上市公司资产重组绩效评价的研究
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摘要
资产重组是企业优化资源配置的重要手段。随着全球经济一体化进程的加快,企业竞争日益激烈,为增强竞争力,就必须对不合理的资源配置和企业结构进行调整。因此,近几年来,我国企业利用资产重组进行企业改革的案例日益增加,特别是在股票市场上,重组公司的数目越来越多,重组的频率越来越快,资产重组的重要性也逐渐显露出来。上市公司的资产重组已经成为国内学术界广泛关注的重要课题。
我国多数企业在计划上市的时候,过于注重上市所带来的融资功能,而忽视了对企业体制的根本改革,结果是企业虽然成为上市公司,却依然运行着一套旧的体制,造成公司经营缺乏活力。为了改变上市后经营不善的状况,许多上市公司采用资产重组的手段,寄希望于在重组中深化上市公司的体制改革,从根本上解决问题。
不止是上市公司,政府和其他利益相关者也对资产重组寄予了很大期望。政府期望上市公司资产重组能够起到调整产业结构、规范证券市场的战略意义,进一步矫正市场功能定位,加快国际化进程以及与国际市场的接轨;对于投资者来说,则期望在市场投资品种上可以有更多选择。
频繁进行的资产重组带来的实际效果如何?有没有改善上市公司的盈利状况和经营状况呢?本文站在实证的角度对此问题进行了探讨。
在参照国内外己有研究结论的基础上,本文对2002年深沪两市100家上市公司做了资产重组的绩效评价,研究了重组对公司盈利能力和经营能力的影响。所采用的研究方法为主成分分析法。研究结果表明,无论从短期来看,还是从长期来看,我国大部分上市公司资产重组的绩效并不明显,对盈利能力与经营能力均未产生积极持久的影响。要使资产重组充分发挥它的积极作用,还需各方做出更多努力。
Asset reorganization is an important means for enterprises to adjust resource collocating. With the acceleration of globe economy becoming a whole body, the competition between enterprises is becoming more vehement. In order to improve strength, enterprises must adjust the resource collocating and structure not in reason. So, in the last years, the cases of asset reorganization in China increased. Especially in securities market, the amount of companies carrying through asset reorganization became more and more, the reorganization frequency became faster and faster. And asset reorganization is becoming more important. The asset reorganization of listed companies has become a very important topic in domestic science field.
Most of the enterprises in the country pay much more attention to the function of financing when they plan to get listed, ignoring the reorganization of governance systems. Although the companies get listed, they are controlled under outdated systems, and cannot operate successfully. In order to improve these companies, asset reorganization is adopted to better the reform and resolve related matters.
In addition to listed companies, the government and other related parties expect much from assets reorganization. The government expects that it could adjust industry structure and normalize capital market, remedy the positioning for markets and quicken the joint of internationalization to world market. The investor expects it could have more choices in investment portfolios.
How about the effects of the frequent assets reorganization? Can it improve the profit and operation of the related companies? This paper discusses this question from the view of positive research.
With reference to the existed research results, this paper analyzes the effect of assets reorganization on profit and operation of 100 listed companies, and make performance appraisal of the process of asset reorganization. The method of principal components analysis is used in this article. The result shows that the assets reorganization in 2002 has few durable positive effects on these companies. Much more efforts should be made into asset reorganization.
我国多数企业在计划上市的时候,过于注重上市所带来的融资功能,而忽视了对企业体制的根本改革,结果是企业虽然成为上市公司,却依然运行着一套旧的体制,造成公司经营缺乏活力。为了改变上市后经营不善的状况,许多上市公司采用资产重组的手段,寄希望于在重组中深化上市公司的体制改革,从根本上解决问题。
不止是上市公司,政府和其他利益相关者也对资产重组寄予了很大期望。政府期望上市公司资产重组能够起到调整产业结构、规范证券市场的战略意义,进一步矫正市场功能定位,加快国际化进程以及与国际市场的接轨;对于投资者来说,则期望在市场投资品种上可以有更多选择。
频繁进行的资产重组带来的实际效果如何?有没有改善上市公司的盈利状况和经营状况呢?本文站在实证的角度对此问题进行了探讨。
在参照国内外己有研究结论的基础上,本文对2002年深沪两市100家上市公司做了资产重组的绩效评价,研究了重组对公司盈利能力和经营能力的影响。所采用的研究方法为主成分分析法。研究结果表明,无论从短期来看,还是从长期来看,我国大部分上市公司资产重组的绩效并不明显,对盈利能力与经营能力均未产生积极持久的影响。要使资产重组充分发挥它的积极作用,还需各方做出更多努力。
Asset reorganization is an important means for enterprises to adjust resource collocating. With the acceleration of globe economy becoming a whole body, the competition between enterprises is becoming more vehement. In order to improve strength, enterprises must adjust the resource collocating and structure not in reason. So, in the last years, the cases of asset reorganization in China increased. Especially in securities market, the amount of companies carrying through asset reorganization became more and more, the reorganization frequency became faster and faster. And asset reorganization is becoming more important. The asset reorganization of listed companies has become a very important topic in domestic science field.
