并购类型与并购绩效

本文以2010-2016年上市公司控制权发生变更的并购事件为样本,以财务指标为基础,应用主成分分析法建立模型,通过并购前一年和并购当年,并购后一年,并购后两年进行比较,对并购类型与并购绩效之间的关系进行了实证分析。实证研究结果表明,资产并购可以提高并购绩效,股权转让对并购绩效影响效果比较差。     

并购中的财务风险

并购指两家或更多的独立企业、公司合并组成一家企业,通常由一家占优势的公司吸收一家或更多的公司。企业并购的基本点是合并或吸收其他企业法人资产,从而实现产权转移和所有权变更。在并购过程中,并购方因吸纳被并购方企业而成为存续企业,并获得被并购方企业的产权,而被并购企业则伴随着并购过程的结束而最终丧失法人资格。因此,可以认为企业并购的根本标志是企业法人地位的丧失和转移。     

上市公司并购研究：回顾与展望

本文采用结构化的程序与方法,对近年来并购文章进行了考察和评估,对研究时用的分析方法和选择的研究主题进行了归纳总结。发现我国上市公司并购研究以实证为主要范式,并购研究中事件研究法和会计研究法运用最为广泛,同时我国学者还引入多种其他学科的研究方法,拓展了研究视角。在研究主题上,绩效问题依旧是研究重点,但研究的切入点越来越丰富。提出目标公司选择、绩效评价、政府干预、并购整合、重点行业并购可以作为未来研究的发展方向。     

企业政治关联与跨国并购绩效——基于中国并购方数据

本文以2001—2013年中国海外并购企业为样本,研究中国企业政治关联对其跨国并购绩效的影响。结果发现,并购方政治关联度与其跨国并购绩效的关系会受到政府干预度的影响,即当并购方政治关联度一定时,政府干预度越高,其跨国并购绩效越低。同时,优惠贷款作为重要途径之一,也能让政治关联度对并购绩效产生影响,在海外投资中,具有融资便利的企业往往存在盲目性,并且能够对并购绩效产生比较不利的影响。利用Blinder Oaxaca分解方法,发现尽管中国在海外的并购数量不断上升,但是绩效却呈现不升反降的趋势。虽然人民币升值助力并购绩效的提升,但是政治干预度、贷款比率的变动、并购方资产规模均导致了并购绩效的下降。     

利用外资并购调整产业结构

一、外资并购的定义、现状及其特点 1、定义:外国投资者并购境内企业,系指外国投资者购买境内企业的股权或认购境内企业增资,使该境内企业变更设立为外商投资企业(股权并购);或者,外国投资者设立外商投资企业,并通过该企业协议购买境内企业资产且运营该资产,或外国投资者协议购买境内企业资产,并以该资产投资设立外商投资企业运营该资产(资产并购).     

科技型企业并购绩效评价研究

近几年科技型企业发展迅猛。日益激烈的市场竞争,使得更多企业选择并购来实现外部扩张、技术获取和核心竞争力的提升。并购的成功与否,需要对并购做出绩效评价,然而传统评价方法不能全面考虑科技型企业自身特点,不适用此类企业的并购绩效考评。文章通过文献研究、定性与定量分析等方法,突出科技型企业技术资源、高成长性等特点,并建立新的评价体系,以期能在前人研究的基础上,细化和丰富企业并购理论,对科技型企业并购绩效做出更加精准的评价。     

企业并购财务风险研究

本文通过研究认为并购活动在新三板中小型工业企业中存在较大的必要性,但是由于企业自身的特殊性,并购过程中存在着多种风险,本文通过结合案例分析,进行了深入的剖析,并提出合理的解决措施,力图帮助新三板中小工业企业降低并购风险。     

企业并购绩效文献综述

20世纪以来并购已经成为企业快速扩张和整合的重要手段之一。为了探究企业并购的短期和长期市场绩效,并购后的合并企业财务绩效,怎样来解释并购的绩效等问题,国内外学者从不同角度做了大量的研究,但研究至今没有统一的结论。本文对国内外有关企业并购绩效和归因研究的重要文献进行了总结和综述,并指出了并购绩效现有研究的局限性和进一步值得研究的领域。     

