中国上市公司并购重组的现状、问题及前景

The Current Situation,Problems and Prospect of Chinese Listed Firms’ M&A

研究目标:研究中国上市公司并购重组的现状、特征及存在的问题,并在此基础上提出相应的对策建议。研究方法:运用2005~2020年沪深两市A股上市公司的实际数据,结合已有的理论研究成果及政策着力方向,以规范分析和实证分析并重的方式深入研究中国上市公司的并购重组。研究发现:近年来中国上市公司的并购重组无论是交易金额还是交易笔数都呈现整体上升的态势,尤其是在化解产能过剩,促进产业升级,服务国企改革等方面取得了显著成效。但与此同时,并购重组活动也面临着发展的桎梏,突出表现在:主并公司为推高股价发起并购,部分交易长期绩效难以为继,业绩承诺引致商誉集中减值,并购支付手段单一致使杠杆高企等。研究创新:较为全面系统地分析了中国上市公司并购重组的发展脉络、新变化以及新问题。考虑横截面差异及纵向时间发展的框架有助于统一此前没有形成一致结论的理论研究。研究价值:拓宽和加深了学界、实务界以及政策制定者对并购重组的认识和理解;此外,还基于研究发现从内部治理、外部治理、资本市场基础制度建设等维度就并购重组市场的健康发展提出了相应的政策建议。

Research Objectives:To study the current situation,characteristics and problems of Chinese listed firms’ M&A,and put forward the corresponding policy suggestions.Research Methods:Use the data of A-share listed firms in Shanghai and Shenzhen stock markets from 2005 to 2020,combined with the existing theoretical research results and policy focus,this study makes an in-depth study on the M&A of Chinese listed firms in the way of both normative analysis and empirical analysis.Research Findings:Both the transaction amount and the transactions number of Chinese listed firms’ M&A show an overall upward trend in recent years.Remarkable results have been achieved in resolving production overcapacity,promoting industrial upgrading,serving the reform of state-owned enterprises.However,M&A is also facing the tough challenges,which is prominently shown in the following aspects:the acquirer companies initiate M&A in order to push up the stock price;the long-term performance of some transactions can’t sustain;performance promises lead to concentrated impairment of goodwill;the M&A payment method is too limited to increase leverage.Research Innovations:This study makes a more comprehensive and systematic analysis of the development path,new changes and new problems of Chinese listed firms’ M&A.The framework considering cross-sectional differences and time developments will help to unify the theoretical researches that have not reached a consistent conclusion.Research Value:Broadening and deepening the understanding of M&A for scholars,market practitioners and policy makers.In addition,based on the research findings,the study puts forward corresponding policy suggestions for the healthy development of M&A market.