8) Jarrell, G. A. , J. A. Brickley and J. M. Netter, The Market for Corporate Control: The Empirical Evidence Since 1980 (J), Journal of Economic Perspective 2. 1988.
(9) Jensen, M. C. and R. S. Ruback, 1983, The market for Corporate Control: The Scientific Evidence. Journal of Financial Economics 11: 5-50.
(10)Leeth, J. D, and J. R. Borg, 2000. The Impact of Takeovers on Shareholder Wealth during the 1920’s Merger Wave, Journal of Financial and Quantitative Analysis, 35(2).
(11)Meeks G. 1997, Disappointing Marriage: A Study of the Gains From Merger, Cambridge: Cambridge University Press.
(12)Mueller D. 1980, The Determinants and Effects of Mergers: An International Comparison, Cambridge: Oelgeschlager, Gunn & Hain.
(13)Murlherin, J. Harold, and Audra L. Boone. 2000. Comparing acquisitions and divestitures. Journal of Corporate Finance 6: 117-139.
(14)Poon. Winnie, P. H. 1999. The effects of corporate mergers and acquisitions on shareholder wealth: Recent experience in China, Working Paper, Lingnan College, Hongkong.
(15)Schwert G. W. 1996, Mardup Pricing in Mergers and Acquisitions, Journal of Financial Economics 41:153-162.
③ 《中国并购报告》2006 年版,人民邮电出版社,第 2 页。
①上海国有资产监督管理委员会编,2006 年《并购与重组》,上海财经大学出版社,第 13 页。
②上海国有资产监督管理委员会编,2006 年《并购与重组》,上海财经大学出版社,第 21 页。
③ 参见浙江大学课题组,“中国上市公司并购动机、治理因素分析”,上证联合研究课题成果,《中国证券报》2003 年 4 月 29 日。
① J.弗雷德.威斯通,1998 年《兼并、重组与公司控制》,北京:经济科学出版社,第 196 页。
② 朱武祥,蒋殿春,张新,2005 年《中国公司金融学》,上海三联书店,第 552 页。
③ 刘波,1997,《中国证券市场实证分析》,学林出版社。
(1) 陈慧琴:《中国上市公司资产重组问题研究》,上海财经大学出版社,2005年。
(2) 陈信元、张田余:《资产重组的市场反应》,经济研究,1999 年第 9 期。
(3) 董力为:《企业并购会计问题研究》,首都经济贸易大学出版社,2003 年。
(4) 樊行键:《上市公司财务经济分析理论与实证》,西南财经大学出版社,2006年。
(5) 冯根福、吴林江:《我国上市公司并购绩效的实证》,经济研究,2001 年第 1 期。
(6) 胡罡:《企业并购与资产重组理论研究》,国防科技大学出版社,2003 年。
(7) 李春玲、丁新娅:《并购的效应》,中国人民大学出版社,2006 年。
(8) 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 11 期。
(9) 李善民、曾昭灶:《中国上市公司并购与重组的实证研究》当代经济出版社,2003年。
(10)李曜:《公司并购与重组导论》,上海财经大学出版社,2006 年。
(11)李忠波:《企业财务报表分析》,科学出版社,2005 年。
(12)全球并购研究中心:《中国并购报告》,人民邮电出版社,2006 年。
(13)孙涛:《公司并购》经济管理出版社,2005 年。
(14)王晋勇:《上市公司并购刨析》,经济科学出版社,2004 年。
(15)王铁锋:《中国并购分析及价值创造》,经济科学出版社,2004 年。
(16)王巍、康荣平:《中国并购报告》中国物资出版社,2001 年。
(17)徐波:《第五次企业购并浪潮及对我国经济影响的研究》,中国商务出版社,2004 年。
(18)薛斐:《公司金融》,立信会计出版社,2005 年。
(19)于春辉:《并购实物》,清华大学出版社,2004 年。
(20)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。
(21)余力、刘英:《中国上市公司并购绩效的实证分析》当代经济科学,2004年 7 月,第 26 卷第 4 期。
(22)朱武祥、蒋殿春、张新:《中国公司金融学》,上海三联书店,2005年。
(23)张新:《并购重组是否创造价值?》经济研究,2003年第6期。
(1) Agrawal, A. , J. F. Jaffe and Gershon. N. Mandelker, 1992, The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly, Journal of Finance47: 1605-1621.
(2) Bruner R. , 2002, Does M&A pay? A survey of evidence for the decision-maker, Journal of Applied Finance 12: 48-68.
(3) Clark, K. , and E. Ofek, 1994, Mergers as a means of restructuring distressed firms: an empirical investigation. Journal of Financial and Quantitative Analysis, December: 541-565.
(4) Datta D. K. , G. .E. Pinches and V. K. Narayanan, 1992, Factors Influencing Wealth Creation from Mergers and Acquisitions : A Meta-Analysis, Strategic Management Journa13: 67-86.
(5) Dodd P. and R. Ruback, 1977, Tender offers and stockholder returns: An empirical analysis, Journal of Financial Economics 5: 351-374.
(6) Gillan, stuart L. , John W. Kensinger, John D. Martin. 2000. Value creation and corporate diversification: the case of sears, Roebuck & Co. Journal of Financial Economics 55: 103-137.
(7) Healy, Paul M. , Krrishna G. Palepu, and Richard S. Ruback. 1992, Does Corporate Performance Improve After Mergers? Journal of Financial Economics 31: 135-175.
(8) Jarrell, G. A. , J. A. Brickley and J. M. Netter, The Market for Corporate Control: The Empirical Evidence Since 1980 (J), Journal of Economic Perspective 2. 1988.
(9) Jensen, M. C. and R. S. Ruback, 1983, The market for Corporate Control: The Scientific Evidence. Journal of Financial Economics 11: 5-50.
(10)Leeth, J. D, and J. R. Borg, 2000. The Impact of Takeovers on Shareholder Wealth during the 1920’s Merger Wave, Journal of Financial and Quantitative Analysis, 35(2).
(11)Meeks G. 1997, Disappointing Marriage: A Study of the Gains From Merger, Cambridge: Cambridge University Press.
(12)Mueller D. 1980, The Determinants and Effects of Mergers: An International Comparison, Cambridge: Oelgeschlager, Gunn & Hain.
(13)Murlherin, J. Harold, and Audra L. Boone. 2000. Comparing acquisitions and divestitures. Journal of Corporate Finance 6: 117-139.
(14)Poon. Winnie, P. H. 1999. The effects of corporate mergers and acquisitions on shareholder wealth: Recent experience in China, Working Paper, Lingnan College, Hongkong.
(15)Schwert G. W. 1996, Mardup Pricing in Mergers and Acquisitions, Journal of Financial Economics 41:153-162.