并购对收购公司长期股东价值影响的实证研究
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摘要
并购战略一直是全球企业热衷的发展战略。一个多世纪以来，全球市场的并购浪潮此起彼伏。进入21世纪，并购规模不断扩大，并购已成为资本市场投资的主流手段。近5年来，欧美资本市场并购规模相对减小，新兴市场并购交易规模在全球并购总规模中占比很大，并购热潮已从发达国家向亚洲、拉美等高增长地区转移。伴随着全球企业并购活动的风行，并购逐渐成为战略、金融和会计等领域的研究热点。然而，与并购规模和数量逐年增长相悖的是，学术界对公司并购是否增加了股东价值和相关性并购是否显著优于非相关性并购至今未能得出一致结论。并购的“成功悖论”和“协同效应悖论”一直困扰着当今公司并购的研究者和实践者。本文以收购公司为中国A股高技术上市公司的并购交易为样本，从并购动机、并购类型和并购双方公司技术相关性三方面构建并购影响收购公司股东价值的理论分析框架，在此基础上，运用事件研究法和多元回归分析实证研究并购对收购公司长期股东价值的影响，破解并购的“成功悖论”和“协同效应悖论”，完善和发展并购理论。
针对并购的“成功悖论”，本文以传统并购动机理论为基础，通过对上市公司披露的与并购动机相关的文本信息进行分析，将并购样本按照并购动机进行分组，研究不同并购动机下的并购对收购公司长期股东价值的影响。研究发现，以获取协同效应为动机的并购在长期可以增加收购公司的股东价值，而以获得增长、获取特定资产和获取市场份额为动机实施的并购在长期未能增加收购公司的股东价值，传统并购动机理论中的市场势力理论、价值低估理论和多元化理论在解释中国高技术产业的并购时存在局限性。该研究不仅直接通过对上市公司信息披露的文本信息进行分析，实证检验了常见的并购动机与收购公司长期股东价值的关系，完善和发展了并购动机理论，也为通过分析上市公司战略信息进行投资决策提供了一定的方法依据和理论基础。
针对并购的“协同效应悖论”，基于协同效应理论，本文在分析不同类型并购中协同效应的价值创造机理基础上，实证研究了高技术产业不同类型的并购对收购公司长期股东价值的影响。研究发现，高技术产业的混合并购和横向并购在长期未能增加收购公司的股东价值，相关性并购中只有纵向并购在长期可以增加收购公司的股东价值，该研究结果表明高技术产业公司相关性并购中的纵向并购比横向并购更易于获得协同效应，不仅发展了协同效应理论，也为以获取协同效应、获得发展和获取市场份额为动机的管理者选择并购类型提供了理论依据。由于研究样本为高技术上市公司实施的非技术并购，研究结果也表明高技术产业公司可以通过收购互补资产在长期为股东创造价值，丰富和发展了互补资产理论。
针对并购的“协同效应悖论”以及高技术产业公司技术并购数量和重要性的逐渐增加，本文以吸收能力理论、知识相关性分析和技术创新与企业价值关系分析为基础，对国外学者关于并购双方技术相似性和互补性的开创性测度方法进行了修正，使其可以作为衡量并购双方技术具有相似性或互补性的判断指标，进而通过对上市公司并购公告等文本信息和专利数据的分析，将并购双方技术具有相关性的技术并购进行分组，研究相关性技术并购中收购相似技术和互补技术对收购公司长期股东价值的影响。研究发现，对相似技术和互补技术的收购在长期均未能增加收购公司的股东价值，并且对互补技术的收购在长期还会损害收购公司的股东价值。该研究不仅为技术并购对收购公司股东价值的影响提供了经验证据，为技术并购动机的研究提供了理论基础，也为以获取技术资产为动机实施并购的管理者选择收购的技术类型提供了理论依据。
针对国外学者研究普遍得出的互补技术可以提高收购公司创新绩效的结论以及本文前述实证研究得出的互补技术在长期会损害收购公司股东价值的研究结果，本文以资源基础理论、知识相关性分析和并购整合理论为基础，通过构建相关性技术并购价值创造关键影响因素模型，实证研究了影响相关性技术并购价值创造的关键因素。研究发现，互补技术与相似技术相比，在长期能为收购公司股东创造更多的价值，但与并购后技术整合相关的收购公司研发人员占比和目标公司被收购比例对互补技术与收购公司长期股东价值的关系具有正向调节作用。研究还发现，收购公司的并购经验与并购后收购公司的长期股东价值正相关。该研究结果表明单纯通过收购互补技术并不能增加收购公司的股东价值，互补技术只有与收购公司原有技术进行有效整合才能创造价值；互补技术虽然比相似技术更能为股东创造价值，但如果收购公司技术整合能力较弱，则对互补技术的收购在长期还会损害收购公司的股东价值。上述发现推动了技术并购的研究，为技术并购的价值创造提供了理论基础，也为技术并购实践提供了理论依据。
本文在运用事件研究法研究并购对收购公司长期股东价值影响的过程中，还发现了并购战略对收购公司股东价值产生影响的滞后时间，结合本文其他新发现与研究结论，不仅丰富和发展了并购理论，为并购悖论提供了新的理论解释与实证支持，还为我国股市长期投资者投资决策提供理论与方法依据，有助于我国企业通过并购对其发展所需资源的获取和有效整合，进而极大的提高企业和相关产业的价值，科学高效地实现中国经济升级。
M&A strategy has been a popular development strategy for firms all over the world. In the past century, waves of M&A emerged from time to time. In the21st century, the value of M&A deals is increasing. M&A has become the main way of investment in capital market. Over the recent five years, the value of M&A deals in American and European markets is decreasing. At the mean time, the M&A deals in emerging markets account for a large percentage of global M&A deals. The waves of M&A have shifted from advanced countries to fast-growing regions such as Asia and South America. With the popularity of M&A in the world, M&A activities have increasingly become a focus of study in several academic fields such as management, finance and accounting. Opposite to the increasing value and number of M&A deals, empirical evidences do not give a consistent conclusion about if M&A could create value and if related M&A could create more value than