关于我国上市公司资产重组行为的分析

文章从我国证券市场的主要重组模式、重组动因分析以及存在问题和发展趋势出发,对我国上市公司的资产重组行为进行了深入细致的分析。     

我国上市公司资产重组低效的制度分析

文章从上市公司资产重组绩效的制度影响因素入手 ,对我国上市公司资产重组低效的根源进行剖析。在我国当前证券市场的制度安排下 ,出现了资产重组参与人的目标异化和行为扭曲现象 ,产生了我国上市公司资产重组特有的套利机制 ,进而影响和改变了资产重组所具有的功能绩效。     

我国上市公司资产重组现状的成因分析

资产重组的目的原本就是为了是企业的经营更有效率,是提高企业在市场竞争中地位的一种手段.而我国上市公司中这么多年的无数资产重组案列告诉我们,我国上市公司的资产重组的效率低下,甚至是无效的或者负效应.     

我国旅游景区类上市公司的资产重组

本文选取10家旅游景区类上市公司1999～2008年间发生的资产重组活动,从资产重组的次数、公告时间、关联交易、模式、动因及绩效六个方面进行分析,得出以下结论:我国旅游景区类上市公司资产重组发生率很高;公司为了实现目标,往往将资产收购、股权转让、资产剥离等多种重组手段相结合,以求达到最好的效果;动因主要包括保壳、降低交易费用、分散行业风险和拓展经营空间四方面;以保壳为动因进行的资产重组,能使公司在重组当年获得短期效应,但不具有长期效应;从公司战略层面进行的资产重组,使公司的偿债能力、资产运营能力、盈利能力和发展能力得到了提高,实现可持续发展。     

上市公司报表性资产重组的分析

改革开放三十多年,中国的经济发展举世瞩目,综合国力全面提高。而中国在面对全球性金融危机时所表现出来的决策力,行动力,已远不是曾经的中国带给世人的印象。GDP的超快增长,消费品的大量抢购,国企的超强盈利能力,日新月异的城市建设,都在表明在全球的危机背景下,中国的经济依然在坚挺的向前迈进。但反观证券市场的表现,却不尽如人意。中国证券市场存在的问题日益显现,文章就我国证券市场大量存在的报表性资产重组问题谈了自己的看法。     

对我国上市公司资产重组财务问题的研究

本文对企业的资产重组问题的发生以及演化过程进行了介绍,针对其重组的动因进行了分析研究,提出了在资产重组涉及的财务问题进行分析以及相关解决方案。采取有效的对策,对于我国企业在上市之后的健康有序发展十分重要。上市公司的资产重组问题在不久的将来一定会更加的规范。     

中国沪深股市收益率和波动性的实证分析

沪市和深市股票收益率和波动性之闻具有相互作用和相互影响,存在股价变化和走势之间的互动作用和示范效应,我们发现两市收益率序列之间具有长期协整关系,这说明它们存在类似的长期趋势成分;它们的短期误差修正系数存在一定的差异,这说明它们具有相异的短期波动模式;我们利用 GARCH 模型等非对称性方法发现两市之间存在显著的波动"溢出效应"和"杠杆效应",这说明两市资金的流动性约束较低,投资主体的相关性较强,两市收益率和波动性之间具有一定程度的整合性。     

EFFICIENT MECHANISMS FOR MERGERS AND ACQUISITIONS*

We characterize incentive‐efficient merger outcomes when payments can be made both in cash and stock. Each firm has private information about both its stand‐alone value and a component of the (possibly negative) potential synergies. We study two cases: when transfers can, and cannot, be made contingent on the value of any new firm. When they can, we show that redistributing shares of any nonmerging firm generates information rents and provides necessary and sufficient conditions for the implementability of efficient merger rules. When they cannot, private information undermines efficiency more when it concerns stand‐alone values than synergies. Here, acquisitions emerge as optimal mechanisms.     

人口流动推动了企业异地并购吗

本文以中国企业异地并购事件为研究对象,采用全国人口普查的微观数据,考察人口流动对企业并购的影响。结果表明,地级市之间流动人口的增加可以显著提高人口迁入地企业在迁出地进行并购投资的规模,且这一推动作用在高学历流动人口和从事金融行业的流动人口中更为明显。进一步研究发现,当目标公司所在地（人口迁出地）投资者保护程度越差、市场化程度越低、传统儒家文化越浓厚或当代文化包容度越低时,流动人口对企业异地并购的推动作用越强。本文揭示出流动人口可帮助企业在异地并购中消除投资壁垒,为户籍政策调整和促进企业跨区域投资提供了重要的政策启示。     

