不同并购模式下的目标企业特征研究
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摘要
随着全球经济一体化进程的加快,国际化竞争日趋激烈,并购重组成为现代企业规避衰退风险、实现跨行业经营和飞跃式成长的重要手段,而如何完成一项并购交易,成功的关键在于准确识别与自身相匹配的目标公司。对于目标企业特征的研究,对推进和深化我国并购理论研究、加快我国企业的成长、提高并购效率和反并购效力,都有着重要的意义。
本文的基本思路如下:①对中西方企业并购历程、特点及相关研究情况进行简要的阐述与对比分析。公司并购的动机是非常复杂和各不相同的,正因为如此,才出现了不同时期并购浪潮中出现的各种并购类型,各个公司出于不同的动机,纷纷寻找着与其相匹配的目标公司,以获得预期的收益。可见,并购的动因、类型与目标企业特征相互联系,动因是二者的起点。所以,本文以并购动因的基础理论为出发点,对并购目标企业的特征进行理论分析,得到关于目标企业特征的变量;②以2006-2008年并购交易为样本,采用多元logistic回归模型进行实证分析,实证结果显示:1)当上游企业或下游企业与企业居于同一区域时,为达到降低交易成本的目的,易被纵向并购;2)为达到规模经济效益,目标企业成长能力越强,越易于被横向并购;3)股权现金流越大、盈利能力表现越弱的企业,越易于被混合并购,这与预期结果相反。因为在当前经济不景气的条件下,大部分企业盈利能力表现较弱,这样的企业可能存在隐秘资产,股权现金流是对企业潜在价值的重要衡量指标,帮助收购者识别目标公司,从而达到以较低的成本收购潜在价值较大的标的公司的目的;4)在当前产业结构调整时期,横向并购、纵向并购的发生与市场占有率无显著关系;③根据前文的理论研究与实证研究,提出选择目标公司的建议和对政府部门的建议。
希望本篇论文对目标公司特征的理论和实证研究有利于并购活动的进行,能够为选择目标公司提供依据和建议,也希望可以为今后的相关研究提供有用的信息。
Along with the accelerated process of global integration and the increasingly fierce international competition, M & A has become an important way for a modern enterprise to avoid the risk of declining、to realize the development rapidly and cross-industry business. And how to complete a deal successfully, the key to success is to accurately identify and select the adequate target company. Therefore, the research on the characters of the target company have important significance of the advancement and deepening of Chinese M&A Theoretical Study, accelerate the growth of Chinese enterprises and improve the effect of takeover and anti-takeover.
This article is organized as follows: firstly, the article describes the history、the features and related research of M&A that occurred in China and the West briefly. On the comparative analysis,it founds that the incentives to engage in acquisitions are complex and varied. therefore, there comes a variety of types of M & A in different wave of mergers and acquisitions occurred at different times. For the different incentives, different companies have to find a target matched with themselves in order to obtain the expected benefits. Can be seen that incentives and types of M&A, and characters of the target companies are interlinked. the incentives is starting point. Therefore, on the basic of motivation theories of mergers and acquisitions, it make a theoretical analysis of the characteristics of the target company, furthermore, obtains their characters variables. Secondly, taking the 2006-2008 M & A transactions as the example, it makes a empirical analysis by using multiple logistic regression model, and shows that: a. Usually, in order to reduce transaction costs, it is prone to vertical M & A when the upstream or downstream business reside with the buyer in the same zone; b. In order to achieve economies of scale, the ability of target company to grow stronger, the more prone to horizontal M&A; c. the greater the equity cash flow, the weaker profitability of the enterprise, the more easily be mixed M&A, which is opposite to the expected results. The reason is that most enterprises have the weak performance of the profitability on the ground of the current declining economic. But these kinds of enterprises may own hidden assets. Equity cash flow is an important measure instrument of business potential value to help buyers identify target company, so as to acquire the larger subject of the potential value of the company with low-cost. d. in the current period of industrial restructuring, both horizontal M&A and vertical M&A took place, and there was no significant relationship with the level of market share. At last, combining the above theory and the conclusion of the empirical research, this article puts forward some policy on how to choose reasonable targets for Chinese acquiring companies and gives some opinions on it to the government.
