【作者】 田满文；

【导师】 陈淮；

【作者基本信息】 东北大学 ， 管理科学与工程， 2010， 博士

【摘要】 并购是目前中国资本市场的一个热门话题。从微观上看,并购有利于提高上市公司的质量和核心竞争力,有利于上市公司在激烈的市场竞争环境下做优做强；从宏观上看,并购更是实现资源优化配置和促进产业结构优化升级、拉动经济持续增长的有效途径和重要方式。从2001年开始,以中国加入世贸组织为标志,中国开始了真正建立在市场基础上的并购时代。尤其进入全流通时代以后,我国并购市场呈现出比较明显的新特征。全国工商联并购公会会长王巍指出,随着中国外汇储备屡创新高,流动性过剩和跨国资本流动加速引起的并购规模空前巨大,外资并购风起云涌,无论是交易金额,还是发生数量,都达到了一个前所未有的高度。同时,中国企业也加大了“走出去”的步伐,西方发达国家并购中国企业为主的割据,也开始转为双向互动式的并购浪潮。中国企业的并购范围不断扩大：从国有企业到民营企业,从实业到资本,从能源资源到高新技术,从传统行业到金融行业等等,中国并购市场已经进入了一个市场化、国际化的新时代。那么,并购浪潮的背后其并购效率究竟如何?有没有提高上市公司的质量和效益?是否改善了资源配置效率?完善的并购市场制度环境是并购效率得以改善的根本保证,在转轨时期,并购市场的制度建设进程究竟如何?市场化并购的制度环境是否形成?为提高并购效率,下一步深化改革中,现有的并购制度又如何优化?因此本文重点研究并购的效率评价及制度优化问题,这是本文研究的主题。本文系统地研究了上市公司并购的效率,深入完整地分析了上市公司并购的宏(中、微)观效率,并对影响并购效率的因素进行了探讨,重点分析了并购制度及政府干预对并购效率的影响,并结合并购市场化趋势提出了并购制度优化方案。首先运用规范分析构建本文的理论分析框架,然后运用历史分析和比较分析法研究了中外并购历程及制度演进历程；其次运用实证方法与均衡分析原理研究了并购的宏(中、微)观效率,进一步分析了全流通时代的并购效率改进状况,运用规范分析研究影响并购效率的制度因素；最后基于效率判断,在比较分析西方发达国家并购制度变迁的经验基础上,结合我国并购实际状况,从新制度经济学视角,提出转轨时期中国上市公司并购市场化的改革路径及并购制度优化策略。虽然从微观效率来看,并购有利于提高上市公司的质量和核心竞争力,有利于上市公司在激烈的市场竞争环境下做优做强；从宏观上看,并购更是实现资源优化配置的手段和促进产业结构优化升级、拉动经济持续增长的有效途径和重要方式,但非常遗憾的是,本文的实证研究发现：总体上目前上市公司并购的微观效率短期改善较大但长期甚微,宏(中)观效率发挥有限,并购的资源配置功能和产业结构优化功能并没有很好的实现,直接影响到上市公司质量的提高与资本市场的可持续发展。其原因是多方面的,有内因和外因,但其根本原因在于并购的市场化进程缓慢,政府干预过多,并购市场制度建设滞后于并购实践的发展。现有的并购制度并不能有效促进并购效率的提高与并购的市场化进程,因此,为推动市场化并购,提高并购效率,当务之急是尽快建立一整套完善的并购制度,包括并购法律制度、申报制度、融资制度、信息披露制度、监管制度、有限政府制度及产权制度等。本文系统地提出了并购主要制度的优化策略,同时进一步提出了一些辅助性制度创新方案,包括建立健全股东代表诉讼制度、合格投资人制度及经营者激励约束机制等。这样从制度环境和并购主体约束等方面来创造阳光并购的制度环境,为上市公司的并购重组活动做出了创新性的制度安排,以利于并购效率的提高和资源配置效率的改善。相对于已有的研究,本文有以下几点创新：(1)在研究方法上创新之处(a)本文对并购效率进行了深层次的系统实证研究。将并购效率划分为微观、中观和宏观效率,在微观效率上,首次区分为并购交易效率和并购整合效率以及协同效应三方面并进行了实证研究。在交易效率方面,全面系统的实证研究了资产型并购、股权型并购与债务重组型并购；同属管辖并购与非同属管辖并购；关联并购与非关联并购；不同行业以及不同区域的并购效率,同时实证分析了影响并购微观效率的因素；在整合效率上,从实证角度分析了影响并购整合效率的因素,重点讨论了政府干预、代理成本对并购整合绩效的影响。在宏(中)观效率上,实证研究了资源配置效率与产业结构优化效率。因此本文对并购效率进行了多方位的系统实证分析,充分揭示了目前中国上市公司并购的效率改进状况以及效率损失状况。(b)从新制度经济学视角讨论了并购制度与并购效率的关系问题,分析了目前并购制度缺失对并购效率的影响,借鉴国际经验并结合中国并购市场转轨进程,提出了并购市场化的改革路径及一系列并购制度优化对策。(2)在观点上创新之处(a)实证分析发现：不同的行业及经济区域存在不同的并购效率。从并购趋势来看,行业内并购速度加快,并购行业比较集中；跨行业并购有利于资源整合,并购向效率高的行业转移。个别热门行业的并购效率要高于其它行业。并购集中于信息产业、生物医药、房地产、社会服务、能源电力、商业类等行业,其并购频率相对较高。说明这些行业的高节奏和资本运作的作用突出,资源容易整合,比较容易产生规模效应和协同效应,因而其并购效率相对要高,成为目前并购市场的热点领域。不同经济区域的上市公司并购效率存在明显区域差别,并购的上市公司地域分布比较集中,大多集中在经济较发达的资源禀赋条件较好的东南沿海经济发达地区。(b)实证分析发现：并购整合效率受诸多因素影响,并购后不同阶段的整合效率受制于不同的关键因素影响,不同阶段的整合具有不同的整合重点和难点,整合必须分清主次、循序渐进；并购活动中的代理成本显著降低了并购整合效率,但国有上市公司与民营上市公司的表现形式因代理成本差异而有所不同；政府干预始终是影响并购整合效率的重要因素,政府出于政策性负担或政治目标通过并购活动来支持或掠夺其控制的企业。在转轨时期,并购活动还没完全市场化的情况下,受政府干预较强的国有及社会控股上市公司,其并购整合效率比民企要低,政府干预不利于企业并购整合效率的提高。(C)实证分析发现：我国并购市场的资源配置功能并没有充分发挥出来,说明我国上市公司并购行为与动机存在多重性,大量并购效率很低,并购所导致的资源再配置效率在中国仍然不高；在产业结构优化效率方面,整体上并购产业效应改善甚微,中国目前并购所产生的产业效应仍然有限,还没有得到有效发挥。进一步进行结构分析发现,我国企业普遍存在显著的行业差异,上市公司倾向于从产业效应较低的行业转向效应较高的行业,从而通过并购手段实现产业结构优化。富有吸引力和成长性的高科技产业成为混合并购重点选择产业,而纺织服装、冶金、重工制造、传统商业、建筑建材等产业因其缺乏吸引力和成长性而逐渐衰退并逐步向新兴产业部门转移。产业创新型并购比非产业创新型并购具有较高的产业效应。(d)提出了进一步优化我国并购申报制度的对策：适当提高申报标准,实施差别对待策略；保留现行的强制事前申报制度,增设自愿申报及事后备案制度；尽快制定反垄断审查的操作程序和并购规则,增强《反垄断法》的可操作性。更多还原

【Abstract】 At present the M&A is a hot topic of China’s capital market.It can help to improve the quality and core competitiveness of listed companies and can help to get more and more outstanding and stronger under the intense market competition environment. From a macro point of view, the M&A is an important and effective way to achieve a more optimal allocation of resources and promote the optimization and upgrading of industrial structure and stimulate sustained economic growth.Started from 2002, after joining World Trade