董事联结对企业并购影响的研究

发布时间：2018-01-01 09:20

  本文关键词：董事联结对企业并购影响的研究　出处：《吉林大学》2017年博士论文　论文类型：学位论文

  更多相关文章： 董事联结 联结董事并购经验 股权性质 并购目标选择 并购溢价 并购绩效

【摘要】：20世纪90年代以来,在全世界范围内的各不同行业中,并购活动在持续而频繁地进行。并购的初衷是通过收购目标公司,使并购公司获得并购后的协同效应,为企业创造价值。在过去40多年里,国际学术界开展了大量的关于并购价值效应方面的研究,但是至今尚未形成一致结论。在中国,对于并购价值效应的认识也存在很大的差异。一种观点认为,并购活动能够为并购公司股东创造财富,获得协同效应。另一种观点认为,并购活动并没有为并购公司股东创造财富,并购产生的收益大多归于目标公司股东,而并购公司股东的收益为零甚至为负值。“并购是否创造价值”成为并购研究领域中的重要议题。围绕着“并购是否创造价值”这一议题,现有研究主要从并购公司、目标公司以及并购双方之间关系三个角度进行解答。相对于并购公司和目标公司研究视角而言,从并购双方之间关系角度探究并购价值效应的文献还相对薄弱,更少有研究从并购双方的董事联结关系角度对这一议题进行考察。实际上,中国正处于经济转型时期,这一时期制度尚不成熟和完善,在交易过程中信息的透明度较低,企业之间获取信息的成本较为高昂,企业在这一环境下的交易成本和交易风险远高于制度成熟和完善的发达国家。在转型经济体正式制度较为弱化的环境下,非正式制度将扮演着极为重要的角色。学者们认为,董事联结作为一种非正式的关系机制,为交易双方的私有信息沟通和交流提供了合法途径,有助于缓解由于正式制度缺失而带来的信息摩擦问题。不仅如此,董事联结还可以使交易双方变得熟悉和信任,促进交易双方的协调合作,减少交易过程中充斥的各种风险和不确定性。如果并购交易发生于存在董事联结的企业之间,董事联结的信息传递和组织协调功能可能会有助于降低并购双方的信息不对称程度,加强并购双方的协调合作,进而可能对并购价值创造产生影响。有鉴于此,本文基于董事联结的信息传递和组织协调功能,试图从并购双方董事联结关系角度回答如下问题:在并购交易的不同阶段,董事联结具体发挥哪些作用从而促进并购价值的创造?当建立并购双方董事联结关系的联结董事职务不同时,董事联结对并购价值创造的影响会存在差异吗?虽然研究组织间关系的学者认为董事联结有助于组织间的信息传递和协调合作,但是,也有研究指出许多企业未能对董事联结的功能进行充分地认知和有效地利用。那么,在企业并购过程中,怎样才能使董事联结的功能得到更有效地发挥呢?此外,鉴于政府控制企业的现象在许多国家普遍存在,尤其是转型经济和新兴市场国家,并购公司的股权性质是否会对董事联结与企业并购的关系产生影响呢?本文以2002~2015年并购双方均为中国A股上市公司的并购事件为研究样本,系统考察了并购双方的董事联结关系对并购交易前期的并购目标选择、并购交易中期的并购溢价支付和并购交易后期取得的并购绩效的影响,明确了董事联结促进并购价值创造的作用机理;从组织学习视角探索促进董事联结功能有效发挥的影响因素,考察了联结董事并购经验在董事联结促进并购价值创造过程中发挥的积极作用及发挥作用的条件;鉴于国有并购公司的并购活动易受到政府干预,检验了并购公司的股权性质对董事联结与企业并购(并购目标选择、并购溢价和并购绩效)关系产生的影响。本文研究发现:(1)与并购公司存在董事联结关系的潜在目标公司更有可能成为目标公司,当董事联结关系是由内部董事建立时,与并购公司存在董事联结关系的潜在目标公司成为目标公司的可能性更大,但是,当董事联结关系是由外部董事建立时,董事联结对并购目标选择没有显著直接影响。上述结果意味着,董事联结关系会对并购目标选择产生重要影响,但是,其影响程度在不同董事联结类型间存在差异。并购公司在做出并购目标选择决策时,除了需要考虑潜在目标公司的财务指标等因素外,还应充分考虑并购公司与潜在目标公司的董事联结关系(特别是内部董事联结关系)能够带来的信息优势和合作优势,并购公司与潜在目标公司的董事联结关系形成的“关系并购”也将对并购目标选择产生重要影响。(2)如果并购双方存在董事联结关系,那么并购公司支付的并购溢价相对较低,当董事联结关系是由内部董事建立时,董事联结对并购溢价的负向影响更强,但是,当董事联结关系是由外部董事建立时,董事联结对并购溢价没有显著直接影响。上述结果意味着,并购双方的董事联结关系会对并购溢价产生重要影响,但是,其影响程度在不同董事联结类型间存在差异。因此,当并购定价时,并购公司除了需要考虑企业层面和市场层面对并购溢价的影响因素外,还应充分利用并购双方的董事联结关系(特别是内部董事联结关系)对目标公司进行较为准确地估价,提高并购公司的议价能力,从而降低并购溢价。(3)如果并购双方之间存在董事联结关系,那么并购公司短期并购绩效、使用会计业绩指标衡量的并购公司长期并购绩效和并购后实体并购绩效相对较好;当董事联结关系是由内部董事建立时,董事联结对上述并购绩效的正向影响更强,然而,当董事联结关系是由外部董事建立时,董事联结对上述并购绩效没有显著直接影响;并购双方的董事联结关系对使用市场业绩指标衡量的并购公司长期并购绩效和目标公司相对并购绩效没有显著直接影响。上述结果意味着:第一,董事联结对并购价值的积极影响不仅能够在并购事件宣告之初被投资者所发现,而且在并购一段时间以后还能够通过财务指标得以体现。但是由于受到并购事件以外的其他事件的噪音干扰,董事联结未能促进使用市场业绩指标衡量的并购公司长期并购绩效的提高。第二,董事联结有助于并购双方股东财富的创造,因此,董事联结不仅能够对并购公司并购绩效产生积极影响,还会促进将并购公司和目标公司二者作为一个整体考虑的并购后实体并购绩效的提高,但是董事联结并未导致目标公司相对并购绩效降低,不会对并购双方的并购绩效产生差异性的影响。第三,相对于外部董事联结而言,内部董事联结的信息传递和组织协调功能更强,从而使并购公司和并购后实体获得较好的并购绩效。(4)当并购公司为非国有控股公司时,与并购公司存在董事联结关系的潜在目标公司成为目标公司的可能性更大;当并购公司为非国有控股公司时,并购双方的董事联结对并购溢价的负向影响更强,对并购公司短期并购绩效、使用会计业绩指标衡量的并购公司长期并购绩效和并购后实体并购绩效的正向影响更强。但是,并购公司的股权性质未能对董事联结与使用市场业绩指标衡量的并购公司长期并购绩效以及目标公司相对并购绩效之间的关系产生显著直接影响。上述结果意味着,鉴于政府控制企业的现象在许多国家普遍存在,尤其是转型经济和新兴市场国家,国有并购公司的并购活动更容易受到政府干预,并购公司的股权性质会对并购双方的董事联结与企业并购(并购目标选择、并购溢价和并购绩效)的关系产生影响。(5)按照联结董事从并购活动中获取并购知识或者并购技能的差异性,联结董事并购经验可分为同行业或同产品市场并购经验、相关并购经验和非相关并购经验三种类型。若联结公司曾经对某行业或某产品市场中的公司进行过并购,而焦点并购公司也在该行业或该产品市场进行并购,联结董事的同行业或同产品市场并购经验能够加强董事联结对并购目标选择、并购溢价以及焦点并购公司和并购后实体并购绩效的影响;在相关并购中,联结董事的相关并购经验能够加强董事联结对并购目标选择、并购溢价以及焦点并购公司和并购后实体并购绩效的影响;在非相关并购中,联结董事的非相关并购经验能够加强董事联结对并购目标选择、并购溢价以及焦点并购公司和并购后实体并购绩效的影响。并购过程中,如焦点并购公司并未对董事联结关系带来的信息优势和合作优势进行充分地认知和有效地利用,将导致董事联结的功能难以得到有效地发挥。上述结果意味着,当满足联结公司前期的并购与焦点并购公司当前的并购相类似这一前提条件时,联结董事的并购经验能够帮助焦点并购公司充分认知并有效利用董事联结的信息传递和组织协调功能,提高并购决策的合理性和并购执行的有效性,促进并购价值的创造。本文在已有研究的基础上,深入系统地考察董事联结对企业并购的影响,可能的创新之处有:(1)通过系统考察董事联结对并购目标选择、并购溢价和并购绩效的影响,明确董事联结促进并购价值创造的作用机理。本文综合运用信息不对称理论和资源依赖理论,系统考察了董事联结对并购目标选择、并购溢价和并购绩效的影响,从而发现因为董事联结加强了并购双方的沟通交流和协调合作,所以能够帮助并购公司在并购交易前期做出恰当的并购目标选择,降低并购交易成本,在并购交易中期进行合理的并购定价,减少并购溢价支付,进而在并购交易后期提高并购公司和并购后实体的并购绩效,最终促进并购价值的创造。在此基础上,本文将董事联结划分为内部董事联结和外部董事联结两种类型,发现虽然董事联结对并购价值创造具有积极影响,但是其影响程度在不同董事联结类型间存在差异,内部董事联结能够在并购双方的信息传递和组织协调方面发挥更重要的作用。上述发现,有效的揭示了董事联结与并购价值创造之间的反应“黑箱”,探明了董事联结促进并购价值创造的作用机理,是对该研究系列的有益补充。(2)从组织学习视角探索促进董事联结功能有效发挥的影响因素。虽然研究组织间关系的学者认为董事联结关系有助于促进信息的有效传递,加强交易双方的协调合作。但是,也有研究指出,许多企业未能对董事联结的信息传递和组织协调功能进行充分地认知和有效地利用。可是如何能够帮助企业充分认知和有效利用董事联结的这两种功能,却较少有文献进行深入思考。本文从组织学习视角探索促进董事联结功能有效发挥的影响因素,发现当满足联结公司前期的并购与焦点并购公司当前的并购具有相似性这一前提条件时,联结董事从联结公司获取的并购经验,能够帮助焦点并购公司充分认知并有效利用董事联结带来的信息优势和合作优势,在并购决策和并购执行过程中促进董事联结功能的更有效发挥。上述研究结论从组织学习视角深化了该领域的相关研究。(3)从多个维度评价并购价值效应。国内已有研究主要关注并购对并购公司或目标公司价值带来的影响,较少有研究将并购公司和目标公司二者作为一个整体考察并购后实体的并购价值效应,也鲜有研究关注目标公司相较于并购公司的相对并购价值效应。本文从多个维度对并购价值效应进行评价,除了考察董事联结对并购公司并购价值的影响以外,还对并购公司和目标公司的总体净经济收益以及目标公司相较于并购公司的相对净经济收益进行测度,检验了董事联结对并购后实体并购价值以及目标公司相对并购价值的影响,使研究更为全面,进一步扩展了现阶段国内关于并购价值效应的研究。