I really hope the theory and the positive research conclusion referred to in this article can improve choose of targets and can give some suggestions for the acquiring firms and stakeholder in making merger and acquisition decisions.
本文的基本思路如下:①对中西方企业并购历程、特点及相关研究情况进行简要的阐述与对比分析。公司并购的动机是非常复杂和各不相同的,正因为如此,才出现了不同时期并购浪潮中出现的各种并购类型,各个公司出于不同的动机,纷纷寻找着与其相匹配的目标公司,以获得预期的收益。可见,并购的动因、类型与目标企业特征相互联系,动因是二者的起点。所以,本文以并购动因的基础理论为出发点,对并购目标企业的特征进行理论分析,得到关于目标企业特征的变量;②以2006-2008年并购交易为样本,采用多元logistic回归模型进行实证分析,实证结果显示:1)当上游企业或下游企业与企业居于同一区域时,为达到降低交易成本的目的,易被纵向并购;2)为达到规模经济效益,目标企业成长能力越强,越易于被横向并购;3)股权现金流越大、盈利能力表现越弱的企业,越易于被混合并购,这与预期结果相反。因为在当前经济不景气的条件下,大部分企业盈利能力表现较弱,这样的企业可能存在隐秘资产,股权现金流是对企业潜在价值的重要衡量指标,帮助收购者识别目标公司,从而达到以较低的成本收购潜在价值较大的标的公司的目的;4)在当前产业结构调整时期,横向并购、纵向并购的发生与市场占有率无显著关系;③根据前文的理论研究与实证研究,提出选择目标公司的建议和对政府部门的建议。
希望本篇论文对目标公司特征的理论和实证研究有利于并购活动的进行,能够为选择目标公司提供依据和建议,也希望可以为今后的相关研究提供有用的信息。
Along with the accelerated process of global integration and the increasingly fierce international competition, M & A has become an important way for a modern enterprise to avoid the risk of declining、to realize the development rapidly and cross-industry business. And how to complete a deal successfully, the key to success is to accurately identify and select the adequate target company. Therefore, the research on the characters of the target company have important significance of the advancement and deepening of Chinese M&A Theoretical Study, accelerate the growth of Chinese enterprises and improve the effect of takeover and anti-takeover.
This article is organized as follows: firstly, the article describes the history、the features and related research of M&A that occurred in China and the West briefly. On the comparative analysis,it founds that the incentives to engage in acquisitions are complex and varied. therefore, there comes a variety of types of M & A in different wave of mergers and acquisitions occurred at different times. For the different incentives, different companies have to find a target matched with themselves in order to obtain the expected benefits. Can be seen that incentives and types of M&A, and characters of the target companies are interlinked. the incentives is starting point. Therefore, on the basic of motivation theories of mergers and acquisitions, it make a theoretical analysis of the characteristics of the target company, furthermore, obtains their characters variables. Secondly, taking the 2006-2008 M & A transactions as the example, it makes a empirical analysis by using multiple logistic regression model, and shows that: a. Usually, in order to reduce transaction costs, it is prone to vertical M & A when the upstream or downstream business reside with the buyer in the same zone; b. In order to achieve economies of scale, the ability of target company to grow stronger, the more prone to horizontal M&A; c. the greater the equity cash flow, the weaker profitability of the enterprise, the more easily be mixed M&A, which is opposite to the expected results. The reason is that most enterprises have the weak performance of the profitability on the ground of the current declining economic. But these kinds of enterprises may own hidden assets. Equity cash flow is an important measure instrument of business potential value to help buyers identify target company, so as to acquire the larger subject of the potential value of the company with low-cost. d. in the current period of industrial restructuring, both horizontal M&A and vertical M&A took place, and there was no significant relationship with the level of market share. At last, combining the above theory and the conclusion of the empirical research, this article puts forward some policy on how to choose reasonable targets for Chinese acquiring companies and gives some opinions on it to the government.
I really hope the theory and the positive research conclusion referred to in this article can improve choose of targets and can give some suggestions for the acquiring firms and stakeholder in making merger and acquisition decisions.
