企业并购行为的财务分析

企业并购是企业兼并和收购的总称,是一种市场行为。文章主要说明了企业并购时对被并购企业进行财务分析的基本理论与方法,在分析两组并购主体的基本情况的基础之上,应用财务理论与方法,对经营状况,财务指标和财务风险进行简要分析,最后针对企业并购引发了对我国企业并购和前景发展的思考。     

中国医药企业国际并购中的目标选择策略研究——基于迈瑞并购案例分析视角

文章在现有研究基础上构建了一个关于国际并购目标企业选择的分析框架,并经过迈瑞海外并购案例验证,系统阐述了在选择目标企业时需要考虑的关键指标,最后,为中国药企进行国际并购目标选择提出有效可行的策略建议。     

基于DEA的上市公司并购绩效研究

企业并购活动已经发展延续了100多年,由于企业并购活动产生得巨大经济效应和社会效应,无数学者展开对企业并购绩效得研究并形成多种理论。本文采用DEA方法,对上市公司并购前后的财务数据进行分析并进行横向和纵向比较来判断企业并购行为对其总体绩效的影响。     

基于并购视角的企业动态能力研究综述北大核心CSSCISSCI

基于并购视角的企业动态能力研究是一个发展迅速的企业动态能力研究新领域,许多学者致力于这方面的研究,并且取得了丰硕的成果。本文在系统梳理并购视角下的企业动态能力研究文献的基础上,从并购前、并购中和并购后三个阶段解析了与并购相关的并购企业动态能力,总结出动态能力在并购过程中的作用,并在此基础上进一步厘清了企业并购过程中的动态能力演进机制,最后在分析现有研究仍存在的不足后对未来研究进行了展望。     

企业连续并购的可预测性研究——基于熵理论的分析

文章应用熵理论不仅论述企业的并购行为,而且还解释了企业的并购动机。然后,利用参数和非参数检验,证明企业的连续并购与间隔并购样本是有差别的。对于企业的连续并购行为,可以选取合适的变量来进行预测。最后,应用四大类别熵建立了logistic模型,对企业的连续并购行为进行了预测研究。结果表明,以四大类别熵作为自变量所建的模型对企业下一年的连续并购行为有很强的预测能力,远高于仅有常数项的预测模型。     

并购与股票价格、企业价值的关系

上市企业并购的主要动力是什么 ?为什么在企业并购中有的用现金作为支付手段 ,有的却用股票支付 ?本文对行为金融提出的并购理论进行了探讨。这一理论认为 ,股票价格及由此度量的企业价值是决定企业是否实施并购行为 ,以及在并购中采取哪种支付方式的关键所在。并购的实质是企业价值被错误估价后 ,管理者为了获得错误估价的利益而采取的一种积极的保值策略。     

业务外包下我国汽车行业并购分析

企业并购作为一种资源分配和再分配的过程，是企业成长的一种重要方式，也是当今经济发展趋势之一。本文根据我国汽车工业发展现状，通过业务外包理论对汽车行业并购进行研究，并把这一理论应用于汽车行业并购重组的研究．在分析外包发展趋势的基础上．指出我国汽车行业并购的三大趋势。     

财务协同效应理论与企业并购的财务整合

这是一个大并购的时代,但是全球并购的成功率一直不容乐观,导致这一现象的主要原因是并购整合不力,而作为并购整合的出发点和核心,财务整合不力无疑是造成并购整合不力的首要原因。本文以财务协同效应理论为基础,通过企业并购财务整合现状的分析,对企业并购财务整合这个问题进行研究,希望能为解决我国企业并购财务整合过程中所遇到的障碍提供微薄的帮助。     

国外企业并购绩效理论及实证研究述评

本文运用综合分析的方法 ,对企业并购绩效与并购支付方式、并购双方的行业相关性、并购企业的成长型或价值型特征、并购企业的初始持股额等关系的理论、实证检验结果和研究方法进行了述评。     

横向并购纵向传染机制理论与案例研究

本文综合运用复杂网络理论、产业关联理论和抗衡势力理论等相关理论,提出横向并购在不同产业和区域间的传染机制的理论模型,并以中国企业并购事件为例,运用案例研究的方法,分析某个产业或区域内企业A并购企业B,为什么会诱发其关联产业或区域内企业C并购企业D、企业E并购企业F等一连串的动态级联并购效应,最终形成整个经济层面的并购潮现象。最后,提出了指导政府制定产业兼并重组政策的对策与建议。     