企业并购绩效文献综述

20世纪以来并购已经成为企业快速扩张和整合的重要手段之一。为了探究企业并购的短期和长期市场绩效,并购后的合并企业财务绩效,怎样来解释并购的绩效等问题,国内外学者从不同角度做了大量的研究,但研究至今没有统一的结论。本文对国内外有关企业并购绩效和归因研究的重要文献进行了总结和综述,并指出了并购绩效现有研究的局限性和进一步值得研究的领域。     

企业并购中的财务风险探究

随着市场经济体制不断推进,企业并购活动日益频繁.本文在解释并购的概念、多种分类方式以及并购中可能产生的风险的基础上,总结并购过程中公司应该注意的问题,并提出建议,以更好地规避和应对并购风险.     

资本市场有效性与企业并购绩效研究方法选择——基于中国上市公司的实证分析

对上市公司并购绩效研究结论的不一致源于研究方法的不同,研究方法的有效性则依赖于资本市场有效性.采用事件研究法和会计研究法综合分析上市公司并购绩效并对不同研究方法和分析指标所得结果进行比较后发现:并购能给并购企业股东带来超额收益、提升企业价值,但盈余指标提升不明显,研究方法不同导致研究结果迥异；我国资本市场是不完全的半强式有效,研究并购绩效事件研究法局部适用,盈余指标不适用；对于总体并购事件以及不同类型并购,事件研究法和会计研究法中的自由现金流与EVA指标分析结果一致,事件研究法可以被使用；对于是否关联交易的并购绩效研究结论则相反,市场存在“关联交易恐惧”,事件研究法不适用.     

Determinants of premiums in acquisition transactions

This paper presents a framework to identify the determinants of acquisition premiums so as to explain their cross-section variability. Observed premiums are predicted to be positively related to (1) the magnitude of the acquiring firm's estimate of acquisition gains and (2) the acquired firm's relative bargaining strength. Increased acquisition gains are argued to result from two sources—underpricing and undermanagement. The variables representing these sources are constructed from pre-acquisition data. A gains variable based on the post-acquisition stock-price reactions of the acquiring and acquired firm is also constructed. It is argued that acquired-firm bargaining strength is enhanced by an increase in the degree of competition in the acquisitions market and by the inclusion of anti-takeover amendments in the acquired firm's corporate charter. The predictions are tested on a sample of 77 completed cash-for-stock and stock-for-stock acquisitions over the time period 1975–80. The empirical results provide strong support for the predicted effects of the determinants of (2) and mixed support for the determinants of (1). This is the first study to document the predicted effects of anti-takeover amendments on observed premiums.     

Financial characteristics of acquiring firms and their relation to the wealth effects of acquisition announcements

This paper examines the sources of value to acquiring firms to expand the understanding of mergers and acquisitions. The firmspecific rationale that motivate firms to acquire other firms are examined, along with how these rationale impact the shareholder wealth of acquiring firms when the acquisitions are announced. A logit regression model is utilized to compare financial characteristics of acquiring firms to those of non-acquiring firms. The relation of these characteristics to the shareholder wealth effects experienced by acquiring firms when they announce acquisitions is also examined. The results support hypotheses that firm size and cash-flow payout impact the decision to acquire. Capital structure, management performance, and cash-flow payout are related to the wealth effects of acquisition announcements. Better fitting models result when industry effects are controlled by measuring firm characteristics as relative deviations from industry values.     

我国企业并购的财务风险与控制

随着我国经济的高速发展,并购已经成为当前企业实现快速扩张、增强自身竞争力的一种策略,对于企业并购的相关研究也成为财务管理的一个重要内容。从以前很多的并购案例来看,由于有些企业忽视了并购的财务风险而最终导致失败。因此,对并购中财务风险的分析和管理有着重大的现实意义。本文通过对近年来我国企业并购的各项统计数据进行分析,阐述企业并购中财务风险的各种形成因素,并提出了相应控制财务风险的政策建议。     

