企业并购财务协同效应影响因素研究

并购是现在企业扩大规模的最主要的措施之一,而财务协同效应则成为衡量并购资本运用效率的最好指标。只有获得正面的财务协同效应,并购才能称之为成功,那究竟是哪些因素影响着并购的财务协同呢?本文结合学者研究和目前企业并购现状,将重点从六个方面进行分析。     

论企业并购的协同效应

在众多研究企业并购的理论当中，有一种理论认为企业并购的真正原因是企业通过并购可以获得协同效应。协同效应就是1＋1〉2的效应，企业并购中的协同效应包括管理的协同效应，生产经营的协同效应，财务的协同效应：     

财务视角下企业并购协同效应分析

目前国内外大量的并购案例表明,世界上大多数并购行为并没有达到预期的效果,能否实现协同效应将是企业并购成功的关键。本文从并购协同效应的含义出发,对协同效应进行分类识别,在此基础上试图从财务角度探讨协同效应的评价方法,构建了检测企业并购协同效应的财务分析框架,并对如何提升我国企业并购的协同效应给出了建议。     

财务视角下企业并购协同效应分析

目前国内外大量的并购案例表明,世界上大多数并购行为并没有达到预期的效果,能否实现协同效应将是企业并购成功的关键。本文从并购协同效应的含义出发,对协同效应进行分类识别,在此基础上试图从财务角度探讨协同效应的评价方法,构建了检测企业并购协同效应的财务分析框架,并对如何提升我国企业并购的协同效应给出了建议。     

企业并购中协同效应与控股权价值的评估

随着企业并购这种市场经济活动在我国的开展,企业并购过程中的价值评估将会引起人们更多的关注.并购中的协同效应和控股权价值的评估是最主要溢价问题,是评估师要关注的问题.     

试论企业并购财务整合及协同效应评价

企业并购是企业扩大规模并求长期发展的重要路径,而企业并购过程中面临着一系列整合问题,特别是财务整合对企业未来发展关系重大,为有效提升并购成功率,需要高度关注财务整合,并结合财务整合展开协同效应评价。本文提出在企业并购期间实现财务整合,需要着重关注财务目标、财务组织结构与职能、财务制度、资产与负债、人力资源等相关内容的整...     

企业并购的财务协同效应分析

并购是现代企业资本运作的最重要手段之一，并购的财务协同效应则是资本运作这一外向型交易发展战略的显体现，并极大地展示着资本运作的技巧和魅力，而越来越务“虚”(即证券化)的市场经济也成为财务协同效应的助推剂。财务协同效应对并购重组的显而又微妙的推动，使之成为企业并购的主要动因之一，其积极性和片面性都值得我们作深入的考察和分析。     

基于财务协同效应视角下的企业并购

财务协同效应是指并购给企业财务方面带来的效益,这种效应的取得是企业并购的主要动因之一。本文在提出财务协同概念的基础上,分析了财务协同在企业并购中的几种表现,并对财务协同在企业并购中的应用作了一定探讨。     

关于企业并购中建立协同效应机制的思考

随着近年全球一体化浪潮,越来越多的企业加快并购,迅速做大做强,同时亦有不少企业未能同并购企业建立协同效应。本文将以中国化工并购著名意大利品牌"倍耐力"为例,探究本次收购双方的出发点、背后诉求,同时关注并购完成后两家公司做出的内部资源整合。本文将重点分析此次并购产生的协同效应,得出此次并购使得双方在产品研发、销售等方面均有不同程度的提高,达到双赢的效果。     

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。     

银行并购微观效应的实证分析

在近年的并购浪潮中,银行业逐步成为全球并购市场的热点,但实证研究发现银行并购在总体上缺乏效率.本文从微观角度归纳分析了银行并购效应的实证结果:并购未能带来预期的、令人满意的绩效提高,并对这一结果从不同的角度进行了阐释分析,为全面认识银行并购效应进行了有益探索.     

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.     

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.     

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.     

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.     

Evaluating the SDC Mergers and Acquisitions Database

We compare 20 years of data from Thompson Financial SDC Platinum (SDC)'s Mergers and Acquisitions database with a hand‐collected database, providing evidence on the completeness and accuracy of SDC data across time. We find that our hand‐collected data is generally more accurate than SDC, but SDC's accuracy and coverage improves over time. Our investigation of discrepancies between the databases finds that SDC is more prone to errors on smaller, high book‐to‐market acquirers with weak announcement period market responses. Preliminary analyses suggest that this potential bias is not significant, but could affect inferences when examining smaller, high book‐to‐market firms.     

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     

Collars and Renegotiation in Mergers and Acquisitions

I examine the motivation for, and effect of, including a collar in a merger agreement. The most important cross‐sectional determinants of the bid structure (cash vs. stock, and whether to include a collar) are the market‐related stock return standard deviations for the bidder and target. This evidence supports the hypothesis that the method of payment is dependent on the sensitivities of the bidder and target to market‐related risk because either has the incentive to demand renegotiation of the merger terms if the value of the bidder's offer changes materially relative to the value of the target during the bid period.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.