【作者】 郑艳秋；

【导师】 向显湖；

【作者基本信息】 西南财经大学 ， 会计学， 2011， 博士

【副题名】基于利益相关者视角

【摘要】 并购是企业寻求快速增长的重要手段之一,不论其动机如何,最终都引致了社会资源的重新分配,并对企业各利益相关者产生重大影响。新中国的首例企业并购发生于1984年,保定纺织机械厂兼并保定针织器材厂,而1993年的“宝延事件”拉开了资本市场并购的帷幕。过去的10年间,西方国家经济萧条和股市疲软,公司并购活动也开始萎缩,而与之形成鲜明对比,我国上市公司的并购活动在宏观经济形势向好的前提下,呈现出井喷之势,可以认为是我国的第一次并购浪潮。在过去的几十年间,经济学家和财务学家对上市公司并购进行了广泛而深入的研究,其成果可谓汗牛充栋。总体来看,其关注点主要是并购的动机与经济后果,其中对于经济后果的研究主要是以事件研究法为主的并购长短期绩效分析,以此厘清并购对股价的影响,因此其关注的核心是并购对股东的影响。虽然学者们的研究结论不甚一致,但从主流的观点看,主并公司股东会因并购而利益受损,这可以称为“并购之谜”。近年来在公司治理的研究领域,学者们日渐关注到除股东外的其他利益相关者的问题,这也为本文研究和解开并购之谜提供了思路。并购是公司的重大事件,其经济后果不仅影响到股东的利益,而且影响到债权人、高管、普通员工和政府等利益,而且不同公司的股权结构的差异,并购对控股股东和中小股东的影响也可能不同。因此要解开并购之谜,我们不能仅仅囿于并购对股价的影响方面,而应该系统研究并购对各个利益相关者的影响。只有时刻关注各利益相关者的合理利益诉求并使之平衡与协调,才能使并购活动沿着健康的方向发展。这正是本文试图研究与回答的问题。除导论外,全文共分六章,具体内容与主要观点如下：导论：首先阐述了本篇论文研究的相关背景及意义,提出了从利益相关者视角研究并购行为的可行性与必要性；其次对本文重要的概念并购、利益相关者及二者之间关系进行了界定,为下文系统研究作合理的铺垫；最后对文章整体研究思路、逻辑结构、研究方法作了必要的介绍。第一章：并购理论与文献述评。此章首先对并购理论从两个角度：并购动机、并购经济后果进行了归纳与总结,在前人研究的基础上对并购理论进行重新分类：价值创造效应理论、财富再分配理论、上市效应理论。接着,从利益相关者的视角分类评述并购产生的财富效应,并对以往研究中存在的缺陷进行了总结。最后对并购财富效应的研究方法,超常累计收益率、长期持有超常收益率、托宾Q值法进行了系统评述。第二章：上市公司并购的特征分析。在本章中通过对美国五次并购浪潮的梳理并进行统计分析,总结出美国并购活动受经济发展程度、并购利益相关者的利益驱动及非经济因素的影响；同时通过对2001-2009期间并购事件的数据进行统计与分析得出并购活动一系列的特征：并购时间分布特征、并购行业分布特征、并购前后主并公司经营业绩与资产负债率特征、以及并购交易比例和支付方式等交易特征。第三章：并购对股东的影响。本章中通过对2004-2007四年间的并购事件作为研究样本,分两个阶段2004-2005熊市和2006-2007牛市研究了上市公司作为主并方所发生的所有资产收购与股权收购事件,利用短期事件法超常累计收益率的统计检验并购对股东的短期财富效应的影响；利用会计指标法与托宾Q值法系统分析并购对股东的长期财富效应的影响；实证检验了长短期财富效应的关系及影响因素。第四章：并购对债权人的影响。在本章中,笔者首先对并购与债权人保护相关的制度背景进行了说明,从国有资产管理改革对企业资本结构影响、企业债券市场的发展对企业债务结构的影响、金融改革与银行业发展对企业贷款结构的影响、与债权人保护相关的法律等四个方面,分析目前上市公司资本结构及其债权人面临的风险与收益特征；其次,在对相关文献进行回顾的基础上,笔者从资本结构、债务期限结构、短期偿债能力、按期付息能力和债权人收益等方面对并购的债权人财富效应进行了理论评述；最后,以2004-2007年我国A股市场上市公司为样本,采用实证研究的方法,分析了并购对资产负债率、长期负债比率、短期借款比例、现金比率、流动比率、利息保障倍数和利息支出比率的影响,并发现并购在增加主并公司债权人风险的同时,降低了债权人的收益,并购导致了债权人负的财富效应。