杠杆式并购在企业并购中的应用——以吉利并购沃尔沃为例

在经济日益发达的今天,大规模的并购及兼并已成为企业发展的最新之道,而杠杆式并购作为新的一种融资方式在许多企业都已经开始应用。本文主要研究杠杆并购的基本理论、发展阶段、特征和实际应用。本文对杠杆并购进行了基本的论述,并结合Geely(吉利)杠杆收购沃尔沃的案例,探讨了杠杆并购的具体运作流程和运作特点。     

降低并购风险需建立全面风险管理框架

安永咨询有限公司企业风险管理服务部合伙人曹驯就海外并购的现状和亏损原因进行了详细的阐释,并提出通过建立全面的风险管理框架来降低海外并购风险。他说     

遏制通胀仍需提防紧缩

宏观调控需要考虑经济未来形势的变化,在出台反通胀货币政策的同时,要前瞻性着眼于因美元转强,形成国际投机资本回流到美国市场而出现的"羊群效应",也就是说制定防经济大幅度下滑,通货膨胀转化为"新型滞涨"或通货紧缩的货币政策,以此促使国民经济健康稳定发展。     

"搭车"前需充分认识风险

"港股直通车"等政策的实施,为我国内地投资人合法境外投资、分享海外市场高成长提供了新的渠道,意义非同小可.但是,鉴于海外市场在市场结构、制度安排、监管环境等方面与内地存在较大差异,加上近期以港股为代表的海外市场屡创新高和诸多内外部因素影响造成的波动性加大,目前投资海外市场的风险也在加大,内地投资人对此需有充分认识.     

中国式去杠杆可行性方案研究

"去杠杆"作为新的发展阶段的重要任务已经逐渐成为全行业关注的问题,如何科学合理地高效"去杠杆",关系到政府和企业的可持续发展。本文结合当前国内债务率高企的实际情况,探讨了如何配合供给侧结构改革,实现债务优化去杠杆的有效途径。     

中国企业海外并购风险研究

中国企业的海外并购现在正处于在一个新的发展阶段且有着广阔的发展前景,本文力图在分析海外并购风险成因的基础上,为我国企业海外并购规避与化解风险提供建议,以此来推动我国对外投资的发展。     

开车提防"撞车族"

小连开车已经半年了,正处于半瓶子晃荡的水平,除了开车别的全然不懂,比如车险、车修、车装等,都是她老公一手操办的,她并未过问.但小连一向谨小慎微,开车严守交规,能让则让,所以半年来,还是新手的她从未和人刮碰一次.     

海外并购需慎行

2005年4月19日，TCL集团公布了2004年年报。通过跨国并购汤姆逊彩电业务和阿尔卡特手机业务，2004年TCL销售额大幅增长了43％，达到402亿元人民币。但净利润却下降了51％．为2．d5亿元。如此计算，当年的销售利润率只有0．61％。TCL的解释是，被收购企业原有亏损所拖累。     

债务怕疯狂杠杆需优雅

在经济金融领域,"杠杆"一词十分形象地形容了一种现象:用少量的自有资金撬动大量的资产或交易.古希腊科学家阿基米德有一句名言:给我一个支点,便可以撬动整个地球.这句话用极为夸大的效果说明了杠杆原理及作用.但经济中的杠杆却不能无休止的放大.     

Pathways to Success in M&A

For many if not most publicly traded companies, acquisition capabilities remain a critical component of sustainable longterm growth and profitability. And even as investors press companies to return excess capital through dividends and stock buybacks, the market continues to assign premium valuations to companies that earn above-average returns through a combination of internal investment and judicious acquisition spending.
This article begins by describing major challenges facing acquirers in the current business and regulatory environment. Then, after showing how M&A can be used to address strategic goals, the authors identify key elements in the M&A strategies of three highly successful companies: General Electric, Danaher, and Illinois Tool Works.     

Understanding the risk of leveraged ETFs

The purpose of this paper is to clarify the risks of leveraged ETFs. We do this by showing how to construct a k-times leveraged ETF as a dynamic portfolio in the ETF and a money market account. This construction characterizes the return distribution of the leveraged ETF over any investment horizon. As a corollary, we show that a k-times leveraged ETF will not earn k times the return of the ETF. It differs due to a term involving the ETF’s volatility and the interest paid on the borrowing over the investment horizon.     

2017中国企业海外并购将回归理性

跨境并购:巅峰之后的下滑是理性回归 2016年,中国大陆企业在国际并购市场的业绩达到一个高峰,海外投资数量达到920宗,较2015年上升142.1%,交易金额激增至2125亿美元,几乎是2015年的3.5倍,48宗大额海外投资交易金额超过了10亿美元.步入2017年之后,情势如何发展呢?普华永道日前发布的一份报告显示, 2017年第一季度中国大陆企业海外并购交易数量为142宗,交易金额为212亿美元,相比创纪录的2016年同期交易数量下滑39%,交易金额下降77%.     

