关联并购、支付方式与企业并购绩效

关联并购在我国上市公司并购活动中占主要地位,关联并购可能是关联交易的终结,但也有能成为大股东掏空上市公司的手段.在此背景下,本文通过多元回归分析探究了关联并购与并购绩效之间的关系,并在此基础上,引入支付方式,通过多元回归分析和分组检验,进一步探究了支付方式对关联并购与企业并购绩效之间的调节作用.实证结果显示,关联并购与并购绩效之间显著负相关,并购关联性与支付方式的交乘项与并购绩效显著负相关,说明支付方式对关联并购与并购绩效之间负相关关系具有加强的作用.     

企业并购支付方式选择

并购的支付环节是并购中的一个重要环节,其选择的适当性往往影响并购的成败。我国企业并购重组的历史短起步晚,而且因为资本市场较为落后,金融品种较少,市场经济不完善,导致国内企业并购支付方式较为单一、实践运用不成熟。一系列有关于股份分置改革的政策法规相继出台,国内企业的并购支付方式发生了一系列变化。我国并购支付方式选择理论体系尚未形成,也不能照搬国外的并购支付方式理论。对国内企业并购支付方式的选择进行研究意义重大。     

论企业并购支付方式的选择

本文在介绍了几种企业并购支付方式及其优缺点的基础上,分析了影响支付方式选择的因素,并就并购支付方式选择提出了建议。     

论企业并购支付方式的选择

并购是企业进行快速扩张的有效途径,同时也是优化配置社会资源的有效方式。并购支付方式的选择对企业并购决策至关重要,是企业并购决策的重点。本文通过对不同并购支付方式的对比分析,探讨在企业并购决策中如何选择支付方式。     

企业并购支付方式及筹资问题探讨

随着市场经济发展,企业越来越重视利用企业并购这一手段拓展经营,实现生产和资本的集中,达到企业外部增长的目的。企业并购活动中重要的环节──并购支付方式及筹资问题能否顺利进行,直接与并购的最终成败相关。本文首先概括了企业并购的含义及特点,进而详细介绍了企业并购支付方式与筹资问题,针对筹资问题提出了一些建议,帮助企业审时度势的选择并购支付方式和筹资方式,对企业并购成长和发展有积极的意义。     

企业并购的筹资与支付方式选择研究

随着经济的发展与社会的进步,企业并购在我国经济生活中越来越常见,出现了不少的经典案例.本文对我国企业并购的筹资和支付方式选择进行了研究,通过分析腾讯并购Supercell的实例分析其并购的支付和筹资方式,最后提出了优化我国企业并购筹资方式选择对策.     

企业并购支付方式比较研究

企业并购支付方式的选择是并购活动中关键的一个环节,合理的选择并购支付方式,可以降低并购成本,使企业获得最大利益。通过对现金与股票支付方式的特点比较,以及两种支付方式损益差异的分析,得出持股比例和企业价值是影响企业并购支付方式选择的主要因素。据此构建了并购支付方式选择的基础模型,为企业进行并购支付方式的选择提供理论依据。     

并购绩效与支付方式的研究评述

国内外对并购能否创造绩效、支付方式与绩效的关系做了深入探讨.主流观点认为并购能创造绩效.国外研究认为现金支付的绩效优于股票支付,国内研究结论恰恰相反.     

融资约束、支付方式与并购绩效的关系研究

本文利用中国A股上市公司2008～2010年在国内并购的数据,实证检验融资约束是否影响并购支付方式以及公司并购绩效。研究结果发现,融资约束程度的提高增加了公司采用现金支付对价的可能性;收购公司规模和交易规模对支付方式选择也具有显著影响;融资约束公司并购绩效好于无融资约束公司并购绩效;现金支付引起公司并购绩效降低,但是,这种作用在不同融资约束程度公司中存在差异。本文研究意味着融资约束公司遵循融资优序理论;自由现金流假说对于融资约束公司可能不成立。     

Institutional context as a moderator of the relationship between board structure and acquirer returns

The objective of this paper is to contribute to the understanding of the supervisory role of the board of directors in the context of mergers and acquisitions (M&As). We focus our study on the European case, for which there is no previous exhaustive evidence on this topic. Using information on 985 mergers and acquisitions carried out over the period 2003–2016 by companies in the major European countries, we analyze the influence of supervisory capacity of the board (small size, higher proportion of outsiders and separated Chairperson-CEO positions) on acquirer returns, differentiating between Anglo-Saxon and continental European contexts. Our results confirm that the effectiveness of corporate governance practices depends strongly on their fit with the broader institutional context. Specifically, we find that a smaller size of the board of directors and the separation of the positions of Chairperson and CEO lead to higher acquirer returns in European Anglo-Saxon countries. By contrast, we do not find evidence that any proxy of supervisory capacity of the board significantly improves acquirer returns in the rest of countries.     

