收购公司股权结构与长期并购绩效关系研究

转型经济的特征导致我国企业在股权结构方面有很多显著的特征,并购企业的股权结构类因素对其经营运作必然会有影响。实证研究的结论显示非国有上市公司并购的绩效显著的好于国有控股股东的上市公司。上市公司的股权集中度与并购绩效负相关。完成股改的收购公司长期并购绩效要好于未完成股改的收购公司。     

并购支付方式对收购公司长期绩效的实证研究

并购特征并购支付方式作为并购特征的重要组成部分也越来越受到收购公司的重视,并且对收购公司的绩效产生重要的影响。本文选取了2009年我国沪深两市发生的109起并购案例,采用因子分析法分别比较了现金并购和非现金并购对收购公司长期绩效的影响,得出非现金收购使收购公司在长期内获得正常的收益率,而现金收购获得负的收益率。     

我国上市公司并购绩效的实证研究

本文全面研究了我国上市公司并购前后绩效变化情况。通过选取10个财务评价指标,利用因子分析法全面研究并比较总体样本公司(收购公司+目标公司)、收购公司和目标公司的并购绩效差异。实证研究结论表明:并购使总体样本公司的经营绩效在短期内会得到改善,但长期并没有提高;并购没有实质性提高收购公司的经营绩效;并购提高了目标公司的经营绩效。     

管理层持股对公司绩效影响的实证研究

本研究基于终极产权论理论,从终极产权角度出发研究了管理层持股与公司绩效之间的关系.实证结果表明,国有上市公司的管理层持股比例与公司绩效存在正相关关系,存在于政府间接控股的公司中的二者关系的显著性比在政府直接控股公司中的显著性更为强烈.研究还发现,在国有上市公司中,公司绩效与第一大股东持股比例存在显著正相关关系.     

股权结构对上市公司海外并购绩效的影响研究

本文通过实证研究探讨了股权结构对上市公司海外并购绩效的影响,结果表明,股权结构与上市公司海外并购的长期绩效密切相关.国有股持股比例高的企业可能在短期内对企业绩效改善具有显著影响,而在长期内会给企业绩效带来负面影响;法人股比例对于收购公司绩效的影响并不明确;流通股比例越高,确实给收购公司短、长期绩效带来负面影响.     

基于财务指标的公司并购绩效影响因素探析

2008年的金融危机之后,鼓励重点行业企业兼并重组作为政府解决产能过剩、促进企业做大做强的方法之一,被反复在各类"指导意见"中提及。但并购之后,企业绩效是否得到提高了呢?哪些因素是影响并购绩效的关键因素呢?本文以2010~2012年发生并购活动的105家制造业上市公司样本,来研究这些问题。结果发现从短期看——并购当年——并购活动导致公司绩效下滑,但并不显著;从中期看——并购第二年——并购绩效大幅下降;从长期看,并购活动有提高公司经营绩效的趋势。自由现金流、第一大股东持股比例、现金支付对公司并购有正影响;而公司负债水平对并购绩效有负向影响。     

企业并购绩效评价方法研究

20世纪80年代以来,并购市场异常活跃,标购、杠杆并购、管理层收购、剥离和分拆等新的形式和技巧被大量运用,作为投资方,收购公司必须对投资的经济绩效加以评价,对并购之后的目标公司,拟或并购后形成的新的集团公司的拟评价。但是被并购方的公司经理们设置了各种各样的反并购措施以防止公司控制权旁落,进而加大了评价并购成败的难度。文章探讨并购方对并购绩效进行评价方法,即财务效益分析和非财务效益分析方法。     

资本流动性、并购模式选择与并购绩效——择时视角的上市公司并购决策机制与效应研究

流动性有多层次含义,分别是货币市场、股票市场、实体资产等主体特性的重要表征,也是公司并购择时决策的重要影响因素。文章采用2004-2012年中国上市公司股权收购样本,运用多层次流动性变量,以单变量分组差异检验与多变量回归分析相结合的方法,系统研究了多层次流动性对并购决策与并购绩效的影响机制与效应。研究发现不同层次流动性对并购特征与并购绩效产生了差异化影响：流动性差异化影响公司的并购模式决策,从而影响并购绩效;同时流动性也直接影响并购绩效,货币市场流动性以及股票市场流动性对并购绩效产生正向影响,而个股流动性程度对并购绩效产生负向影响。     

累积经验与并购绩效:从成功和失败中学习

本文基于组织学习理论和资源依赖理论,从累积经验角度,分析成功和失败经验对并购公司经营绩效的作用机制及边界条件.通过对2004～2017年间A股上市公司并购数据的实证研究发现:(1)先前的成功经验会改善并购绩效,相比于失败经验,成功经验的促进作用更大,资源诅咒效应会弱化国有企业中经验的影响;(2)并购经验存在贬值现象,新常态时期经验对绩效影响更大;(3)进一步研究发现失败经验的影响与损失程度有关,中小型程度损失的累积经验有助于绩效改善,而大型程度损失的累积经验会抑制学习.本文拓展了并购经验中成功和失败经验的不同作用机制,强调了学习成功经验和重视经验贬值的必要性,对公司提升并购能力、优化并购决策与整合效率具有启示意义.     