unrelated ones. Researchers and practitioners have been obsessed by the success paradox and synergy paradox of M&A. Choosing M&A in which the acquiring firms are A-share high-tech listed firms in China as the sample, this dissertation constructs a theoretical analysis framework of the effects of M&A on shareholder value of acquiring firms from the perspectivs of motive, type, and technology relatedness of M&A. Based on the theoretical analysis framework, this dissertation examines the effects of M&A on long-term shareholder value of acquiring firms by event study and multiple regression analysis to explicate the success paradox and synergy paradox of M&A, improve and develop the theories of M&A.
Dealing with the success paradox of M&A, based on the traditional motive theories of M&A, this dissertation examines the effects of M&A with different motives on long-term shareholder value of acquiring firms by dividing the sample of M&A into subsamples with different motives by analyzing text information about motive disclosed by listed firms. The research finds that M&A with the motive of synergy could increase shareholder value of acquiring firms in the long term. M&A with the motive of acquiring growth, acquiring specific assets and acquiring market share could not increase shareholder value of acquiring firms in the long term. And there are limitations for three theories of the traditional motive theories of M&A, namely, the theories of market power, under valuation and diversification, in explaining the M&A in Chinese high-tech industries. This research examines the relationship between common motives of M&A and long-term shareholder value of acquiring firms by analyzing the text information of information disclosure of listed firms, thereby improving and developing the motive theories of M&A. This research also provides theoretical basis for the method of investment decision making by analyzing strategic information of listed firms.
Dealing with the synergy paradox of M&A, based on analyzing the mechanism of value creation by synergy in M&A with different types based on the theory of synergy, this dissertation examines the effects of M&A with different types on long-term shareholder value of acquiring firms in high-tech industries. The research finds that conglomerate and horizontal M&A could not increase shareholder value of acquiring firms in the long term in high-tech industries, only vertical M&A could, which indicates that firms in high-tech industries tend to get synergy more easily from vertical M&A than horizontal M&A in related M&A. Theses findings develop the theory of synergy and provide theoretical basis for managers with motive of synergy, acquiring growth and acquiring market share when choose the type of M&A in practice. Considering the sample of this research is nontechnology M&A of high-tech firms, the results of this research also indicate that firms in high-tech industries could create value for shareholders in the long term through acquiring complementary assets, which enriches and develops the theories of complementory assets.