[Abstract]:Since 1990s, different industries worldwide, mergers and acquisitions and frequently in mergers and acquisitions continue. The intention is through the acquisition of Target Corp, the company obtained the synergy effect after the merger, to create value for the enterprise. In the past 40 years, the international academic circles have done research on the effect of the value of mergers and acquisitions a lot of, but has not yet formed a consistent conclusion. In China, great differences also exist for understanding the value of the acquisition effect. A view that mergers and acquisitions can create wealth for the shareholders of the company mergers and acquisitions, have a synergistic effect. Another view is that the merger does not create wealth for the shareholders of the company mergers and acquisitions, mergers and acquisitions the income largely attributed to shareholders of the Target Corp, and the acquisition of the company shareholders return to zero or even negative. "Whether create value" has become the research field of mergers and acquisitions An important issue. Around the "merger create value" this topic, the existing research mainly from the acquisition of the company, as well as the relationship between the two sides of Target Corp mergers and acquisitions three angles to answer. Relative to the company and the Target Corp mergers and acquisitions in the research perspective, from the Perspective of mergers and acquisitions between the two sides on the relationship between M & a value effect of literature is still relatively weak, and there is less study on this issue from the acquisition of both Directors Association perspective. In fact, China is in economic transition period, the system of this period is not mature and perfect, in the transaction process of CITIC interest lower transparency, access to information between enterprises comparatively high cost of transaction costs in this environment and trading risk far higher than that of the developed countries mature and perfect. The system is weakening in the transition economies formal institutional environment, informal institution will play an extremely Important role. Scholars believe that the board of Directors Association as an informal relationship mechanism, provides legal means for both parties to private communication and exchange of information, the information will help ease the friction problem due to the lack of formal institutions and bring. Moreover, the connection can also make both parties become familiar with and trust, promote trade coordination and cooperation between the two sides, to reduce the risk in the transaction process and full of uncertainty. If a merger occurs between directors' connection enterprise, the connected information transmission and coordination function can help to reduce the degree of information asymmetry between the two sides of the mergers and acquisitions, mergers and acquisitions to strengthen coordination and cooperation between the two sides, which may create impact the value of mergers and acquisitions. In view of this, this paper board connection information and coordination function based on the acquisition of both board connection attempts from the angle of Is to answer the following questions: in different stages of mergers and acquisitions, the specific connection which play a role to promote mergers and acquisitions create value? When establishing connection connection between M & board of directors is not at the same time, influence the