Organization China began to establish a true market-based era of mergers and acquisitions.After entering the entire circulation time, China’s M&A presents the quite obvious new characteristic. Wang Wei, President of China Mergers and Acquisitions Association pointed out that with China’s foreign exchange reserves reaching new heights, the M&A scale is unprecedented which causes by the fluidity surplus and the transnational circulation of capital and the foreign capital M&A is blustery. Regardless of the transaction amount or quantity, it has achieved an unprecedented altitude. At the same time, the Chinese enterprises step up the transnational M&A.The separatist M&A regime of the western Developed country in china now has also started to interactive two-way wave of M&A.The M&A scope of Chinese Enterprise expands unceasingly:From State-owned business to Private enterprise, from the industrial to the capital, from energy resources to high and new technology, from traditional industries to the financial sector and so on. The Chinese M&A market has already entered a new era of Marketization and internationalization.Then,how is now the M&A efficiency? Has it improved quality and efficiency of listed companies? Has it improved the efficiency of resource allocation.The sound M&A system environment is the basic guarantee which helps to improve the efficiency of M&A.Then during the transition period, how is now the system construction process of M&A market? Whether does the marketability M&A system environment form? In order to improve the M&A efficiency, How does the existing merger and acquisition system optimize in next step deepened reform? Therefore, this paper focuses on the M&A efficiency and system optimization problem, which is the subject of this paper. This article has systematically studied the M&A efficiency of listed companies and analyzed the macro-micro M&A efficiency of listed companies completely thoroughly.lt focused on the M&A system and the government intervention on the impact of M&A efficiency and proposed the M&A system optimization plan with the M&A marketability tendency.At first it uses the method of Normative analysis to build the theoretical analysis frame;Then it uses the method of historical analysis and comparative analysis to study the Chinese and foreign M&A course and the system evolution course. Next it uses the empirical methods and the principle of equilibrium analysis to study the M&A macro-micro efficiency and it uses the game theory principle to analyze the M&A efficiency improvement condition in the full circulation time. Then it uses the normative analysis to analyze system factor on the impact of the M&A efficiency. Finally based on efficiency judgment and M&A system vicissitude experience of western developed country and combined with the actual situation of China’s M&A, from the new institutional economics perspective it Proposes the M&A system’s reform path and the system optimization strategy of china’s listed companies during the transition period.Although microscopically speaking, the M&A will help the listed companies to improve the quality and core competitiveness and get more Outstanding and stronger;Looking macroscopically the M&A is an important and effective way to achieve a more optimal allocation of resources and promote the optimization and upgrading of industrial structure and stimulate sustained economic growth, unfortunately it found:At present the M&A microscopic efficiency of