Dealing with the synergy paradox of M&A and considering the increasing numbers and importance of technology M&A, based on absorptive capacity theory, knowledge relatedness analysis, and the analysis of the relationship between technological innovation and corporate value, this dissertation improves the groundbreaking method of measuring technology similarity and complementarity between acquiring and target firms proposed by foreign scholars, which makes the new measures could be used to justify technology similarity or complementarity between acquiring and target firms. Then this dissertation divides the sample of related technology M&A into two subsamples by analyzing the text information on the motive of M&A and patent data, and examines the effects of acquiring similar technology and acquiring complementary technology in related technology M&A on long-term shareholder value of acquiring firms. The research finds that acquiring similar technology and complementary technology could not increase shareholder value of acquiring firms in the long term. And acquiring complementary technology would destroy shareholder value of acquiring firms in the long term. This research not only provides empirical evidence for the effects of technology M&A on shareholder value of acquiring firms, theoretical basis for the research on the motive of technology M&A, but also provides theoretical basis for managers with the motive of technical assets when choose the type of technologies acquired in practice.
Considering the foreign scholars usually conclude that complementary technology could increase the innovative performance of acquiring firms, and one of the results of this research indicates that complementary technology acquired could destroy shareholder value of acquiring firms in the long term, based on resource based theory, knowledge relatedness analysis and the integration theory of M&A, this dissertation develops a model to examine the key factors influencing value creation of related technology M&A. The research finds that complementary technology could create more value than similar technology for shareholders of acquiring firms in the long term, but the ratio of R&D employees and the ratio of target firm acquired have positive moderating effects on the relationship between complementary technology and long-term shareholder value of acquiring firms. The research also finds that M&A experience of acquiring firms before the M&A deal is positive related to the post-M&A shareholder value of acquiring firms in the long term. The results of the research indicate that complementary technology could not increase shareholder value of acquiring firms simply after it is acquired, it increases shareholder value only when it is integrated with the technologies of acquiring firm effectively. Though complementary technology could create more value than similar technology, if the integration capability of acquiring firm is weak, acquiring complementary technology would destroy shareholder value of acquiring firms in the long term. The findings above promote the research about technology M&A, provide theoretical basis for the value creation of technology M&A and the practice of technology M&A.
Using event study method to examine the effects of M&A on long-term shareholder value of acquiring firms, this dissertation finds the time lag of the changes of shareholder value after M&A. Along with other findings and conclusions of the research, this dissertation develops the M&A theory, provides new theoretical explanations and empirical evidences for the paradox of M&A, also provides theoretical and method basis for investment decision making of long-term investors in Chinese stock market. The achievements of the dissertation above will help firms in China get the resources required for firm development and integrate them effectively to promote the value of firms and industries substantially, which will contribute to the scientific and efficient economy escalation of China.
