摘要
资源的稀缺性导致了市场竞争,并购重组也因此成为近年来企业减少恶性竞争的重要手段之一。以2004-2016年沪深A股上市公司中成功完成并购交易的企业为样本,采用TOBINQ值来衡量企业价值,使用处理后的Weiss模型来衡量企业的成本粘性水平。从成本粘性和成本反粘性两个角度出发,探究上市公司在并购交易中的成本粘性和价值提升之间的关系。实证研究发现:成本粘性对并购企业价值有显著的正向影响;成本反粘性与并购企业价值创造呈显著的负相关关系,即成本反粘性的存在不利于并购企业价值的提升;制造业并购公司的成本粘性与价值创造呈显著的正相关关系,成本反粘性与价值创造呈负相关关系。
The scarcity of resources has led to market competition, and mergers and acquisitions have thus become one of the important means for companies to reduce and resolve excessive compe-tition in recent years. This article takes the Shanghai and Shenzhen A-share listed companies from 2004 to 2016 as an example. The listed companies that successfully completed the M&A transac-tions during this period are chosen as a sample, with the TOBINQ value to measure the value crea-tion of the company and the processed Weiss model to measure the company's cost viscosity level. From the perspectives of cost stickiness and cost anti-stickiness, we explore the relationship be-tween cost stickiness and value creation of listed companies in M&A transactions. Through empiri-cal research, it is found that: (1) cost stickiness has a significant positive effect on the value crea-tion ability of enterprises; (2) cost anti-viscosity has a significant negative correlation with value creation, that is, the existence of cost anti-stickiness is not conducive to the enterprise's ability to create value; (3) there is a significant positive correlation between cost Stickiness and value creation in manufacturing M&A companies, and cost inverse stickiness is negatively correlated with value creation. The research in this paper provides an effective basis for decision-making and policy sup-port for China's corporate management to make M&A transaction decisions to realize the creation of corporate value.
作者
杜剑
于芝麦
DU Jian;YU Zhi-mai(School of Accounting,Guizhou University of Finance and Economics,Guiyang 550004,China)
出处
《现代财经(天津财经大学学报)》
CSSCI
北大核心
2018年第9期61-76,共16页
Modern Finance and Economics:Journal of Tianjin University of Finance and Economics
基金
贵州省科技计划项目(黔科合基础[2017]1515-2)
贵州省科技计划项目(黔科合基础[2017]1509-4)