盈利预测补偿协议与跨区域并购的价值创造

Valuation Adjustment Mechanism and Value Creation of Cross-regional M&A

以盈利预测补偿协议为切入点,本文对跨地区并购中的市场分割效应和信息不对称效应进行了区分和检验。实证结果显示盈利预测补偿协议的采用显著提高了收购方股东的价值创造。相较于同地区并购而言,跨地区并购为收购方股东创造的价值更低,产权性质差异不影响跨地区并购的价值创造。但盈利补偿协议的采用,可以显著提高跨地区并购的价值创造。进一步研究还发现,并购双方信息不对称程度越严重,盈利预测补偿协议的采用为收购方股东创造的价值越高。实证结果符合信息不对称理论的预测,表明跨地区企业之间的信息交流与共享,是改善跨地区并购价值创造的关键。此外,实证证据也为监管部门在并购重组中引入或有对价安排的积极作用提供了经验证据支持。

Based on the valuation adjustment mechanism（VAM）, this paper tests the market segmentation effect and the information asymmetry effect in the cross-regional MAs. The empirical results show that VAM significantly improves the value creation of the acquirer＇s shareholders. Compared with the same regional MAs, cross-regional MAs create less value for the acquirer＇s shareholders. The type of ownership does not affect value creation of cross-regional MAs. The use of VAM can significantly improve the value creation of cross-regional MAs. Further, we also find that the more serious degree of information asymmetry between the two sides, higher value that the use of VAM creates for the acquirer＇s shareholders is. In all, the empirical results are in line with the prediction of information asymmetry, indicating that the exchange and sharing of information between firms in the different regions is the key to improve the value creation of cross-regional MAs. In addition, the research provides empirical evidence to support the introduction of VAM in mergers and acquisitions in China.