board connection to value there will be difference? Although the research of Inter Organizational relationship scholars that the board is connected help to organize the information transfer between cooperation and coordination, but also studies have pointed out that many companies failed to connect to the board of directors function fully and effectively use cognition. So, in the process of mergers and acquisitions, how to make the connected function more effectively? In addition, in view of the phenomenon of government controlled enterprises are common in many countries, especially in economies in transition and emerging market countries, whether the nature of equity mergers and acquisitions company for the board of Directors Association and enterprise merger between. The influence of? This paper based on the 2002~2015 merger both Chinese A shares of Listed Companies in mergers and acquisitions as the research sample, were investigated on both sides of the connection board choose mergers and acquisition targets of mergers and acquisitions in the early effects of mergers and acquisitions and mergers and acquisitions to pay premium mid to late achieved the performance of mergers and acquisitions, the board of directors coupling mechanism of promoting value; from organizational learning perspective to explore influencing factors promoting play board connecting function effectively, examines the association director acquisition experience in the joint promotion play a positive role in the process of mergers and acquisitions of value creation and the role of the conditions; in view of state-owned corporate mergers and acquisitions are vulnerable to government intervention, test the nature of corporate acquisitions and equity linked to the board of directors and enterprise (target selection, Acquisition Premium and MampA) relationship. Ring. This study found that: (1) the directors association with the acquisition of the company's potential Target Corp are more likely to become Target Corp, when the connection is established by the board of directors are internal, connection with the acquisition of the company's potential to become Target Corp Target Corp is more likely, however, when the connection is established by external directors the board of directors, connection to the target selection has no significant direct impact. The results imply that the Directors Association will produce important influence on the choice of target but the degree of influence in different types. There are differences between the connected M & a company to make the target selection decisions, in addition to the need to consider the potential of Target Corp financial indicators and other factors also, should fully consider the acquisition of the company and the potential link between the directors of the Target Corp (especially internal Directors Association) can Bring the information superiority and advantages of cooperation, mergers and acquisitions and potential. The directors of the Target Corp association formed "mergers and acquisitions" will also have an important impact on the choice of target. (2) if both sides exist the connected relationship, then the merger company to pay the premium is relatively low, when the connection is established by the internal the board of directors, linked to premium negative effect is stronger, but when the connection is established by the board of directors outside, no significant direct impact on the bond premium. These results imply that the link between the acquisition of two directors will have a significant impact, but the Acquisition Premium, the degree of influence in different directors connection type differences. Therefore, when the acquisition price, the acquisition of the company in addition to the consideration of the enterprise level and market level premium factors, also We should make full use of the link between the acquisition of two directors (especially internal Directors