The impact of institutional investors on mergers and acquisitions in the United Kingdom

In this paper we investigate the impact of institutional ownership on UK mergers and acquisitions. We employ a comprehensive sample of M&As conducted by UK acquirers from 2000 to 2010, thus including a full cycle of peak and trough in M&A waves. We find that institutional investors increase the likelihood of an M&A to be a large, cross-border deal, opting for full control. Moreover, institutional ownership concentration and foreign institutional ownership increase the likelihood of cross-border M&As. In addition, we assess the influence of institutional shareholders’ investment horizon and find that while investment horizon have a negative influence in encouraging cross-border M&As, the presence of long-term investors encourages larger M&As. Finally, even after controlling for the 2007–08 financial crisis the market reacts negatively to the announcement of cross-border M&As.     

The probability of informed trading and mergers and acquisitions

This paper investigates the role of the probability of informed trading (PIN) in mergers and acquisitions (M&A). We show that acquirers with higher PINs use more cash to finance their deals due to their higher cost of equity, and acquirers use more equity financing when acquiring targets with higher PINs to share the information risk with the target shareholders. We also find that acquirers and targets with higher PINs both experience higher announcement returns when cash financing is used, indicating that PINs are priced in the M&A market.     

Long-term performance of mergers and acquisitions in ASEAN countries

The study looks at mergers and acquisitions (M&As) in ASEAN countries and examines the post-M&A performance using data from 2001 to 2012. The industry-adjusted operating performance tends to decline in the 3 years following an M&A. Yet, the results suggest that M&As completed during the financial crisis are more profitable than those implemented before and/or after the crisis. We argue that this is mainly due to the synergies created between the firms’ resources during the crisis which augur well for firms’ economic performance. We find that, during the crisis, certain characteristics of the firms like the relative size of the target, cross-border nature of deals, acquirer's cash reserves and friendly nature of deals are important determinants of long-term post-M&A operating performance. However, for M&As during the crisis, there appears to be no relationship between performance and firms’ characteristics linked to M&A activity such as payment method, industry relatedness and percentage of target's share acquired.     

上市公司并购重组支付方式体系存在的问题及对策

上市公司并购重组在促进产业结构调整、优化社会资源配置方面发挥了日益重要的作用,而丰富、灵活的并购重组支付方式是提高并购市场效率的关键之一。本文简要介绍了国内上市公司并购重组支付体系概况,重点分析存在的问题,并结合国内外并购市场案例及实证数据,对并购创新支付工具作了评述,提出完善上市公司并购重组支付体系的政策建议,包括在并购交易中先行推出定向可转债、引入储架发行制度、论证认股权证试点的可行性、支持券商提供并购支付融资工具等。     

ST公司并购现金支付方式决定因素研究——基于并购方与目标方双视角

采用 Logistic 模型,基于 ST 公司分别作为并购方和目标方双视角,考量中国资本市场并购活动中决定支付方式的市场因素、公司因素和交易因素。结果表明,市场因素中商业周期指标越积极,并购双方越愿意选择非现金支付;市场利率越高,越倾向于以现金支付。ST 公司为并购方时支付方式选择受到管理者控制权、分析师数量和交易态度等因素的决定;ST 公司为目标方时支付方式选择受到公司财务杠杆、公司成长机会、分析师数量和交易态度等因素支配。不同的并购支付方式会对并购后企业产生不同的效应。     

Stock price firm‐specific information on the choice of stock payment in mergers and acquisitions

Previous studies on the choice of stock payment in M&A mainly focus on managerial private information. This study shows that managers also learn new firm‐specific information from financial markets in making this decision. The acquirer's stock price firm‐specific information increases the stock‐payment‐to‐Q sensitivity. The target's stock price firm‐specific information decreases the stock payment probability. Further analyses on deal and firm characteristics as well as shareholder wealth in stock mergers support the managerial learning argument. Overall, this study highlights a new set of information that affects the form of merger payment in mergers and acquisitions.     

Mergers,acquisitions, and bank efficiency: Cross-country evidence from emerging markets

In emerging countries, bank mergers and acquisitions (M&A) are frequently motivated by the objective of promoting stability in the banking industry. However, the evidence that M&A can lead to better performing banks is tenuous at best. In this article, we investigate if this tenuous relationship could be due to the treatment of target and acquiring banks as the same type in empirical analysis, which overlooks the possibility that M&A may affect these banks differently. Using panel data on six emerging countries, our results confirm that the effect of M&A is generally weak except when our regressions are implemented separately for target and acquiring banks. For the latter, we find that target banks tend to be more efficient after an M&A but no efficiency improvements are found for acquiring banks. These results suggest that in emerging countries, bank M&A can lead to efficiency improvements for the combined entity, although target banks are mainly the ones to benefit from it. They also highlight the importance of distinguishing between target and acquiring banks so as to obtain sharper estimates of how M&A might affect bank performance.     

The change in the value relevance of accounting information after mergers and acquisitions: evidence from the adoption of SFAS 141(R)

This study examines how and why investors change the use of their information sources in valuation between book value and earnings after mergers and acquisitions (M&A) in both pre- and post-SFAS 141(R) periods. We find that investors generally put less weight on earnings but more weight on book value after M&A than before M&A, and that such a change is particularly strong after the adoption of SFAS 141(R). By looking at goodwill, other intangible assets and other balance sheet accounts that SFAS 141(R) amended, we further find that SFAS 141(R) improves the value relevance of book value components after M&A.