并购大潮即将落幕

在过去的一个半世纪中,西方经历了七轮巨大的并购浪潮(见表1).19世纪末的第一轮企业并购浪潮,西起红树林(美国西海岸),东至墨西哥湾(美国东海岸),造就了一批金属、石油、铁路以及消费品领域的全国性巨头.到20世纪80年代,西装笔挺的企业狙击手使用垃圾债券进行融资,对大企业进行恶意收购——他们往往忙得都没时间吃午饭.2017年则是最近一轮并购潮即将退潮的时刻.银行家和企业老板中的平庸之辈将会无所事事,为失去佣金与奖金感到懊恼.     

Customer concentration and M&A performance

This paper examines how the target's customer concentration affects merger performance. We find that the acquirer purchasing a customer-concentrated firm experiences significantly lower stock market returns and worse long-run operating performance. The effect is more pronounced when customers face lower switching costs or the target undertakes a higher level of relationship-specific investments, exhibits higher cash volatility, or is acquired by a less well-known company. Further analysis shows that the negative association is mainly driven by corporate customers, while relatively safe government customers moderate the effect. We also find that shared major customers, overconfident CEOs, and poor corporate governance are more likely to increase the likelihood of customer-concentrated acquisitions. Overall, our findings suggest that higher customer concentration leads to lower value creation in mergers.     

Board connections and M&A transactions

We examine M&A transactions between firms with current board connections and find that acquirers obtain higher announcement returns in transactions with a first-degree connection where the acquirer and the target share a common director. Acquirer returns are also higher in transactions with a second-degree connection where one acquirer director and one target director serve on the same third board. Our results suggest that first-degree connections benefit acquirers with lower takeover premiums while second-degree connections benefit acquirers with greater value creation. Overall, we provide new evidence that board connectedness plays important roles in corporate investments and leads to greater value creation.     

Shareholder wealth effects of M&A withdrawals

This paper provides evidence on the wealth effect in the event of the withdrawal of a merger or acquisition, and the impact of termination fee provisions on acquirer withdrawal returns. I report a significant negative correlation between acquirer withdrawal returns and announcement returns, consistent with the theory of managerial learning in M&As. Target firms reap net gains in deal withdrawals, showing evidence of a permanent revaluation of targets even if the deals fail. I also find that acquirer termination fee provisions are positively associated with acquirer withdrawal returns, suggesting that such provisions may play a disciplinary role in the withdrawal decision-making and protect acquirer shareholders’ interests in deal withdrawals. Furthermore, my results also show that target termination fee provisions are negatively associated with acquirer withdrawal returns, which supports the efficiency hypothesis.

     

并购中的价格锚定:金融创新还是价值掠夺--基于上市公司并购重组的案例分析

高并购溢价一直是理论界和监管层关注的重点问题。本文以上市公司高并购溢价为例,深入分析了并购交易中锚定价格的动机及其经济后果。研究发现,上市公司的支付对价与并购标的业绩承诺现值之间的差额是融资购买股权的费用,并不是并购标的未来现金流的折现。这主要是上市公司利用信息不对称将融资购买股权的费用直接锚定在股价中,引导外部投资者看好此次并购,最终上市公司大股东通过减持掠夺了中小股东的利益。本文给监管层的政策建议是要规范并购重组中的定价问题,并详细披露相关的信息,以降低与外部投资者之间的信息不对称。     

A comparative analysis of leveraged recapitalization versus leveraged buyout as a takeover defense

Two types of defensive scheme—leveraged buyout (LBO) and leveraged recapitalization (LR)—are examined. In particular, this article examines (1) whether the two similar defensive tactics affect stockholder returns differently and (2) what firm attributes are associated with stockholder gains in LBO and LR announcements. This study finds that stocks of both LBO and LR firms, on average, exhibit significant positive abnormal returns during the announcement period, but that the latter experience substantially smaller returns than the former. This study further finds that while mitigation of agency problems associated with a firm's free cash flow is present for both LR and LBO firms, it is more pronounced for the LBO firms. These results provide evidence that a firm with higher free cash flow could benefit a greater reduction of agency costs by going private through a LBO plan than by remaining public through a LR plan.     

Explaining M&A Success in European Banks

We study 98 large M&As of European bidding banks from 1985 to 2000 in order to investigate drivers of excess returns to the shareholders of the targets, the bidders, and to the combined entity of the bidder and the target. Our findings show that many of 13 drivers identified mostly from prior, US‐focused research have significant explanatory power, indicating that the stock market reaction to M&A announcements of European bidding banks can be at least partly forecast. Our results are largely consistent with the US‐experience and confirm the preference of stock markets for focused transactions and against diversification. Moreover, we find that less active bidders create more value than more active/experienced bidders. This stands in contrast to some US research and may indicate that managers of frequent European bidding banks may be motivated by other objectives than creating shareholder value.