Association) for more accurate valuation of the Target Corp, to improve the acquisition of the company's bargaining power, thereby reducing the acquisition premium. (3) if there is relationship between directors of mergers and acquisitions, short term performance of the company mergers and acquisitions, measure the accounting performance indicators of mergers and acquisitions the company long-term performance of mergers and acquisitions and mergers and acquisitions after the entity acquisition performance is relatively good; when the connection is established by the board of directors of internal, connection and positive influence on the performance of mergers and acquisitions is stronger, however, when the connection is established by the board of directors outside, no significant direct impact on the coupling performance of mergers and acquisitions; mergers and acquisitions on both sides of the board of directors connection on the use of market performance index to measure the long term performance of mergers and acquisitions and acquisitions companies Target Corp mergers and acquisitions performance has no significant direct relative Effect. The above results suggest that: first, the positive influence of coupling value of mergers and acquisitions can not only declared at the beginning of the events in the mergers and acquisitions by investors, but also reflected by the financial indicators to mergers and acquisitions after a period of time. But due to the noise of other events outside the event, director connection failed to promote the use of market the performance measure of the company's long-term acquisition of M & a performance improvement. Second, the board of Directors Association helps create shareholder wealth of both sides so that the connected can not only have a positive impact on corporate performance of mergers and acquisitions, mergers and acquisitions will also promote the company and the Target Corp in two as a whole to consider the entity after the merger to improve the performance of mergers and acquisitions the board of directors, but did not cause the relative performance of mergers and acquisitions of Target Corp link reduced, will not produce the difference on both sides of the MampA performance . third, relative to the outside directors association, director of internal connection of information transmission and coordination function is stronger, so that the company merger and post merger entity merger performance better. (4) when the company mergers and acquisitions of non-state-owned holding company, the directors association with the acquisition of the company's potential Target Corp are more likely to become Target Corp when the company mergers and acquisitions; non-state-owned holding company, the acquisition of two directors to premium connection the negative effect is stronger, on the short term performance of mergers and acquisitions, mergers and acquisitions accounting performance indicators used to measure the company's long-term performance of mergers and acquisitions and mergers and acquisitions entity positive influence the performance of mergers and acquisitions stronger. However, not the acquisition of the company's equity nature of to measure the connection with the use of the market performance of mergers and acquisitions company long term performance of mergers and acquisitions and Target Corp mergers and acquisitions relative relationship between performance Have a significant direct impact. The above results suggest that, given the government control of the enterprise is a common phenomenon in many countries, especially in economies in transition and emerging market countries, state-owned corporate mergers and acquisitions are more vulnerable to government intervention, the nature of equity mergers and acquisitions company for the board of Directors Association and enterprise merger both mergers and acquisitions (M & a target selection, mergers and acquisitions the