公司并购的税收协同效应及观点分析

在公司并购动因的理论探讨中,“税收协同效应”一直是备受关注的因素,经济学家们对并购的税收协同效应进行了大量的探讨与辩论,形成了丰硕的理论成果。本文探讨了税制中形成并购税收协同效应的因素,以及经济学家们对这些因素的理论贡献。     

逐鹿跨国并购

从全球看,国际直接投资进入一个新的发展阶段 第一,目前全球直接投资的主导形式已经转向跨国企业并购. 据统计,1999年全球国际直接投资总额高达8440亿美元,其中跨国并购投资7220亿美元,占全球国际直接投资总额的85%以上.     

Stock Returns in Mergers and Acquisitions

This paper develops a real options framework to analyze the behavior of stock returns in mergers and acquisitions. In this framework, the timing and terms of takeovers are endogenous and result from value-maximizing decisions. The implications of the model for abnormal announcement returns are consistent with the available empirical evidence. In addition, the model generates new predictions regarding the dynamics of firm-level betas for the period surrounding control transactions. Using a sample of 1,086 takeovers of publicly traded U.S. firms between 1985 and 2002, we present new evidence on the dynamics of firm-level betas, which is strongly supportive of the model's predictions.     

并购后的全面整合

一段时间以来,并购交易在全球范围内呈现出蓬勃发展的态势。据汤森路透公布的数据显示,今年上半年全球整体股权收购活动表现仍然强劲,交易总额较去年同期上升40%,达到1.4万亿美元,为近3年以来最佳。据汤森路透预计,2011年全年,全球并购交易规模将较去年增长20%,其中强生以208亿美元收购瑞     

Economic Nationalism in Mergers and Acquisitions

This paper studies government reactions to large corporate merger attempts in the European Union during 1997 to 2006 using hand‐collected data. We document widespread economic nationalism in which the government prefers that target companies remain domestically owned rather than foreign‐owned. This preference is stronger in times and countries with strong far‐right parties and weak governments. Nationalist government reactions have both direct and indirect economic impacts on mergers. In particular, these reactions not only affect the outcome of the mergers that they target but also deter foreign companies from bidding for other companies in that country in the future.     

Mergers and Acquisitions Accounting and the Diversification Discount

q‐based measures of the diversification discount are biased upward by mergers and acquisitions and its accounting implications. Under purchase accounting, acquired assets are reported at their transaction value, which typically exceeds the target's pre‐merger book value. Thus, measured q tends to be lower for the merged firm than for the portfolio of pre‐merger entities. Because conglomerates are more acquisitive than focused firms, their q tends to be lower. To mitigate this bias, I subtract goodwill from the book value of assets and a substantial part of the diversification discount is eliminated. Market‐to‐sales‐based measures do not have this bias.     

Option Pricing on Stocks in Mergers and Acquisitions

We develop an arbitrage‐free and complete framework to price options on the stocks of firms involved in a merger or acquisition deal allowing for the possibility that the deal might be called off at an intermediate time, creating discontinuous impacts on the stock prices. Our model can be a normative tool for market makers to quote prices for options on stocks involved in such deals and also for traders to control risks associated with such deals using traded options. The results of tests indicate that the model performs significantly better than the Black–Scholes model in explaining observed option prices.     

The Determinants of Mergers and Acquisitions in Banking

This paper investigates the determinants associated with the likelihood of a bank becoming involved in a merger or an acquisition. Using a multinomial logistic regression and a Cox regression with time-dependent covariates, we investigate the determinants of being a target or an acquirer from a sample of 777 deals involving EU acquirers and 312 global targets over the period of 1991 to 2006. Both the multinomial logistic and Cox regressions identify the same determinants associated with becoming acquirers or targets. A higher likelihood of becoming an acquirer exists for larger banks with a history of high growth, greater cost X-efficiency, and lower capitalization. In contrast, banks are more likely to be targets if they have lower free cash flows, are less efficient, are relatively illiquid, and are under-capitalized. But, the predictive power of the two regressions is different as the multinomial logistic regression outperforms the Cox regression when predicting the likelihood of becoming an acquirer.     