引文
[1]赵勇,朱武祥.上市公司兼并收购可预测性.经济研究. 2000,(4):50-52
[2]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.中国工业经济.2002,(8):65-72
[3]苟开红,谷伟.购并目标公司预测模型实证研究预测. 2003,22(5):51-53
[4]李善民,陈玉罡,等.资产重组的市场反应预测模型.金融管理. 2004(5):3-10
[5]于铁铭.行业生命周期与并购类型.北京交通大学学报. 2004,3(4):28-33
[6]恭喜杰.并购与反并购的法律约束及目标企业反并购策略选择.天津财经学院学报. 2007,(2):72-76
[7]王宏利.提高并购绩效的目标公司选择研究管理世界. 2005,(3):137-144
[8]凌春华.并购目标公司财务特征的实证分析.技术经济与管理研究. 2005,(1):44-46
[9]张彤,贺丹.上市并购目标公司的特征研究.商业研究. 2006,(19):26-30
[10]邱金辉,王红昕.我国企业并购理论研究现状分析.经济问题. 2006,(7):7-9
[11]李善民,朱滔.多元化并购能给股东创造价值吗?.管理世界. 2006,(3):129-137
[12]李善民,周小春.公司特征、行业特征和并购战略类型的实证研究.管理世界. 2007,(3):130-137
[13]李玮,宋希亮.并购中筛选目标企业的财务策略探讨.生产力研究. 2007,(5):137-139
[14]黄娟,李青原.基于产业生态周期的上市公司并购绩效分析.生态经济. 2007,(5):34-38
[15]雷辉,胡发基.上市公司不同并购类型风险与绩效的实证研究.财经理论与实践. 2007,28(146):67-70
[16]方军雄.政府干预、所有权性质与企业并购.管理世界. 2008,(9):118-122
[17]夏同水.中外企业并购动机比较分析.中国流通经济. 2007,(3):39-41
[18]夏新平,邹朝辉.不同并购动机下的并购绩效的实证研究.统计与决策. 2007,(1):79-80
[19]方秀丽.后股权分置时期上市公司并购行为分析.经济问题. 2008,(2): 55-57
[20]薛爽.经济周期、行业景气度与亏损公司定价.管理世界. 2008,(7):145-167
[21]黄东坡.企业并购动因理论评析.财会通讯. 2008,(2):90-92
[22]黄健梅,兰勇.纵向一体化:结构还是行为-基于铝工业特性的分析.财经问题研究. 2009(9):37-41
[23]王大刚,席酉民.战略性并购与财务选择:中国上市公司1999-2004检验.中国企业并购年鉴.北京:中国经济出版社,2008. 374-379
[24]胡静.我国上市公司并购动因的实证分析:[硕士学位论文].天津:天津财经大学, 2006. 5-8
[25]艾青.纵向一体化与并购效应研究:[博士学位论文].武汉:武汉大学,2005
[26]李翔.控制权发生转移的并购中目标公司特征及选择研究.[硕士学位论文].成都:西南交通大学,2006
[27]葛俊龙.中国股市全流通时代的企业并购. [博士学位论文].成都:西南财经大学, 2007
[28]刘文通.公司兼并收购论.北京:北京大学出版社. 1997
[29]杰弗里.胡克.兼并与收购实用指南.北京:经济科学出版社.1999
[30]乔治.T.盖斯,乔治.S.盖斯,并购成长.北京:中国财政经济出版社.2002
[31]薛有志.并购与企业成长.上海:南开大学出版社. 2004
[32]于春晖,刘祥生.并购实务.北京:清华大学出版社. 2004
[33]于春晖.并购经济学.北京:清华大学出版社. 2004
[34] Jensen,Michael C. Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers. American Economic Review. 1986, 76(2):323-329
[35] Healy,Paul M.,Krishna G.Palepu,and Richard S.Runback. Does corporate performance improve after mergers?. Journal of Financial Economics, 1992, 135-175.