支付方式、关联并购与收购公司股东收益

文章从信息不对称理论出发,结合中国并购活动中的关联性特征,研究支付方式对收购公司股东收益的影响.选取我国上市公司收购非上市公司的569个事件为研究样本,采用事件研究法进行实证分析.实证结果表明股改后中国并购交易中收购公司股东获得正的超常收益;采用股票支付时收购公司股东收益显著为正,而现金支付对收购公司股东收益没有显著影响;关联并购比非关联并购能够为收购公司创造更大收益,关联并购中股票支付的股东财富提升更为显著,但是对于股权高度集中的收购公司就没有显著的正财富效应.     

The stock market performance of exploration-oriented and exploitation-oriented cross-border mergers and acquisitions: Evidence from emerging market enterprises

This study builds on insights from mergers and acquisitions (M&A) studies and the perspective that stock market performance is affected by the M&A strategies of firms. Past studies show that acquisitions are an effective way to exploit existing knowledge and explore new possibilities. We argue that stock market performance can be a response to exploration/exploitation strategies in the context of cross-border M&As by emerging market multinationals. Based on cross-border M&A data of Chinese multinationals, we find that exploration-oriented acquisitions have worse stock market performance than exploitation-oriented acquisitions. Furthermore, we find support for our premise that acquiring firms can reduce the risk of exploration-oriented acquisitions by having more high-discretion slack resources or by maintaining a high level of equity share of the target firm. In addition, acquiring firms perform better if they conduct exploration-oriented acquisitions in related industries. Our results contribute to a better understanding of exploration and exploitation in the context of M&As.     

大股东资产注入的产业链整合效应研究

以股权分置改革后已完成大股东资产注入的上市公司为样本,通过统计大股东资产注入前后上市公司与大股东之间关联交易的变化以及资产注入前后上市公司经营业绩的变化来检验大股东资产注入的产业链整合效应,研究发现: 大股东注入的资产大多与上市公司产业相关,相比资产注入前一年,资产注入后一年上市公司与大股东之间的关联交易量以及非公允关联交易量均显著下降,并且上市公司各项经营业绩指标也均比资产注入前一年有所上升,表明大股东资产注入降低了上市公司与大股东之间的关联交易,改善了上市公司经营业绩,具有积极的产业链整合效应。     

The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms

During the recent decade, the world has witnessed the rapid growth of MNEs from emerging economies. Their increasing participation in cross-border mergers and acquisitions has raised great attention in the extant literature. This study evaluates the value creation from these cross-border transactions from two representative emerging countries, namely China and India, and determines factors that result in the different performance of these international acquisition activities. Cross-border acquisitions conducted by these countries’ companies indeed lead to significant shareholder wealth creation. Furthermore, Indian shareholders are more likely to benefit from deals in small cultural distance countries, while Chinese investors gain from the cross-border expansion of manufacturing companies. Location also affects the performance of cross-border acquisitions, with acquisitions into developed countries generating higher returns to shareholders. Our sample consists of 203 Indian and 63 Chinese cross-border deals over the period 2000–2010 and our results hold after controlling for various deal-level and firm-level characteristics.     

Do cross-border acquisitions create value? Evidence from overseas acquisitions by Chinese firms

Based on the dynamic capability and organizational learning perspectives, we examine whether acquirers from emerging economies can create value for their shareholders in cross-border mergers and acquisitions, and the key drivers which may influence any such value creation. A sample of 367 cross-border mergers and acquisitions between 2000 and 2011 involving Chinese listed companies as the acquirers was analyzed to highlight the relationship between the cultural distance involved and the acquirers’ market valuation. On average, such cross-border transactions created value for the acquirer's shareholders, but cultural distance was negatively related to the extent of such value creation. Larger firms, more experienced firms, and acquisitions within the same industry were found to be less affected by cultural distance, emphasizing the importance of learning and absorptive capability, but employing a financial advisor did not seem to help. Thus firms with greater absorptive capacity were found better able to overcome the difficulties caused by cultural differences. Implications for research and practice are discussed.     