listed companies improves just a little and the macroscopic efficiency is too limited, so it has not realized the resource allocation function.It lies in various reasons and the main reason is that the M&A marketability advancement is too slow and the government intervention is too much and the M&A system construction also lag in the M&A practice development. The current M&A system can not effectively promote the M&A efficiency and the M&A marketability. In order to promote the M&A marketability and improve the M&A efficiency we must build quickly a set of perfect M&A system such as M&A Legal System, reporting system,financing system, information disclosure system, monitoring system, limited government system and property system and so on. This paper put forward the merger and acquisition main system’s optimized strategy systematically,and simultaneously further proposed some auxiliary institutional innovations plan such as Shareholder’s Representative Action, Qualified investor system, Operator incentive and restraint mechanisms etc.so it helps to create the sunlight M&A system environment From the institutional environment and M&A body restrain and helps to build the innovative institutional arrangements for M&A and reorganization of listed companies.It largely improves the M&A efficiency and resource allocation efficiency. Compared to existing studies, this paper has the following innovative:First, innovation in research methods:(a)This paper studied empirically the M&A efficiency systematically. The efficiency of the M&A is divided into micro-efficiency and macro-efficiency. In micro-efficiency it is divided into the M&A transaction efficiency and integration efficiency and synergy effection. In transaction efficiency aspect it studied empirically the following type:the Asset-based M& A, the equity-based M&A and the debt restructuring M&A; the same jurisdictional and non-jurisdictional M&A; the associated and non-associated the;different industries and different regions M&A,and also empirically analysis the factors affecting the M&A micro-efficiency.At the same time it analyzes empirically the factor of integration efficiency and focuses on government intervention,agency costs on the impact of M&A integration performance. In macroscopic efficiency it analyzes the efficiency of resources allocation and industrial structure optimization efficiency. Therefore this paper has carried on the multi-position system empirical analysis to the M&A efficiency and has fully revealed the improvement condition of M&A efficiency as well as the loss condition of M&A efficiency.(b)This paper has analyzed the M&A institution on the impact of M&A efficiency from the view of new institutional economics and M&A system flaw condition. Learning from international experience and combining with the transition process of China’s M&A market,it has proposed the next step of the path of reform and system optimization countermeasure.Second, innovation in the point of view:(a)It finds empirically:Different profession and economic region have different M&A efficiency. Looking from the M&A tendency, in the profession the M&A speeds up and the M&A profession is quite centralized. The cross profession M&A is advantageous to the resources conformity and the M&A shifts to the high efficiency profession. The individual popular profession’s M&A efficiency must be higher than other professions.The merger and acquisition concentrates in the information industries, the