Assessing the economic knowledge and economic opinions of adults

This study investigates public knowledge of basic economics and public opinion on economic issues. The primary data sources are five national surveys, administered from 1992 to 1999, which contain a rich set of questions to conduct multiple tests and comparisons of the factors that affect economic knowledge and public opinion. As a whole, the results offer significantly stronger evidence of factors that influence knowledge and opinion than is possible from a study of a particular sample of adults using a single set of survey questions.The analysis proceeds in two ways following methods that were originally used with one of the five data sets, a 1992 survey of adults (Walstad, 1997). First, a regression model is specified and estimated with each data set to identify how personal characteristics, general education, course work in economics, income, and political party affect economic knowledge. Second, probit analysis is used to evaluate the effect of economic knowledge on public opinion on selected economic issues after controlling for the above variables. The results from the 1992 data serve as the baseline for comparing the findings across the other surveys.     

Performance of bank mergers and acquisitions: a review of the recent empirical evidence

This review provides a comprehensive analysis of the literature on bank mergers and acquisitions with an emphasis on the last decade. The study identifies and analyzes more than 135 publications focusing on this subject. The publications are grouped along their regional focus and the three main empirical methodologies utilized in the literature. The results are documented in detail and their evolution over time is discussed. The key factors influencing the performance of bank mergers and acquisitions, as identified in the relevant literature, are grouped into three categories and evaluated according to their contribution to the success of a merger. This paper concludes with a brief discussion of the influence of managers on the performance of mergers and acquisitions and evidence on regulatory arbitrage through bank mergers and acquisitions.     

Privatization from the Acquirer's Perspective: a Mergers and Acquisitions Based Framework

Privatization, especially in developing countries, presents international firms with opportunities for market entry and growth, but acquirers have to consider the distinct characteristics of a state owned enterprise (SOE) and the influence of the government as seller and policy maker. This study introduces a model, based on mergers and acquisitions literature and microeconomic theory, that explains the critical relationships among characteristics of the SOE, the government, and the acquirer. Public administration research suggests that the critical characteristics of SOEs are their sources of funding and their mode of social control of the organization, and recent work in privatizing countries emphasizes the influence of the government. The theoretical framework for the model suggested here is derived from research within the field of strategic management on mergers and acquisitions. The paper develops propositions regarding the organizational fit between private firms and those heretofore owned by governments and discusses research and managerial implications.     

Acquisition activity of large depository institutions in the 1990s:: An empirical analysis of motives

This study examines the performance and ownership structure characteristics of financial institutions that chose to aggressively expand by acquiring other institutions. The “wealth maximization hypothesis” posits that in an era of deregulation, the most efficient institutions will acquire the less efficient, thereby creating value and benefiting shareholders. Conversely, the “incentive conflict hypothesis” argues that a large number of acquisitions is a symptom of managers pursuing their own self interests. The empirical results are consistent with the wealth-maximization hypothesis for acquirers that have at least one large outside blockholder and when acquisition activity is measured by assets acquired. But, when acquisition activity is measured by the number of acquisitions, our results fail to support the wealth-maximization hypothesis. Together, these results imply that benefits are more likely to be created when the expansion strategy is implemented by making large acquisitions rather than numerous small acquisitions.Jel classification: G21, G28, G34     

Common Patterns of Behavior and Communication in Corporate Mergers and Acquisitions

This study of common patterns of communication and behavior in mergers and acquisitions relied on a survey of twenty-one managers and professionals in acquired organizations in three separate mergers or acquisitions (M/A). The survey used focused interviews to construct three cases. Common patterns are identified and a syndrome is specified connecting communication variables with rumor mills, employee turnover, and employee commitment to the new organization.     

Virtual inter-firm collaborative framework—An IC foundry merger/acquisition project

This study proposes a novel virtual collaborative framework to assist in analyzing and designing logistical processes for inter-firm merger/acquisitions in the IC foundry industry. To elucidate the different but correlated issues when developing the framework, enterprise ontology theory is adopted to deal with knowledge-sharing problems involving merger/acquisition partners. Additionally, several analytical methods, including collaborative production lifecycle chain diagram, process chain diagram and unified modeling language (UML), are utilized for analyzing issues at different levels to design a virtual prototype for mergers/acquisitions.