上市公司并购交易中的成本粘性和价值创造

Cost Stickiness and Value Creation in M&A Transactions of Listed Companies

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.