[36] Lambrecht,Bart M. The timing and Terms of mergers motivated by economies of scale. Journal of Financial Economics. 2004,41-62
[37] Stevens D L. Financial characteristics of merged firms:a multivariate analysis. Journalof Financial and Quantitative Analysis. 1973(8):149-158
[38] Barnes P. The prediction of takeover targets in the U.K. by means of multiple discriminant analysis. Journal of Business Finance&Accounting. 1990,17(1):73-84
[39] Sorensen D.E. Characteristics of merging firms. Journal of Eeonomics and Business, 2000,(52):423-433
[40] Alison Dean. The Characteristics of Takeover Target Firms : The Case of the English BrewingIndustry,1945-1960. Review of industrial Organization,1997,(12):579-591
[41] Monroe.Robert J.,Michad A . Simkowitz.Investment Characteristics of ConglomerateTargets:A Discriminant Analysis.Southen . Journal of Business,1971
[42] Palepu K.G. Predicting Takeover Targets-A Methodology and Empirical Analysis.Journalof Accounting and Economic,1986,(8):3-35
[43] Woo Gon Kim,Avner Arbel. Predicting merger targets of hospitality firms(a Logit model). Hospitality Management,1998,(17):303-318
[44] Nuria Alcalde and Manuel Espitia.The characteristics of Takeover Targets:The Spanish Experience 1991-1997. Journal of Management and Governance, 2003,(7):1-26
[45] Gary Gorton,Matthias Kahl,Richard J.Rosen, Eat or be eaten:A Thory of Mergers and Firm Size,The Journal of Finance, 2009,(3):1291-1343
[46] Pavel G.Savor,Qi Lu,Do Stock Mergers Create Value for Acquirers?, The Journal of Finance,2009,3(9):1061-1064
[47]巨潮资讯网.http://www.cninfo.com.cn
[48]上市公司收购管理办法.中国证券监督管理委员会. http://www.csrc.gov.cn
[49]关于上市公司重大购买、出售、置换资产若干问题的通知.中国证券监督管理委员会. http://www.csrc.gov.cn
[50]中国证券监督管理委员会.《上市公司行业分类指引》. http://www.csrc.gov.cn
[51]法律图书馆. http://www.law-lib.com/law/
[52]新浪财经.重组并购. http://business.sohu.com/gsbg/
[2]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.中国工业经济.2002,(8):65-72
[3]苟开红,谷伟.购并目标公司预测模型实证研究预测. 2003,22(5):51-53
[4]李善民,陈玉罡,等.资产重组的市场反应预测模型.金融管理. 2004(5):3-10
[5]于铁铭.行业生命周期与并购类型.北京交通大学学报. 2004,3(4):28-33
[6]恭喜杰.并购与反并购的法律约束及目标企业反并购策略选择.天津财经学院学报. 2007,(2):72-76
[7]王宏利.提高并购绩效的目标公司选择研究管理世界. 2005,(3):137-144
[8]凌春华.并购目标公司财务特征的实证分析.技术经济与管理研究. 2005,(1):44-46
[9]张彤,贺丹.上市并购目标公司的特征研究.商业研究. 2006,(19):26-30
[10]邱金辉,王红昕.我国企业并购理论研究现状分析.经济问题. 2006,(7):7-9
[11]李善民,朱滔.多元化并购能给股东创造价值吗?.管理世界. 2006,(3):129-137
[12]李善民,周小春.公司特征、行业特征和并购战略类型的实证研究.管理世界. 2007,(3):130-137
[13]李玮,宋希亮.并购中筛选目标企业的财务策略探讨.生产力研究. 2007,(5):137-139
[14]黄娟,李青原.基于产业生态周期的上市公司并购绩效分析.生态经济. 2007,(5):34-38
[15]雷辉,胡发基.上市公司不同并购类型风险与绩效的实证研究.财经理论与实践. 2007,28(146):67-70
[16]方军雄.政府干预、所有权性质与企业并购.管理世界. 2008,(9):118-122
[17]夏同水.中外企业并购动机比较分析.中国流通经济. 2007,(3):39-41
[18]夏新平,邹朝辉.不同并购动机下的并购绩效的实证研究.统计与决策. 2007,(1):79-80
[19]方秀丽.后股权分置时期上市公司并购行为分析.经济问题. 2008,(2): 55-57