此外,笔者还对并购前后主并公司资金来源进行了实证分析,为主并公司资本结构和债务结构的变动原因提供了经验证据。第五章：并购对高管与员工的影响。本章在研究了并购对主并公司股东、债权人的财富效应的影响之后,进一步对主并公司的另一重要利益相关者——高管和员工的财富效应进行了研究。首先对薪酬及在职消费的概念进行了界定,然后对并购对高管与员工的影响的相关理论即管理层权力论、行为决策理论、管理主义理论进行总结与概括以及对相关文献进行了回顾,最后以2004～2007四年间并购事件为研究样本,以高管的货币性薪酬、高管的在职消费、员工的货币性薪酬作为被解释变量,实证研究了并购对高管与员工财富的影响。第六章：并购对政府的影响。在前几章的介绍中更多考虑是并购行为影响个体经济的利益,而本章更多关注的社会效益,即并购是否增加财政收入；是否由于规模的扩大而增加就业人数：是否导致员工总体工资的增加。本章中首先对并购的外部效应、并购的税收筹划与协同效应、支持与掏空理论的文献进行了总结与回顾,然后以税收、员工人数、员工工资总额作为被解释变量,通过Level模型对并购前后三年的绝对额以及Change模型对并购前后三年的变动额进行实证检验,检验的最终结果从总体上支持了并购带给政府及社会正的财富效应。第七章：总结及政策建议。本章对本文的研究进行了回顾与总结,根据研究的结论从宏观和微观、企业外部治理与内部治理两个方面提出了政策性建议。笔者认为,论文的创新主要表现在以下三个方面：第一,从利益相关者的视角,对并购经济后果进行了系统研究。在现有的文献中,研究者主要关注的是股东和高管的利益,主流的结论是并购使主并公司股东利益受损,而高管因并购而得利。企业作为多个契约的组合,与其利益休戚相关的不仅仅是股东和高管,还包括债权人、普通员工、政府等。本文使用利益相关者的理论,实证检验了并购对主并公司各类相关者的影响,并得出并购使高管和政府受益,而使流通股股东、债权人利益受损的结论。第二,对上市公司并购特征进行了完整阐述。研究我国转轨经济背景中的并购行为,不能简单借鉴国外相关研究成果与结论,而应该充分了解我国的实际国情。本文运用统计分析的方法,完整的描述了我国上市公司并购特征,对并购的时间分布、行业分布、主并公司业绩与杠杆率、并购双方关系、并购交易的特点、主并公司的企业性质等方面进行了梳理。第三,使用财务指标完整度量了债权人的风险与收益,首次从实证角度阐述了并购对债权人利益的影响。具体表现在：并购交易与并购整合需要大量的资金支持,主并公司的融资渠道和融资方式如何,与未发生并购公司是否有显著差异,这是现有研究中的一个盲区,本文实证检验了主并公司并购前后7年的资金来源及其对资本结构和债务结构影响,为主并公司债权人风险及收益变动提供了经验解释；债权人保护的实证研究在我国研究较少,并主要表现于债务期限结构这一个角度,而并购对债权人的影响的实证研究,在我国基本是空白。本文使用会计指标,从资本结构、债务结构、短期偿债能力、付息能力、利息支付比率等方面,衡量债权人的风险与收益,并实证检验了主并公司的债权人财富效应；ST公司因其自身的特殊性,在国内研究中一般将之剔除在样本之外,这也造成对该类型公司特征研究的薄弱。本文通过研究ST公司并购前后对资金来源和对债权人风险与收益的影响,一方面说明了ST公司债权人保护方面的特殊性,同时也为ST公司的研究成果进行了补充。并购的经济后果研究涉及经济、管理、法律等多个领域,本文的研究仅是在财务领域对并购问题的一个研究。由于多方面的原因,本文难免有不甚严谨乃至错误之处,恳切期望各位老师和同学批评指正。更多还原