自由现金流量、并购溢价与我国上市公司并购绩效的实证研究

国内外的研究结果表明高自由现金流量低成长性公司在并购后绩效会出现明显的下滑,并把绩效下滑归因于代理成本。文章力图在自由现金流量与并购绩效之间搭建一座桥梁,深入分析导致并购绩效下滑的直接客观原因。通过利用我国上市公司2001-2003年436次并购事件进行实证分析的结果表明,支付过高的并购溢价是导致高自由现金流量低成长性上市公司并购绩效低下的直接客观原因。     

业绩承诺的价值与定增并购价格偏离——基于B-S期权定价模型

近年来,业绩承诺被广泛运用于定增并购中,其作用主要在于保护投资者和激励标的公司。现有研究中,基于业绩承诺的存在与否、及其部分参数的设定所产生的经济影响在理论层面及实证层面得到初步验证,但是这部分研究的出发点不够全面,衡量业绩承诺产生经济影响的真实路径,依然需要进一步探索。文章选取2011年至2019年7月A股上市公司签订了业绩承诺的定增并购事件为样本,基于B-S期权定价模型,测算以期权形式存在的业绩承诺价值,并探讨该价值高低对定增并购价格偏离的影响及其路径。研究结果表明：业绩承诺价值越大,并购溢价越高,该影响在股份支付的情况下更明显;业绩承诺价值越大,定增折价越低,该影响在非股份支付情况下更明显。文章从新颖而全面的视角衡量了业绩承诺的价值,独特地解释了定增并购价格偏离形成的机理,为定增并购多方设置更合理的交易价格提供了新的思路,也为监管机构完善定增并购交易制度提供了理论支持。     

R&D intensity and domestic and cross-border M&A of Japanese firms before domestic M&A deregulation

In this paper, we examine the determinants of mergers and acquisitions (M&A) in Japan prior to the deregulation of domestic M&A transactions. We reveal that firm growth strategies and institutional differences in domestic and cross-border transactions are key determinants of the differences in M&A behavior. Our estimates show that domestic M&A activities are negatively related to research and development (R&D), suggesting that low technology-intensive firms have a tendency to engage in domestic M&A. For cross-border M&A, firm R&D activities have a significant positive effect, implying that a firm's own technology is important for absorbing foreign technology or competing in the host country.     

Understanding the productivity effect of M&A in Japan: An empirical analysis of the electronics industry from 1989 to 1998

This study examines the effect of mergers and acquisitions (M&A) on productivity. According to the literature, the effect of a merger or acquisition on an acquiring firm's productivity is small. We examine the extent to which self-selection of M&A contributes to the weak M&A effect. Using data on Japanese electronics firms from 1989 to 1998, our empirical analysis shows that without controlling for the self-selection of M&A, M&A have a weak or insignificant effect on total factor productivity (TFP), as suggested in the literature. However, controlling for self-selection reveals a positive and large effect on productivity. We find a negative correlation between M&A decisions and TFP caused by self-selection, which makes the M&A effect appear negligible when it is not controlled for. These results suggest that M&A served as an effective device for improving the productivity of the electronics firms in our sample.     

Target Financial Reporting Quality and M&A Deals that Go Bust*

This study investigates the role of financial reporting quality in merger and acquisition (M&A) deals that are ultimately terminated (i.e., go bust). If a target is a U.S. publicly traded company, an acquirer’s initial assessment of the potential benefits associated with the acquisition of the company is based on publicly available information. Generally, the acquirer obtains limited private information from the target prior to announcing the deal, but engages in transactional due diligence after signing the acquisition agreement to affirm that the financial reporting warranties made by the target are accurate. We construct a low‐quality financial reporting score based on measures prior research identifies as being associated with less reliable, less relevant, and less precise financial reporting. We find that acquirers offer higher premiums for targets with low‐quality financial reporting. However, we also find that low‐quality financial reporting increases the likelihood of deal renegotiation, and contributes to the probability of deals going bust. We document that failed targets are more likely to restate their financial statements after the announcement of the deal, supporting our conjecture that low‐quality financial reporting contributes to deals being terminated. Our research develops a new measure of low‐quality financial reporting, documents that the measure is related to M&A deal outcomes and financial restatements, and provides insights into the consequences of M&A transactional due diligence.     

