多元化并购、股权安排与公司长期财富效应

Diversification M&A, Equity Arrangements and Long-term Wealth Effect

利用2004～2010年发生股权交易并购的171家公司样本,考察了并购类型、股权安排与公司长期财富效应之间的关系。实证结果发现,与同业并购而言,多元化并购在当年和之后第一年有着较高的股票年度回报率,但随后则表现为较差的市场财富效应;与上市公司直接控制相比,金字塔结构的股权安排有着较差的股票年度回报率。进一步的并购类型分组考察发现,多元化并购下的金字塔结构反而因为有助于缓解公司多元化带来的运营风险而表现出较高的市场价值,但长期来看,依然有着较差的市场表现。实证结果表明,公司多元化并购、股权金字塔结构安排均存在较大的代理问题风险,这对实施并购的公司具有一定的借鉴意义。

Using the sample of 171 companies of M＆A of equity trading in 2004-2010, the authors examine the relationship be- tween the type and equity structure of M ＆ A with the company long-term wealth effect. The empirical results show that, for the same industry M＆A, diversification industry M＆A in the current year and the first year has a higher the stock annual rate of return, but then the poor market wealth effect. Compared to the direct control of a listed company, the pyramid structure equity arrangements have the poor stock rate of return for the year. Further M ＆ A-type grouping was observed that, the diversified acquisitions under the pyramid structure instead help ease the company diversified operational risk showed a higher market value, but in the long run, it still has a poor market performance. These empirical results reveal a greater risk of agency problems in the company diversified M＆A and equity pyramid structure, and provide the certain practical basis and policy recommendations for the implementation of the acquired company.