并购重组是否创造价值?——中国证券市场的理论与实证研究

Do Mergers and Acquisitions Create Value:Evidence from Chinese Listed Companies

本文采用事件研究法和会计研究法 ,对 1 993— 2 0 0 2年中国上市公司的1 2 1 6个并购重组事件是否创造价值进行了全面分析。实证研究表明 ,并购重组为目标公司创造了价值 ,目标公司股票溢价达到 2 9 0 5% ,超过 2 0 %的国际平均水平 ;对收购公司股东却产生了负面影响 ,收购公司股票溢价为 -1 6 76% ;对目标公司和收购公司的综合影响 ,也即社会净效应不明朗。理论分析表明 ,我国经济的转轨加新兴市场的特征为并购重组提供了通过协同效应创造价值的潜力 ,狂妄假说和代理问题等传统的并购动因理论有助于解释收购公司的价值受损 ,而本文提出的新的理论假说“体制因素下的价值转移与再分配”和“并购重组交易的决策机制” ,更直接地解释了并购重组对目标公司、收购公司和社会总体的不同效应。

This paper studies whether M&A creates value in China.Using the event study method and accounting indicators,it investigates 1216 cases covering all major M&A events related to listed companies from 1993 to 2002.The stock prices and financial performances of targeted companies are found to have both improved significantly after M&A deals;the reverse impact is seen on purchasing companies;and the net impact on purchasing and targeted companies as a whole is not statically significant.Therefore M&A creates value to Chinese securities markets since most listed companies are targeted companies,but it is doubtufl that M&A creates net value for the society as whole.Synergy effect explains why M&A is popular in China,and hubris hypothesis and agency motives explain why purchasing companies lose value.We also propose two new theories—“value redistribution hypothesis” and “internal decision mechanism hypothesis”.We show that they explain best the empirical results in the Chinese market.