上市公司并购与债权人财富效应

Creditors’ Wealth Effects in Mergers of Chinese Listed Companies

本文实证研究了中国上市公司并购活动对债权人财富的影响。以往研究基于债券价格的财富效应度量方法无法应用于缺乏债券价格的情况，因此本文引入了期权定价模型来估计不可交易债权的价值，并将该估值在并购前后的变化作为财富效应的新定义。实证研究的结果表明，中国上市公司的并购活动不仅没有给目标公司的债权人带来显著的财富效应，反而损害了目标公司债权人的财富，尤其是当目标公司财务风险较低时。

This paper investigates how merger and acquisition affect the wealth of creditors of Chinese listed companies. The measures of the wealth effect in previous studies are mostly based on bond prices, infeasible when bond prices are unavailable. This paper evaluates the claims of creditors with an option model. We define the creditors＇ wealth effect of merger and acquisition as changes in the option values. Our empirical study suggests that the creditors＇ wealth effect of the target companies is negative, especially when the target companies have lower financial risks.