Financial Boundaries Condition Analyzing Model for Non-equity Corporate Merger and Acquisition Decisions

The financial boundaries of negotiation for the acquirer and acquiree of a non-equity corporate Merger & Acquisition (hereafter M&A) is defined. A new analyzing model to determine financial boundary for thc M&A decision is developed. The negotiation range of transaction price and condition for the acquirer and acquiree by quantitative analyzing is put forward.

Economic Policy Uncertainty and Corporate Mergers and Acquisitions

In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises.Then,how does economic policy uncertainty(EPU)affect mergers and acquisitions(M&A)behavior?What’s the mechanism?Based on the above questions,this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A.The study shows that rising EPU will promote corporate M&A behavior,and this effect is more significant in slow-growth companies.The relationship between EPU and M&A is affected by corporate governance,stock price volatility and financing constraints.Specifically,the company’s M&A size is more sensitive to EPU with higher level of corporate governance,higher level of stock price volatility,and lesser financing constraints.Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term,but this effect does not exist in the long-term.Various robustness checks do not change the empirical results of this paper.

Modeling the factors that influence knowledge transfer in mergers and acquisitions

This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A) and validates it via questionnaire surveys. Using 125valid collected questionnaires, multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect. The ranking of factor importance, from high to low, was knowledge explicitness, relationship quality, learning intent, advanced transfer activities, and learning capability, which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches. Our results also showed that one of the control variables(size of acquired firm) had neither a direct or indirect effect on knowledge transfer in M&A. Additionally, our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A, but had a negative influence at the late stage. Based on this research, several suggestions for knowledge transfer in M&A are proposed.

Cash holdings,corporate governance,and acquirer returns

Background:The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs)is a contentious issue.By taking the differential effect hypothesis perspective,our study aims to provide additional evidence about the relation between ATPs and acquisition performance.Methods:We examine the interaction of antitakeover provisions(ATPs)with firm characteristics and governance environment in explaining the cross-section of bidder announcement returns.Using a sample of 3,340 completed acquisitions by 1,217 firms during 1996–2006,we test the association between ATPs,firm characteristics,and governance environments with bidder returns.Results:We find that ATPs hurt acquisition performance only when acquirers hold a high level of excess cash.Similarly,ATPs are associated with lower bidder returns only when industry competition is weak and public pension fund ownership is low as well.By contrast,when industry competition is intense and/or public pension fund ownership is high,ATPs do not hurt bidder returns.Conclusions:The complementarity among ATPs,excess cash,industry competition,and public pension fund ownership suggests that ATPs per se do not necessarily result in value-destroying acquisitions for all firms.We address the endogeneity issue of unknown variables by using a proxy for firm prestige and draw the same conclusions.

政府干预、公司控制权转移与投资效率——基于Heckman两阶段选择模型的分析

文章基于我国上市公司股权收购数据,实证检验了政府干预、控制权转移与投资效率之间的关系。研究发现:民营所有权性质的标的企业并购时不易发生控制权的转移,而国有所有权性质的企业则相反;地方政府的干预显著地增大了地方国有企业控制权的转移倾向,而对中央国有企业的影响不显著;并购时控制权转移行为减轻了并购后公司自由现金流的过度投资程度,支持了并购效率理论;地方政府的干预行为降低了并购后地方国有企业自由现金流的过度投资程度,表现出"扶持之手"。文章的研究结论丰富了公司治理及企业管理研究文献。

企业管理者MBA或EMBA教育经历对企业业绩与个人薪酬的影响——来自中国民营上市企业的证据

为了探究企业管理者MBA或EMBA教育经历给中国企业带来的影响以及影响机制,利用2003—2015年1685家中国上市民营企业数据进行实证研究,结果表明:当企业管理者拥有MBA或EMBA教育经历时,他们会更多地选择以并购重组的方式发展企业,但企业的业绩却并没有得到显著提高;当企业管理者拥有MBA或EMBA教育经历时,他们的个人薪酬以及实施"隧道行为"的可能性会显著增加;境外MBA或EMBA教育经历在增加并购重组与"隧道行为"可能性的同时,会更大幅度地提高企业管理者的薪酬,但使得企业业绩不升反降。

Cultural Integration in M&A Enterprise

This thesis aims at studying the cultural integration of M&A enterprises,mainly involved with the manifesta-tion,process,type,method,risk and countermeasures of cultural integration in M&A enterprises.It intends to provide a complete set of management and operation sys-tem on cultural integration for M&A enterprises.Keywords:cultural integration,M&A(merger and acquisi-tion).