针对并购的“成功悖论”，本文以传统并购动机理论为基础，通过对上市公司披露的与并购动机相关的文本信息进行分析，将并购样本按照并购动机进行分组，研究不同并购动机下的并购对收购公司长期股东价值的影响。研究发现，以获取协同效应为动机的并购在长期可以增加收购公司的股东价值，而以获得增长、获取特定资产和获取市场份额为动机实施的并购在长期未能增加收购公司的股东价值，传统并购动机理论中的市场势力理论、价值低估理论和多元化理论在解释中国高技术产业的并购时存在局限性。该研究不仅直接通过对上市公司信息披露的文本信息进行分析，实证检验了常见的并购动机与收购公司长期股东价值的关系，完善和发展了并购动机理论，也为通过分析上市公司战略信息进行投资决策提供了一定的方法依据和理论基础。
针对并购的“协同效应悖论”，基于协同效应理论，本文在分析不同类型并购中协同效应的价值创造机理基础上，实证研究了高技术产业不同类型的并购对收购公司长期股东价值的影响。研究发现，高技术产业的混合并购和横向并购在长期未能增加收购公司的股东价值，相关性并购中只有纵向并购在长期可以增加收购公司的股东价值，该研究结果表明高技术产业公司相关性并购中的纵向并购比横向并购更易于获得协同效应，不仅发展了协同效应理论，也为以获取协同效应、获得发展和获取市场份额为动机的管理者选择并购类型提供了理论依据。由于研究样本为高技术上市公司实施的非技术并购，研究结果也表明高技术产业公司可以通过收购互补资产在长期为股东创造价值，丰富和发展了互补资产理论。
针对并购的“协同效应悖论”以及高技术产业公司技术并购数量和重要性的逐渐增加，本文以吸收能力理论、知识相关性分析和技术创新与企业价值关系分析为基础，对国外学者关于并购双方技术相似性和互补性的开创性测度方法进行了修正，使其可以作为衡量并购双方技术具有相似性或互补性的判断指标，进而通过对上市公司并购公告等文本信息和专利数据的分析，将并购双方技术具有相关性的技术并购进行分组，研究相关性技术并购中收购相似技术和互补技术对收购公司长期股东价值的影响。研究发现，对相似技术和互补技术的收购在长期均未能增加收购公司的股东价值，并且对互补技术的收购在长期还会损害收购公司的股东价值。该研究不仅为技术并购对收购公司股东价值的影响提供了经验证据，为技术并购动机的研究提供了理论基础，也为以获取技术资产为动机实施并购的管理者选择收购的技术类型提供了理论依据。
针对国外学者研究普遍得出的互补技术可以提高收购公司创新绩效的结论以及本文前述实证研究得出的互补技术在长期会损害收购公司股东价值的研究结果，本文以资源基础理论、知识相关性分析和并购整合理论为基础，通过构建相关性技术并购价值创造关键影响因素模型，实证研究了影响相关性技术并购价值创造的关键因素。研究发现，互补技术与相似技术相比，在长期能为收购公司股东创造更多的价值，但与并购后技术整合相关的收购公司研发人员占比和目标公司被收购比例对互补技术与收购公司长期股东价值的关系具有正向调节作用。研究还发现，收购公司的并购经验与并购后收购公司的长期股东价值正相关。该研究结果表明单纯通过收购互补技术并不能增加收购公司的股东价值，互补技术只有与收购公司原有技术进行有效整合才能创造价值；互补技术虽然比相似技术更能为股东创造价值，但如果收购公司技术整合能力较弱，则对互补技术的收购在长期还会损害收购公司的股东价值。上述发现推动了技术并购的研究，为技术并购的价值创造提供了理论基础，也为技术并购实践提供了理论依据。
本文在运用事件研究法研究并购对收购公司长期股东价值影响的过程中，还发现了并购战略对收购公司股东价值产生影响的滞后时间，结合本文其他新发现与研究结论，不仅丰富和发展了并购理论，为并购悖论提供了新的理论解释与实证支持，还为我国股市长期投资者投资决策提供理论与方法依据，有助于我国企业通过并购对其发展所需资源的获取和有效整合，进而极大的提高企业和相关产业的价值，科学高效地实现中国经济升级。
M&A strategy has been a popular development strategy for firms all over the world. In the past century, waves of M&A emerged from time to time. In the21st century, the value of M&A deals is increasing. M&A has become the main way of investment in capital market. Over the recent five years, the value of M&A deals in American and European markets is decreasing. At the mean time, the M&A deals in emerging markets account for a large percentage of global M&A deals. The waves of M&A have shifted from advanced countries to fast-growing regions such as Asia and South America. With the popularity of M&A in the world, M&A activities have increasingly become a focus of study in several academic fields such as management, finance and accounting. Opposite to the increasing value and number of M&A deals, empirical evidences do not give a consistent conclusion about if M&A could create value and if related M&A could create more value than unrelated ones. Researchers and practitioners have been obsessed by the success paradox and synergy paradox of M&A. Choosing M&A in which the acquiring firms are A-share high-tech listed firms in China as the sample, this dissertation constructs a theoretical analysis framework of the effects of M&A on shareholder value of acquiring firms from the perspectivs of motive, type, and technology relatedness of M&A. Based on the theoretical analysis framework, this dissertation examines the effects of M&A on long-term shareholder value of acquiring firms by event study and multiple regression analysis to explicate the success paradox and synergy paradox of M&A, improve and develop the theories of M&A.