premium and the influence of the relationship between the performance of mergers and acquisitions). (5) the difference of mergers and acquisitions or mergers and acquisition of knowledge skills from mergers and acquisitions activities in accordance with the connection board, joint director acquisition experience can be divided into the same industry or product market experience in mergers and acquisitions, mergers and acquisitions experience related and non related mergers and acquisitions experience three types. If the company had a connection to the industry or a product in the market of company mergers and acquisitions, and mergers and acquisitions focus companies in the industry or the product market, the same industry or connection board The product market experience in mergers and acquisitions to strengthen board connection to the target selection, Acquisition Premium and focus acquisition of the company after the merger and acquisition performance in the affected entity; related to mergers and acquisitions, joint directors related experience in mergers and acquisitions to strengthen board connection to the target selection, and purchase premium and focus after the merger and acquisition company entity influence the performance of mergers and acquisitions; in the non related mergers and acquisitions, joint director of non related experience in mergers and acquisitions to strengthen board connection to the target selection, Acquisition Premium and focus acquisition of the company after the merger and acquisition performance entities. The influence of the acquisition process, such as the focus of mergers and acquisitions did not lead to the board of directors association information advantage and cooperation advantages fully and effectively in cognitive use, will cause the connected function is difficult to be effectively. The above results suggest that, while satisfying the first phase coupling company The merger and acquisition company focus of the current merger is similar to a condition when the connection board experience in mergers and acquisitions can help focus the acquisition of the company fully recognized and effective use of information transmission and connection board coordination function, improve the effectiveness and rationality of the merger and acquisition decision implementation, promote the creation of the value of mergers and acquisitions based on. The existing research on the systematic study of the influence of Directors Association on mergers and acquisitions, possible innovations are: (1) through a systematic study on board connection to the target selection, Acquisition Premium and influence the M & a performance, define the coupling mechanism of promoting value. This paper relies on the theory of asymmetric information and the resource theory, systematically investigated the board connection to the target selection, the impact of the premium and performance of mergers and acquisitions mergers and acquisitions, which found that because the Directors Association strengthened Acquisition of both communication and coordination, so can help the company pre merger make the target selection appropriate in mergers and acquisitions, mergers and acquisitions to reduce transaction costs, reasonable pricing in mergers and acquisitions MampA premium payment period, reduce, and trading late in the mergers and acquisitions to improve the performance of MampA company after the merger and the entity, and ultimately promote to create the value of mergers and acquisitions. On this basis, this paper will be divided into internal connection board directors and external directors joint connection in two types, found that although the board connection has positive influence on merger value creation, but the degree of influence in different Directors Association

【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2017
【分类号】：F271;F271
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本文编号：1363898