Impacts of Organizational Culture on the Practice of Management

Organizational culture has received increasing attention in recent years both from academics and practioners. Many researchers have confirmed the influence of values on management theories. Barney regards organizational culture as a significant element in creating and implementing the best strategy for competitive advantage. Every thing has pros and cons, organization culture is no exception, and problems caused by organizational culture must be recognized as well, such as barriers to mergers and acquisitions.

The determinants of shareholders＇ wealth of acquiring firms in India

Corporate restructuring has become a major component in the financial and economic environment all over the world. Industrial restructuring has raised important issues for business decisions as well as for public policy formulation. Since 1991, Indian industries have been increasingly exposed to both domestic and international competition and competitiveness. The companies started restructuring there operations around their core business there M ＆ A. But M ＆ A is an area of potential good and harm in corporate strategy including manufacturing industry. Therefore, an attempt has been made to analyze the security returns and to find out the net wealth increase or decrease to the shareholders of acquiring firms. In India, there are totally 58 manufacturing companies which have undergone mergers and acquisitions during 2000, 2001 ＆ 2002. Thirty percentage from the total population was taken as sample size （i.e., 17 companies out of 58）. The present study is mainly based on secondary data. The Market Model and Market Adjusted Returns Model analysis are used as tools of analysis.

物流企业并购动因及财务绩效研究——以A物流并购B股份为例

近年来,随着我国经济的不断发展,企业并购逐步成为企业长久发展的重要策略之一,有助于实现企业的扩张及转型升级。在互联网经济的不断发展下,物流行业的竞争愈发激烈,不少企业纷纷采用并购的方式追求企业自身的突破,从而实现最佳财务绩效。2022年,A物流利用4个月的时间对B股份实施并购,并创下了并购资金和并购速度的新纪录。文章以A物流并购B股份的案例为研究对象,分析物流企业并购后的相关财务绩效表现,以期为其他物流企业的并购提供参考。

基于EVA的上市公司并购绩效研究

自2008年国际金融危机以后,世界经济在脆弱性和不确定性的状态下缓慢复苏。各国经济发展明显充满风险和不确定性,而目前我国经济发展相对稳定,近几年来我国并购交易的活跃度很高。企业并购行为在新形势下的动机、方式、绩效具有特殊性,因此,很有必要根据我国的实际情况,分析公司并购在我国的发展方向、绩效以及相应的发展战略具有重要的现实意义。

中国控制权市场的识别效率——基于DEA方法

控制权市场的识别效率意指控制权市场是否能有效发现无效率的经营团队,它是研究控制权市场有效性的基础。选取2005-2009年中国证券市场成为并购目标的上市公司作为样本,将样本所涉及的事件区分为市场化并购、政府主导型并购及关联人主导型并购等三类,采用DEA方法来测度并购目标公司的效率特征,进而判断中国控制权市场的识别效率。研究未发现整体并购样本在中国控制权市场具有明显的识别效率,反映了中国控制权市场整体上尚不成熟;但在关联人主导型并购中则反映了市场具备识别效率,也隐含此类细分控制权市场具备有效性迹象。

基于企业DNA理论研究企业并购机理

从仿生学的角度研究企业并购,利用企业DNA理论提供一种分析路径,同时以联想并购整合IBMPC业务部的案例为研究背景,阐述了企业间并购导致企业基因重组,并购这种发展方式对于企业就像生物体的有性繁殖方式,能够使企业基因双倍化,从而提高了企业进化速度,形成更适应市场环境的企业。

公司治理对并购绩效的影响机制研究——基于A股旅游上市公司并购事件的数据检验

公司治理对并购绩效存在着必然的影响,但公司治理要素对并购整合的微观影响机制仍处于黑箱认识状态。基于我国旅游上市公司并购的样本数据,借助于多元回归分析方法,实证性的研究检验了公司治理要素对并购绩效的影响路径,发现独立董事人数和董事会次数对并购绩效存在着正向的影响,第一大股东持股比例和管理层收购的积极性对并购绩效存在着负向影响,而监事会人数对公司并购不存在影响。本检验结果为旅游上市公司并购机制的优化提供了现实性的理论借鉴。