OIL PRICE SHOCKS AND STOCK MARKET BOOMS IN AN OIL EXPORTING COUNTRY

This paper analyses the effects of oil price shocks on stock returns in Norway, an oil-exporting country, highlighting the transmission channels of oil prices for macroeconomic behaviour. To capture the interaction between the different variables, stock returns are incorporated into a structural VAR model. I find that following a 10% increase in oil prices, stock returns increase by 2.5%, after which the effect gradually dies out. The results are robust to different (linear and non-linear) transformations of oil prices. The effects on the other variables are more modest. However, all variables indicate that the Norwegian economy responds to higher oil prices by increasing aggregate wealth and demand. The results also emphasize the role of other shocks; monetary policy shocks in particular, as important driving forces behind stock price variability in the short term.     

BANK MERGERS AND ACQUISITIONS – AN EVALUATION OF THE ‘FOUR PILLARS’ POLICY IN AUSTRALIA*

This paper examines the efficiency consequences of bank mergers and acquisitions with particular reference to the ‘four pillars’ policy preventing mergers among the four major banks. Using data envelopment analysis, the technical efficiencies of banks operating in Australia over the period from 1983 to 2001 are estimated. A second‐stage regression is used to evaluate ex‐post efficiency performance of banks involved in mergers and acquisitions. The empirical results demonstrate that for the time being mergers among the four major banks may result in much poorer efficiency performance in the merging banks and the banking sector.     

TAXING FOREIGN PROFITS WITH INTERNATIONAL MERGERS AND ACQUISITIONS*

A large part of border crossing investment takes the form of international mergers and acquisitions. In this article, we ask how optimal repatriation tax systems look like in a world where investment involves a change of ownership, instead of a reallocation of real capital. We find that the standard results of international taxation do not carry over to the case of international mergers and acquisitions. The deduction system is no longer optimal from a national perspective and the foreign tax credit system fails to ensure global optimality. The tax exemption system is optimal if ownership advantage is a public good within the multinational firm. However, the cross‐border cash‐flow tax system dominates the exemption system in terms of optimality properties.     

非流通股对股票市场和上市公司的影响

本文构造了一个股票市场均衡模型来分析非流通股的存在对中国股票市场和上市公司的影响。我们发现非流通股的存在,使得股票市场价格发现机制扭曲,一方面使得股票价格不能真实地反映上市公司的经营绩效,另一方面使得流通股市场的股价波动与流通股比例密切相关。而且从我们的实证分析证实,非流通股比例越高,流通股市场的股价波动就越大,股票价格中含有的非流通股的放大作用越大,非流通股的存在也会影响经理人员的激励和报酬水平。     

CHARACTERIZATION AND ANALYSIS OF COOPERATIVE MERGERS AND THEIR RESULTS

This study characterizes the mergers and acquisitions undertaken in the Spanish agrifood sector during the period 1995–2005. First, it aims to establish the pre‐merger financial characteristics of the merging cooperatives in comparison with other firms in the agrifood sector. For this, the financial situation is analyzed in the different types of merger carried out (merger by formation or merger by acquisition), and the different roles played by the cooperatives (acquiring, acquired or involved in a merger in which a new cooperative is formed). The second and final objective is to determine whether these mergers have managed to improve the economic‐financial situation of the companies involved, either by increasing income and size or by reducing relative costs. For this purpose, several non parametric tests and a probit model were used. The results show that on average following a merger there were no statistically significant improvements in the economic‐financial indicators studied.     

STOCK MARKET CRASH AND EXPECTATIONS OF AMERICAN HOUSEHOLDS

This paper utilizes data on subjective probabilities to study the impact of the stock market crash of 2008 on households' expectations about the returns on the stock market index. We use data from the Health and Retirement Study that was fielded in February 2008 through February 2009. The effect of the crash is identified from the date of the interview, which is shown to be exogenous to previous stock market expectations. We estimate the effect of the crash on the population average of expected returns, the population average of the uncertainty about returns (subjective standard deviation), and the cross-sectional heterogeneity in expected returns (disagreement). We show estimates from simple reduced-form regressions on probability answers as well as from a more structural model that focuses on the parameters of interest and separates survey noise from relevant heterogeneity. We find a temporary increase in the population average of expectations and uncertainty right after the crash. The effect on cross-sectional heterogeneity is more significant and longer lasting, which implies substantial long-term increase in disagreement. The increase in disagreement is larger among the stockholders, the more informed, and those with higher cognitive capacity, and disagreement co-moves with trading volume and volatility in the market.