多个大股东、内部薪酬差距与并购效率

以2007—2019年中国上市公司为样本，考察多个大股东对并购效率的影响及内部薪酬差距的调节效应。研究发现：首先，存在多个大股东的上市公司能够在减少并购决策的同时提高并购绩效，实现了更高的并购效率，且多个大股东的监督越有力，并购效率越高；其次，考察内部薪酬差距在多个大股东与并购效率的调节作用，将股东、管理层、员工3个层面结合，结果表明内部薪酬差距抑制了多个大股东对并购效率的积极影响；最后，在市场化程度高的地区多个大股东更能提升并购效率。研究结果不仅从并购效率的角度丰富了多个大股东的经济影响，也对改善股权结构、优化薪酬设计及提高并购效率具有重要的参考意义。     

IPO relative difficulty,M&A option and size effect

Size effect in the Chinese stock market is huge from 2012 to 2017. We empirically identify a driving force behind the effect: M&A option caused by IPO and M&A policies changes. We show that the M&A frequency increases and the acquirers' market value deceases as the IPO relative difficulty rises, small firm premium is positively related to both IPO relative difficulty and M&A frequency, and among the listed firms that have stronger tendency to merge or acquire a private firm, size effect is significantly larger. These results hold when controlling reverse merger probability. In sum, we reveal a new mechanism: Compared with a large public firm, a small one is more likely to acquire a private firm with discount since both the acquired and the acquirer benefit more, so the stock price of a small firm contains a larger part of M&A option. This option value increases as IPO relative difficulty rises.     

企业内部控制、政治风险与跨国并购绩效——基于SEM的实证分析

以2006-2010年发生跨国并购的中国上市公司为样本,利用结构方程模型实证检验了企业内部控制质量、东道国的政治风险对中国企业海外并购绩效的影响。研究发现,高质量的内部控制能显著提升企业跨国并购绩效,在并购过程中,企业选择政治风险较高的国家和地区企业作为并购对象,对其绩效的改善则具有显著的抑制作用。     

CEO并购补偿会影响股东财富吗?

目标公司CEO的并购补偿是否会影响股东财富?以2009~2021年被收购的2946个目标公司为样本采用实证研究法探究了目标公司CEO并购补偿对股东财富的影响。研究发现:CEO并购补偿对股东财富的影响在不同预期协同效应下具有显著差异,预期协同效应较高时降低了目标公司股东财富,预期协同效应较低时,提高了目标公司股东财富。当目标公司存在盈余管理时,CEO并购补偿对目标公司股东财富的负面影响更加显著。进一步分析了不同协同效应下目标公司CEO并购补偿对股东财富影响的作用机制,目标公司发放并购补偿的程度及CEO留任可能性是其主要原因。文章丰富了国内以目标公司为视角研究并购中CEO薪酬与股东代理问题的文献,为规范目标公司CEO在并购中的行为、提高股东财富提供了理论支持与经验证据。     

Investigating the linkages between industrial policies and M&A dynamics: Evidence from China

Mergers and acquisitions (M&As hereafter) have been widely examined in the economic and business literature under many perspectives. However, the industry-level view, specifically the relation between industrial policies and M&A waves at the sectoral level, has remained rather unexplored. This article contributes to fill this gap by empirically investigating the relation between selective industrial policies and M&A waves at the industry level in China. Referring to the four Five Year Plans covering the period 1996–2015, we explore whether being identified as an emerging sector in these plans generates positive or negative changes in the number of M&As. We reiterate the analysis according to the different types of M&As (vertical, horizontal or conglomerate) and the different natures of the acquirer (SOEs or private). Our results suggest that policies can differentially affect M&A waves according to the type of M&A. Moreover, while private firms are more responsive to both horizontal and vertical integration in emerging sectors, SOEs are more prone to engage in vertical M&As. We discuss the possible rationales behind the different behaviors. We also draw general policy implications on strategic industrial policy and market restructuring.