公司治理对并购协同的促进效应解析——基于A股上市公司并购事件的数据检验

并购协同是公司并购的关键环节,受到公司治理的内在性影响。基于A股上市公司并购事件的数据检验,借助于结构方程模型,实证性的检验揭示了公司治理对并购协同的促进效应,发现了董事会治理对并购协同产生了有效的促进作用,经理层治理的促进效应次之,而监事会治理的促进效应最弱。检验结论为我国上市公司并购机制的优化和公司治理的完善提供了现实性的理论借鉴。

高科技公司CEO过度自信与并购绩效的关系研究——基于自我归因偏差(SAB)的分析视角

本文从自我归因偏差的角度，在调查以往相关文献和2008～2012年间中国高科技公司CEO并购历史的基础上，针对CEO过度自信、并购和高科技公司绩效之间的关系提出研究假设，构建CEO过度自信、M＆A与公司绩效之间关系的理论模型。研究发现：（1）CEO过度自信与公司并购行为呈现出显著的正相关关系。且CEO的第一笔成功交易会为公司带来正的公司绩效，高阶交易则产生了负的公司绩效；（2）与罕见并购相比，频繁并购者所在公司的公司绩效更差，另外先前并购的正公司绩效并不会影响后续交易中负公司绩效的产生；（3）与理性CEO相比，存在过度自信CEO的公司，公司绩效更差，而且与罕见并购者相比，频繁并购者所在的公司绩效更差。大部分假设均通过实证检验得到了有效的验证。

我国A股上市公司治理与并购绩效关系研究——基于分位数回归分析

利用中国A股市场在2010-2012年发生并购行为的上市公司2009-2015年相关数据,首先采用主成分分析方法对上市公司的并购绩效进行估计,然后利用分位数回归分析了公司治理对并购绩效影响的差异性。结果表明:在并购发生期并购绩效显著大于并购整合期并购绩效;在不同分位点上,公司治理对并购绩效的影响具有一定的差异性,表明不同的公司治理结构对并购绩效的影响是不同的,本文的研究从公司治理角度,为中国上市公司并购的完善和深化提供了理论借鉴。

企业并购溢价对企业绩效的影响研究——基于我国沪深A股的实证检验

近年来,我国并购市场如火如荼,越来越多的企业选择通过并购来实现自己的战略目标,迅速占据市场地位,进入新兴行业。在并购交易热潮下,高溢价似乎也成为并购重组的"标配",高溢价并购屡见不鲜。可是企业支付高溢价换来的是否为优质资产,其是否能给企业带来价值的提升,这些都是值得研究的议题。因此,文章基于我国并购交易市场,研究了国内上市公司并购溢价的绩效反应。运用相关性分析、多元回归分析等研究方法探讨了并购支付溢价对并购绩效的影响。最后,根据实证研究结果阐述本文的结论,给出相应的建议。研究结果表明:并购溢价在一定程度上代表了并购后协同效应的大小,支付的溢价越高表明预期达成的协同效应越大,企业后期的绩效表现会越好。

注册制下完善A股分拆上市对策研究

分拆上市作为证券市场优化资源配置和促进市场化并购重组的重要手段,在境外市场被广泛运用,但A股市场的分拆案例相对较少。2019年12月,证监会发布了《上市公司分拆所属子公司境内上市试点若干规定》(以下简称《若干规定》),为引导和规范上市公司分拆所属子公司在境内上市奠定了政策基础。由于我国分拆上市制度还刚刚起步,仍需在加强监管、完善配套制度、确立有关业务规则等方面开展持续研究。为厘清成熟市场分拆上市的实践,本文重点研究美国和中国香港市场,对其分拆上市的相关规则、有益经验以及最新案例进行梳理和归纳,在此基础上提出相应的政策建议,以期为后续细则制定提供参考。

数字技术并购对企业创新的影响研究

在数字经济蓬勃发展的趋势下,技术并购成为企业数字化转型的重要途径。文章基于2007—2021年中国A股上市公司数据,利用三重差分法探究数字技术并购对企业创新的影响。研究发现,数字技术并购能够显著促进企业创新,并且研发资源挤入效应、知识溢出效应和市场规模效应是三个重要的作用渠道。异质性分析表明,当主并企业所属行业竞争激烈、所在地区知识溢出便利,主并企业属于劳动密集型,目标企业为大型或科技型企业时,数字技术并购的创新促进作用更明显。此外,数字技术并购能够显著促进目标数字企业创新,当其规模较大、处于成长期或为科技型企业时,促进作用更明显。研究结论为企业数字化转型路径选择和数字经济政策设计实现“创新双赢”提供启示。