[20]薛爽.经济周期、行业景气度与亏损公司定价.管理世界. 2008,(7):145-167
[21]黄东坡.企业并购动因理论评析.财会通讯. 2008,(2):90-92
[22]黄健梅,兰勇.纵向一体化:结构还是行为-基于铝工业特性的分析.财经问题研究. 2009(9):37-41
[23]王大刚,席酉民.战略性并购与财务选择:中国上市公司1999-2004检验.中国企业并购年鉴.北京:中国经济出版社,2008. 374-379
[24]胡静.我国上市公司并购动因的实证分析:[硕士学位论文].天津:天津财经大学, 2006. 5-8
[25]艾青.纵向一体化与并购效应研究:[博士学位论文].武汉:武汉大学,2005
[26]李翔.控制权发生转移的并购中目标公司特征及选择研究.[硕士学位论文].成都:西南交通大学,2006
[27]葛俊龙.中国股市全流通时代的企业并购. [博士学位论文].成都:西南财经大学, 2007
[28]刘文通.公司兼并收购论.北京:北京大学出版社. 1997
[29]杰弗里.胡克.兼并与收购实用指南.北京:经济科学出版社.1999
[30]乔治.T.盖斯,乔治.S.盖斯,并购成长.北京:中国财政经济出版社.2002
[31]薛有志.并购与企业成长.上海:南开大学出版社. 2004
[32]于春晖,刘祥生.并购实务.北京:清华大学出版社. 2004
[33]于春晖.并购经济学.北京:清华大学出版社. 2004
[34] Jensen,Michael C. Agency Costs of Free Cash Flow,Corporate Finance,and Takeovers. American Economic Review. 1986, 76(2):323-329
[35] Healy,Paul M.,Krishna G.Palepu,and Richard S.Runback. Does corporate performance improve after mergers?. Journal of Financial Economics, 1992, 135-175.
[36] Lambrecht,Bart M. The timing and Terms of mergers motivated by economies of scale. Journal of Financial Economics. 2004,41-62
[37] Stevens D L. Financial characteristics of merged firms:a multivariate analysis. Journalof Financial and Quantitative Analysis. 1973(8):149-158
[38] Barnes P. The prediction of takeover targets in the U.K. by means of multiple discriminant analysis. Journal of Business Finance&Accounting. 1990,17(1):73-84
[39] Sorensen D.E. Characteristics of merging firms. Journal of Eeonomics and Business, 2000,(52):423-433
[40] Alison Dean. The Characteristics of Takeover Target Firms : The Case of the English BrewingIndustry,1945-1960. Review of industrial Organization,1997,(12):579-591
[41] Monroe.Robert J.,Michad A . Simkowitz.Investment Characteristics of ConglomerateTargets:A Discriminant Analysis.Southen . Journal of Business,1971
[42] Palepu K.G. Predicting Takeover Targets-A Methodology and Empirical Analysis.Journalof Accounting and Economic,1986,(8):3-35
[43] Woo Gon Kim,Avner Arbel. Predicting merger targets of hospitality firms(a Logit model). Hospitality Management,1998,(17):303-318
[44] Nuria Alcalde and Manuel Espitia.The characteristics of Takeover Targets:The Spanish Experience 1991-1997. Journal of Management and Governance, 2003,(7):1-26
[45] Gary Gorton,Matthias Kahl,Richard J.Rosen, Eat or be eaten:A Thory of Mergers and Firm Size,The Journal of Finance, 2009,(3):1291-1343
[46] Pavel G.Savor,Qi Lu,Do Stock Mergers Create Value for Acquirers?, The Journal of Finance,2009,3(9):1061-1064
[47]巨潮资讯网.http://www.cninfo.com.cn
[48]上市公司收购管理办法.中国证券监督管理委员会. http://www.csrc.gov.cn
[49]关于上市公司重大购买、出售、置换资产若干问题的通知.中国证券监督管理委员会. http://www.csrc.gov.cn
[50]中国证券监督管理委员会.《上市公司行业分类指引》. http://www.csrc.gov.cn
[51]法律图书馆. http://www.law-lib.com/law/
[52]新浪财经.重组并购. http://business.sohu.com/gsbg/