配套协同还是增发陷阱?——我国上市公司重大资产重组配套融资的并购绩效分析

Achieving Synergy Aims or Falling into the Trap?An Analysis on the Supporting Equity Offerings during Major Assets Restructuring

本文以2012—2017年沪深上市公司作为主并方的并购样本为研究对象,考察了在重大资产重组中募集配套资金行为对主并方并购绩效的影响。研究发现:(1)相对于那些未包含配套融资的重大资产重组并购交易,包含配套融资的重大资产重组并购交易具有更好的短期和长期绩效;(2)募集配套资金的相对比例与主并方并购绩效呈现正相关关系。可见,募集配套资金制度能够促进并购交易发挥协同效应,提升市场资源配置效率,是一个行之有效的监管措施。

Based on the sample of mergers and acquisitions occurring in Shanghai and Shenzhen A-share-listed companies between 2012 and 2017, this article studies the impact of supporting equity offerings on the performance of the acquirers during major assets restructuring(MAR). It finds that, when MAR transaction plans include supporting equity offerings, the acquirers obtain better returns and long-term market performance from the mergers and acquisitions. It also finds that the performance of the acquirers is directly proportionate to the relative size of supporting equity offerings. These finds prove that the system of supporting equity offerings during MAR can promote the synergy of the transactions in the merger and acquisition events and improve the efficiency of market resource allocation. Therefore, it is an effective regulatory measure in Chinese capital market.