Most of the enterprises in the country pay much more attention to the function of financing when they plan to get listed, ignoring the reorganization of governance systems. Although the companies get listed, they are controlled under outdated systems, and cannot operate successfully. In order to improve these companies, asset reorganization is adopted to better the reform and resolve related matters.
In addition to listed companies, the government and other related parties expect much from assets reorganization. The government expects that it could adjust industry structure and normalize capital market, remedy the positioning for markets and quicken the joint of internationalization to world market. The investor expects it could have more choices in investment portfolios.
How about the effects of the frequent assets reorganization? Can it improve the profit and operation of the related companies? This paper discusses this question from the view of positive research.
With reference to the existed research results, this paper analyzes the effect of assets reorganization on profit and operation of 100 listed companies, and make performance appraisal of the process of asset reorganization. The method of principal components analysis is used in this article. The result shows that the assets reorganization in 2002 has few durable positive effects on these companies. Much more efforts should be made into asset reorganization.
引文
[1]袁德利,上市公司资产重组效益的实证研究,经济师,2002,6:1~3
[2]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,2000,1~2
[3]李书锋,现代企业资产重组研究:[博士学位论文],武汉:中南财经政法大学,2001,3~5
[4]孙艺林,上市公司资产重组理论分析:[博士学位论文],北京;北方交通大学,2001
[5]肖腾文,中国上市公司重组的回顾与评价,中国证券报,2004,19 版
[6]孙艺林,何学杰,上市公司资产重组绩效分析,北京:中华工商联合出版社,2001,3~4
[7]Jensen,M.J.and R.S.Ruback, The market for corporate control: The scientific evidence, Journal of Financial Economics,1983,11:3~4
[8]G.A.Jarrell and A.B.Poulsen, The Returns to Acquiring Firms in Tender Offers: Evidence from Three Decades, Financial Management, 1989, 9:12~19
[9]Agrawal, Bina, The Gender and Environment Debate: Lessons from India, Feminist Studies,1992, 18:119~122
[10]Mulherin J.H.and Boone A.L, Comparing Acquisitions and Diversities, Journal of Corporate Finance, 2000,6:117~120
[11]王一,企业并购,上海:上海财经大学出版社,2001:5~6
[12]Meeks,G, Disappointing Marriage: A study of the Gains From Mergers, Cambridge UnivPress,1987:123~127
[13]Mueller,D,The Determinants and Effects of Mergers: An International Comparison,Cambridge,1980:12~15
[14]Healy, Palepu and Ruback Does Corporate Performance Improve After Mergers,Journal of Financial Economics,1997,31(2): 135~137
[15]陈信元,张田余,资产重组的市场反映—1997 年沪市资产重组实证分析,经济研究,1999,9:45~47
[16]余光,杨荣,企业购并股价效应的理论分析和实证分析,当代财经,2000,7:25~28
[17]傅蕴英,陈子奇,上市公司资产重组动因及绩效,重庆大学学报,2002,11:52~56
[18]冯益湘,上市公司资产重组绩效的实证分析,湖南商学院学报,2001,5;25~29
[19]迟海燕,马晔华,各种资产重组方式的比较分析,上海金融,2000,1:32~34
[20]吴育平,上市公司资产重组经营绩效的实证研究,巨潮资讯,2002,6
[21]张文璋,顾慧慧,我国上市公司并购的实证研究,政权市场导报,2002,9:21~26
[22]冯彬,企业资产重组的风险及防范,中国经贸导刊,2003,18:2~3
[23]苏龙,反并购策略的财务分析,证券与期货,2001,11:4~6
[24]梁新华,吴扬,资产重组与企业扩张,北京:社会科学出版社。2002:12~15
[25] 张幸福,国有企业资产重组动因与策略研究,经济科学出版社,2003,32~37
[26]Asquith. P. F. Bruner and D. W. Mullins. The gains to bidding firms from merger Journal of financial Economics 11, 121~139
[27]Berkovith, and M. P. Narayanan. 1993,Motives for takeovers, An Empirical investigation, Journal of Financial and Quantitative Analysis 28,347-362
