高溢价并购可以带来高市场回报吗?

Can High-Premium M&A Bring about High Market Performance?

本文以2001―2019年A股上市公司为研究对象,分析了并购溢价与并购短期市场绩效之间的关系,以及吸收合并、商誉和业绩承诺对两者关系的影响。研究结果表明,并购溢价会显著提升并购短期市场绩效,同时资本市场也存在着并购消息提前泄露的问题。异质性分析结果表明,中国资本市场投资者有追高情绪,吸收合并类并购重组的并购溢价更能促进并购短期市场绩效提升;在经历了2015年A股市场异常波动后,市场回归理性,高商誉、高业绩承诺的高溢价并购无法再显著提升并购短期市场绩效。本文结论丰富了并购溢价与企业价值创造关系的研究,为规范并购交易定价和促进资本市场可持续发展提供了学理支持和政策参考。

This article takes China’s A-share listed companies from 2001 to 2019 as the research object and analyzes the relationship between merger premium and short-term market performance,as well as the influence of mergers,goodwill,and performance commitments on the relationship between the two.The research results show that the M&A premium will significantly improve the short-term market performance of M&A.At the same time,the capital market also has the problem of early disclosure of M&A news.In the analysis of heterogeneity,the results show that high-premium M&A mainly affect the high rate of return,indicating that investors in China’s capital market like chasing high prices.M&A premiums can promote the improvement of M&A short-term market performance.During periods of abnormal volatility in the China A-share market in 2015,neither high goodwill nor high performance commitments can significantly improve the M&A premium’s positive effect on short-term M&A market performance.The conclusions of this article enrich the research on the relationship between M&A premium and corporate value creation,and provide academic support and policy references for regulating the pricing of M&A transactions and promoting the sustainable development of the capital market.