biological medicine, the real estate, the social service, the energy electric power, professions and so on. Its M&A frequency is relatively high.. Explained that in these professions the high rhythm and the capital operation’s function is prominent, the resources is easy to conform, easy to have the scale effect and the cooperative effect, thus its M&A efficiency must be high relatively, and becomes the present hot M&A market. There are different M&A efficiency among different economic region and the region distribution is quite centralized. M&A mostly concentrates in southeast coast economy developed area which are the economical developed area and have resources talent condition.(b)It finds empirically:M&A conformity efficiency has many factor influences, after the M&A, different period’s conformity efficiency is restrained by the different key aspect. different period’s conformity has the different conformity key and the difficulty.the conformity must distinguish clearly primary and secondary, proceeds in an orderly way. In the M&A agency cost obviously cut the M&A conformity efficiency, but the listed companies of state-owned and the privately lies in difference. The government intervention is the important factor in M&A. the government supports or plunders its enterprise stemming from the policy-type burden either the political objective through the merger and acquisition activity. In the switch time, the merger and acquisition activity has not had completely in the marketability situation and the M&A conformity efficiency of strong state-owned and social holding is lower than the private enterprise. government intervention is not conducive to M & A integration efficiency.(c) It finds empirically:in our country the M&A market’s resources-allocation function has not displayed fully and it explained that the M&A behavior and motive has multiplicity, so the massive M&A efficiency is very low and causes the resources allocative efficiency is still not high in China.In industrial effect aspect.The overall effect of mergers and acquisitions industry had improved little and the industry effects of mergers and acquisitions are still limited, has not yet been obtained effectively. Further structural analysis revealed a significant prevalence of Chinese enterprises of industry differences,and the listed companies tend to shifts from the industry of lower industrial effect to higher industrial effect, thus realizes the industrial structure optimization through the merger and acquisition method.The attractive and growing High-tech industries have become the focus of mixed M&A,whereas the textiles and clothing, the metallurgy, the heavy manufacturing, the traditional commercial, the building materials and so on gradually shift to the emerging industrial sectors because they lack the attraction and the growth potential.The industrial effect of innovative industries is higher than the non-innovative industries and its M&A efficiency is also higher.(d) It Proposes further policy to optimize our country M&A declaration system’s countermeasure:Suitable enhancement declaration standard, implementation difference treatment strategy; Retained the present compulsion to report the system in anticipation, the addition voluntary declaration and sets up a file afterward the system; Formulates the counter-monopoly examination operation sequence and the merger and acquisition rule as soon as possible, strengthens "Antimonopoly law" feasibility.更多还原