A comparative analysis of the market-based and accounting-based performance of diversifying and non-diversifying acquisitions in Hong Kong

This paper investigates the short-term return performance and long-term operating performance of 36 partial mergers in Hong Kong during the period 1984–1996. We first conduct an event-study to evaluate the short-term market performance of the target, the bidder and a simulated combined portfolio consisting of both firms involved in the acquisition. The second method provides long-term performance indicators based on composite indices created from key financial ratios. The results of the event-study indicate that there are immediate share price gains to the target, acquiring and combined firms around the time the acquisition is announced. However, the long-term accounting-based performance analysis does not show a significant improvement in the 2 years following the acquisition for both the target and acquiring firms. No correlation is found between the short-term returns and the long-term performance indicators. These findings support the more recent literature on the potential benefits of diversification, and the view that diversifying acquisitions perform better than related acquisitions.     

Are Acquisitions Worthwhile? An Empirical Study of the Post-Acquisition Performance of Privately Held Belgian Companies

Few studies have addressed the performance of smaller unquoted companies involved in acquisitions, especially in Continental European countries. Therefore this study addresses the post-acquisition financial characteristics of privately held companies involved in 143 Belgian acquisitions between 1992 and 1994. Specifically, this paper examines the financial performance of the acquiring firm after the acquisition, using statistical analysis of industry-adjusted variables. Our findings show that following the acquisition, the profitability, the solvency and the liquidity of most of the combined companies decline. This decline is also reflected in the failure prediction scores. With respect to the added value, acquisitions are found to be accompanied by increases in the labour productivity, but this is caused by the general improvement of gross added value per employee of Belgian companies in the last 10 years. So it seems that, contrary to the general expectations and beliefs, acquisitions usually do not seem to improve the acquirer’s financial performance. This paper was presented at the European Financial Management Association Conference (June 2001, Lugano, Switzerland) and at the VVE day (October 2001, Diepenbeek, Belgium).     

Management of Overseas Acquisitions by Developing Country Multinationals and Its Performance Implications: The Indian Example

Developing‐country multinationals (DMNCs) make overseas acquisitions to leverage extant capabilities of acquired companies in order to enter foreign markets and acquire their know‐how to enhance their own competitiveness against global competition at home and abroad. We go “inside the black box” to examine how DMNCs manage those acquisitions and the attendant implications for postacquisition performance. When DMNCs keep the acquired firm “structurally separate” from their own organization and retain its senior executives, they exhibit better acquisition performance. Also, “linking mechanisms” to coordinate interdependencies between the two firms improves performance, especially when the acquired firm is kept structurally separate. Analyses of large‐sample data of Indian DMNCs’ overseas acquisitions show that DMNCs’ light‐handed approach to managing acquisitions, despite acquiring majority ownership in them, seems suited to their acquisition objectives. © 2016 Wiley Periodicals, Inc.     

Analyzing determinants of value creation in domestic and cross border acquisitions in India

The present study seeks to assess the acquiring company announcement gains, and determinants thereof, in domestic and cross border acquisitions in India. For this purpose, 268 acquisitions comprising of 202 cross border acquisitions and 66 domestic acquisitions constitute the sample set. Standard event study methodology has been employed for computing the announcement returns. Further, regression analysis has been conducted to assess the sources of wealth gains in domestic and cross border acquisition. The results of event study indicate that cross border acquisitions have created significantly higher wealth gains than the domestic ones. Further, the results of regression analysis highlight that cross border acquisitions, pursued by the acquiring companies in technology intensive sector, for the target companies also in technology intensive sector, create superior wealth gains. The reason being, such cross border acquisitions provide an opportunity to the acquiring company to combine and judiciously utilize intangible resources of both the companies on a broader scale across new geographies. Thus, the study contributes to the existing literature on internalization theory by extending it to an emerging market like India.     

Maturing born globals and their acquisitive behaviour

Born globals are becoming more common in our interconnected world. While a body of knowledge exists regarding the establishment and early growth of born globals, we know less about how these companies develop. Arguing that acquiring new knowledge, technologies, and products will enable companies to survive beyond their initial success, the current study specifically aims to explore the value of technology-motivated acquisitions, and their effect on performance. To this end, the study employs a hybrid methodology; statistically studying 108 acquisitions conducted by 45 maturing, technology-based born globals in Israel over a period of 10 years, and further substantiate the findings with an in-depth case analysis of four sample companies. The results indicate that technology-motivated acquisitions are valuable in terms of both financial performance and independent survival, but that there likely exists an optimal threshold, indicating that such a strategy, though beneficial, should be carefully managed.     

现金股利与控股股东的利益输送行为研究——来自中国上市公司的经验证据

在存在控股股东的情况下,大股东的利益输送通常会造成对中小股东利益的侵犯,进而对资本市场的有效性造成影响。本文认为现金股利发放在中国上市公司中是作为控股股东利益输送的一种重要手段,对此的实证结果表明大股东的持股比例与公司发放现金股利的多少呈明显正相关关系;第二大股东和第三大股东不能对大股东利用现金股利转移现金进行监督;机构投资者的作用尚不明显。