[28]Jensen,Michael and Richard S.Ruback,1983,The market for corporate control: The scientific evidence ,Journal of Financial Economics 11,5-10
[29]Mandelker, G, 1974, Risk and return: The case of merging firms,Journal of Financial Economics 1,303-307
[30]波特,竞争优势:创造和保持卓越绩效,1985;25~29
[31]覃西文,上市公司并购效应实证分析,现代财经,2002,9:3~4
[32]崔国庆,企业经营者的绩效评价指标体系研究,企业人力资源管理,2002,10:5~6
[33]刘峪,中国上市公司资产重组绩效分析:[硕士学位论文],西安:西北农林科技大学,2003:35~39
[34]高惠璇,应用多元统计分析,北京;北京大学出版社,2005:265~268
[35]于秀林,任雪松,多元统计分析,北京:中国统计出版社,1999:123~125
[36]财政部统计评价司,2003 企业绩效评价标准,北京;经济科学出版社,2003:4~6
[37]孙铮,王跃堂,中国大陆市场资产重组绩效之比较分析,财经研究,1999,7:12~15
[38]丁雁,资产重组中会计信息披露问题,辽宁经济,2003,2:3~6
[39]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,2001,1:12~15
[40]沈华珊,接管市场与上市公司治理,证券市场导报,2002,11:3~5
[2]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,2000,1~2
[3]李书锋,现代企业资产重组研究:[博士学位论文],武汉:中南财经政法大学,2001,3~5
[4]孙艺林,上市公司资产重组理论分析:[博士学位论文],北京;北方交通大学,2001
[5]肖腾文,中国上市公司重组的回顾与评价,中国证券报,2004,19 版
[6]孙艺林,何学杰,上市公司资产重组绩效分析,北京:中华工商联合出版社,2001,3~4
[7]Jensen,M.J.and R.S.Ruback, The market for corporate control: The scientific evidence, Journal of Financial Economics,1983,11:3~4
[8]G.A.Jarrell and A.B.Poulsen, The Returns to Acquiring Firms in Tender Offers: Evidence from Three Decades, Financial Management, 1989, 9:12~19
[9]Agrawal, Bina, The Gender and Environment Debate: Lessons from India, Feminist Studies,1992, 18:119~122
[10]Mulherin J.H.and Boone A.L, Comparing Acquisitions and Diversities, Journal of Corporate Finance, 2000,6:117~120
[11]王一,企业并购,上海:上海财经大学出版社,2001:5~6
[12]Meeks,G, Disappointing Marriage: A study of the Gains From Mergers, Cambridge UnivPress,1987:123~127
[13]Mueller,D,The Determinants and Effects of Mergers: An International Comparison,Cambridge,1980:12~15
[14]Healy, Palepu and Ruback Does Corporate Performance Improve After Mergers,Journal of Financial Economics,1997,31(2): 135~137
[15]陈信元,张田余,资产重组的市场反映—1997 年沪市资产重组实证分析,经济研究,1999,9:45~47
[16]余光,杨荣,企业购并股价效应的理论分析和实证分析,当代财经,2000,7:25~28
[17]傅蕴英,陈子奇,上市公司资产重组动因及绩效,重庆大学学报,2002,11:52~56
[18]冯益湘,上市公司资产重组绩效的实证分析,湖南商学院学报,2001,5;25~29
[19]迟海燕,马晔华,各种资产重组方式的比较分析,上海金融,2000,1:32~34
[20]吴育平,上市公司资产重组经营绩效的实证研究,巨潮资讯,2002,6
[21]张文璋,顾慧慧,我国上市公司并购的实证研究,政权市场导报,2002,9:21~26
[22]冯彬,企业资产重组的风险及防范,中国经贸导刊,2003,18:2~3
[23]苏龙,反并购策略的财务分析,证券与期货,2001,11:4~6
[24]梁新华,吴扬,资产重组与企业扩张,北京:社会科学出版社。2002:12~15
[25] 张幸福,国有企业资产重组动因与策略研究,经济科学出版社,2003,32~37
[26]Asquith. P. F. Bruner and D. W. Mullins. The gains to bidding firms from merger Journal of financial Economics 11, 121~139
[27]Berkovith, and M. P. Narayanan. 1993,Motives for takeovers, An Empirical investigation, Journal of Financial and Quantitative Analysis 28,347-362
[28]Jensen,Michael and Richard S.Ruback,1983,The market for corporate control: The scientific evidence ,Journal of Financial Economics 11,5-10
[29]Mandelker, G, 1974, Risk and return: The case of merging firms,Journal of Financial Economics 1,303-307
[30]波特,竞争优势:创造和保持卓越绩效,1985;25~29
[31]覃西文,上市公司并购效应实证分析,现代财经,2002,9:3~4
[32]崔国庆,企业经营者的绩效评价指标体系研究,企业人力资源管理,2002,10:5~6
[33]刘峪,中国上市公司资产重组绩效分析:[硕士学位论文],西安:西北农林科技大学,2003:35~39
[34]高惠璇,应用多元统计分析,北京;北京大学出版社,2005:265~268
[35]于秀林,任雪松,多元统计分析,北京:中国统计出版社,1999:123~125
[36]财政部统计评价司,2003 企业绩效评价标准,北京;经济科学出版社,2003:4~6
[37]孙铮,王跃堂,中国大陆市场资产重组绩效之比较分析,财经研究,1999,7:12~15
[38]丁雁,资产重组中会计信息披露问题,辽宁经济,2003,2:3~6
[39]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,2001,1:12~15
[40]沈华珊,接管市场与上市公司治理,证券市场导报,2002,11:3~5