Dealing with the success paradox of M&A, based on the traditional motive theories of M&A, this dissertation examines the effects of M&A with different motives on long-term shareholder value of acquiring firms by dividing the sample of M&A into subsamples with different motives by analyzing text information about motive disclosed by listed firms. The research finds that M&A with the motive of synergy could increase shareholder value of acquiring firms in the long term. M&A with the motive of acquiring growth, acquiring specific assets and acquiring market share could not increase shareholder value of acquiring firms in the long term. And there are limitations for three theories of the traditional motive theories of M&A, namely, the theories of market power, under valuation and diversification, in explaining the M&A in Chinese high-tech industries. This research examines the relationship between common motives of M&A and long-term shareholder value of acquiring firms by analyzing the text information of information disclosure of listed firms, thereby improving and developing the motive theories of M&A. This research also provides theoretical basis for the method of investment decision making by analyzing strategic information of listed firms.
Dealing with the synergy paradox of M&A, based on analyzing the mechanism of value creation by synergy in M&A with different types based on the theory of synergy, this dissertation examines the effects of M&A with different types on long-term shareholder value of acquiring firms in high-tech industries. The research finds that conglomerate and horizontal M&A could not increase shareholder value of acquiring firms in the long term in high-tech industries, only vertical M&A could, which indicates that firms in high-tech industries tend to get synergy more easily from vertical M&A than horizontal M&A in related M&A. Theses findings develop the theory of synergy and provide theoretical basis for managers with motive of synergy, acquiring growth and acquiring market share when choose the type of M&A in practice. Considering the sample of this research is nontechnology M&A of high-tech firms, the results of this research also indicate that firms in high-tech industries could create value for shareholders in the long term through acquiring complementary assets, which enriches and develops the theories of complementory assets.
Dealing with the synergy paradox of M&A and considering the increasing numbers and importance of technology M&A, based on absorptive capacity theory, knowledge relatedness analysis, and the analysis of the relationship between technological innovation and corporate value, this dissertation improves the groundbreaking method of measuring technology similarity and complementarity between acquiring and target firms proposed by foreign scholars, which makes the new measures could be used to justify technology similarity or complementarity between acquiring and target firms. Then this dissertation divides the sample of related technology M&A into two subsamples by analyzing the text information on the motive of M&A and patent data, and examines the effects of acquiring similar technology and acquiring complementary technology in related technology M&A on long-term shareholder value of acquiring firms. The research finds that acquiring similar technology and complementary technology could not increase shareholder value of acquiring firms in the long term. And acquiring complementary technology would destroy shareholder value of acquiring firms in the long term. This research not only provides empirical evidence for the effects of technology M&A on shareholder value of acquiring firms, theoretical basis for the research on the motive of technology M&A, but also provides theoretical basis for managers with the motive of technical assets when choose the type of technologies acquired in practice.
Considering the foreign scholars usually conclude that complementary technology could increase the innovative performance of acquiring firms, and one of the results of this research indicates that complementary technology acquired could destroy shareholder value of acquiring firms in the long term, based on resource based theory, knowledge relatedness analysis and the integration theory of M&A, this dissertation develops a model to examine the key factors influencing value creation of related technology M&A. The research finds that complementary technology could create more value than similar technology for shareholders of acquiring firms in the long term, but the ratio of R&D employees and the ratio of target firm acquired have positive moderating effects on the relationship between complementary technology and long-term shareholder value of acquiring firms. The research also finds that M&A experience of acquiring firms before the M&A deal is positive related to the post-M&A shareholder value of acquiring firms in the long term. The results of the research indicate that complementary technology could not increase shareholder value of acquiring firms simply after it is acquired, it increases shareholder value only when it is integrated with the technologies of acquiring firm effectively. Though complementary technology could create more value than similar technology, if the integration capability of acquiring firm is weak, acquiring complementary technology would destroy shareholder value of acquiring firms in the long term. The findings above promote the research about technology M&A, provide theoretical basis for the value creation of technology M&A and the practice of technology M&A.
Using event study method to examine the effects of M&A on long-term shareholder value of acquiring firms, this dissertation finds the time lag of the changes of shareholder value after M&A. Along with other findings and conclusions of the research, this dissertation develops the M&A theory, provides new theoretical explanations and empirical evidences for the paradox of M&A, also provides theoretical and method basis for investment decision making of long-term investors in Chinese stock market. The achievements of the dissertation above will help firms in China get the resources required for firm development and integrate them effectively to promote the value of firms and industries substantially, which will contribute to the scientific and efficient economy escalation of China.
引文
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