外资VS国企:并购旋风

什么力量捆住了跨国公司并购中国企业的手脚 　　自1997年以来,国际市场上刮起了阵阵并购旋风,诸如戴姆勒与克莱斯勒、英石油与美石油、美孚银行与德意志银行相类似的跨国并购已经成为挡不住的世界主流. 　　……     

Disclosure Regulation and Corporate Acquisitions

This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that imposes tighter disclosure requirements regarding the financial and ownership information on public firms. We find a substantial drop in the number of control acquisitions after the implementation of the regulation, a decrease that is concentrated in countries with more dynamic takeover markets. Consistent with the idea that the disclosure requirements increased acquisition costs, we also observe that, under the new disclosure regime, target (acquirer) stock returns around the acquisition announcement are higher (lower), and toeholds are substantially smaller. Overall, our evidence suggests that tighter disclosure requirements can impose significant acquisition costs on bidders and thus slow down takeover activity.     

Corporate Cash Reserves and Acquisitions

Cash-rich firms are more likely than other firms to attempt acquisitions. Stock return evidence shows that acquisitions by cash-rich firms are value decreasing. Cash-rich bidders destroy seven cents in value for every excess dollar of cash reserves held. Cash-rich firms are more likely to make diversifying acquisitions and their targets are less likely to attract other bidders. Consistent with the stock return evidence, mergers in which the bidder is cash-rich are followed by abnormal declines in operating performance. Overall, the evidence supports the agency costs of free cash flow explanation for acquisitions by cash-rich firms.     

Corporate Cash Holdings and Acquisitions

We find that acquirers’ announcement returns decline with their cash holdings, but only when at least part of the payment is in the form of stock. We further find evidence that acquirers that use stock payment are overvalued, especially when they have excess cash that they could have used instead. Collectively, our results suggest that investors interpret announcements of stock acquisitions as a signal that the acquirers’ equity is overvalued and that high cash holdings intensify this signal. However, our results are inconsistent with the common belief that cash holdings induce value‐destroying acquisitions.     

关于并购重组中若干问题的探讨

随着我国资本市场建设的不断深入,除IPO发行股票外,选择并购重组方式上市的企业逐渐增多.针对集团整体上市、借壳上市等并购方式,我国政府部门陆续发布了一系列的相应规范.笔者从信息披露、财务核算、股份发行对价三方面,对目前并购重组实务中仍存在的一些重点问题进行了阐述并提出了完善建议供相关部门参考,以期进一步完善我国资本市场的制度建设,营造公开、公平、公正的证券化市场.     

外资并购看重中国

随着中国加入WTO以及开放程度的日益加深,外资在中国的投资导向日渐向并购模式转变。并购,对于擅长此技的外资来讲,不愧是其进入中国的一大捷径。     

Determinants of Cross‐Border Mergers and Acquisitions

The vast majority of cross‐border mergers involve private firms outside of the United States. We analyze a sample of 56,978 cross‐border mergers between 1990 and 2007. We find that geography, the quality of accounting disclosure, and bilateral trade increase the likelihood of mergers between two countries. Valuation appears to play a role in motivating mergers: firms in countries whose stock market has increased in value, whose currency has recently appreciated, and that have a relatively high market‐to‐book value tend to be purchasers, while firms from weaker‐performing economies tend to be targets.     

会计师事务所合并与行业专门化战略研究

本文研究了1998至2007年间发生的会计师事务所合并事件,针对合并后会计师事务所在客户选择方面的战略变化进行了分析。研究发现,合并后会计师事务所的客户行业集中度在平均水平上与合并前持平,甚至有所下降,但是会计师事务所最具优势行业的客户集中度有显著增加。结果表明,与合并之前的战略模糊和多变的特点相比,会计师事务所在合并之后更多地采取了行业专门化的发展战略,审慎挑选适应会计师事务所发展的客户、培育行业专长。本土会计师事务所已经开始制定符合经营发展需要的战略规划,针对环境的变化实行战略转型。     

中资企业海外并购的问题及对策建议

改革开放以来,中资企业海外并购经历了1979—1983年的萌芽阶段、1984—1991年起步阶段、1992—2000年动荡阶段、2001—2006年稳定发展阶段、2007—2012年快速增长阶段、2013年至今恢复理性阶段,已经成为中国企业"走出去"的重要途径、发展壮大的重要手段、战略转型的重要推手,并作为国际市场上一股不可忽视的力量,在全球并购市场上发挥着日益重要的作用。中资企业海外并购发展的主要问题包括:对国外标的评估和风险把控能力不够、对海外并购的资产权益力度保护不足和并购企业自身实力不强。中资企业海外并购的发展策略要重点围绕加强并购风险评估和防范、加快建立安全审查及权益保护机制、积极捍卫多边主义原则等方面展开。