【Abstract】 Merger and acquisition (M&A) plays an important role in the rapid growth of China’s economy. Regardless of the motives,it ultimately leads to the redistribution of social resources, and it has a significant impact on stakeholders. The first enterprise merger case in new China occurred in 1984, when Baoding Textile Machinery Manufacturer merged Baoding Knitting Instrument Manufacturer. M&A in China’s capital market began with "Bao Yan event" in 1993.During the past 10 years, M&A in western world began to shrink,owing to economic depression and weak stock market, On the contrary, China was going through the first wave of merger and acquisitions during the same period presenting a blowout under favorable macroeconomic situation.In the past decades, economists and financial experts have made extensive and in-depth research on listed companies, and obtained many achievements. All in all, their main concerns are motivation for merger activities and corresponding economic consequences. Using the event study methodology, the research on economic consequences is mainly M&A short-long term performance analysis in order to clarify how M&A influences share price. Therefore the core concerns is the influence on shareholders’ Although research conclusions vary greatly, the mainstream’s view is that M&A will cause damages to shareholders’interests, which is called "merger mystery".In recent years, scholars began to pay increasingly attention to other stakeholders besides shareholders on corporate governance research. This PhD Dissertations is inspired by this thought.M&A is a significant event for a company, which will not only affect shareholder’s benefit, but also affect creditors, executives, ordinary employees and local government, as far as economic consequences is concerned that company’s equity structure varies, the M&A influences on the controlling and medium -small shareholders are also different. In order to solve M&A mystery, we can not simply consider the M&A’s influence on share price, instead we should do research systemly on each stakeholder. Only if companies pay close attention to the interests of all the stakeholders and make them balance, M&A market could develop healthily, and this is the topic on which the paper attempts to study and answer questions.The article is divided into six chapters except introduction, with main contents and ideas being listed as follows:Introduction part. This chapter introduces research backgrounds and significance. It puts forward the feasibility and necessity from the perspective of stakeholders on M&A, It also defines some important concepts related to M&A and analyzes the relationship between stakeholders and M&A. Finally the whole study idea, logic structure, research methods are given.Chapter 1 is M&A theory and literature review,which summarized M&A theory from two aspects:M&A motivation and M&A economic consequences. On the basis of previous studies of the M&A theory, the author reclassifies value creation effect theory, wealth redistribution theory, listed effect theory.Next the paper reviewes M&A’s wealth effect on stakeholder and summarizs the defects in the previous research. Finally it makes a systematic commentary on research methods used on M&A wealth effects.Chapter 2:The analysis on M&A characteristics, of listed companiesThis chapter analyzes statistically five waves of merger and acquisitions occurred in U.S., and summarizes that American merger activities were influenced by the level of economic development, M&A interests of stakeholders and non-economic factors.At the same time, through studying statistical data of M&A deals from 2001 to 2009,the article figures out a series of M&A’features: characteristics of time distribution, industry distribution, operating performance and asset-liability ratio and acquisitions transaction,etcChapter 3:M&A’s influence on shareholders.This chapter selects some M&A deals from 2004 to 2007 as research samples which are divided into two phases,samples from 2004 to 2005(bear market)and samples from 2006 to 2007 (bull market). The chapter investigates the listed company which involve both asset purchase and share purchase, utilizing short-term event method CAR to test a short-term M&A effect of the shareholders’ wealth, using the accounting index and Tobin Q to analyze the long-term M&A effect of the shareholders’wealth, testing empirical relationship between the short and long term wealth effect and influencing factors.Chapter 4:M&A’s influence on Creditors’influenceIn this chapter, the author explains the background of M&A and creditor protection and analyzes current capital structure of listed companies and creditors facing risks and benefits,from four aspects:state-owned assets management reform affecting enterprises’capital structure, corporate bonds market development influencing enterprise debt structure, financial reform and development of enterprise influencing banking loan structure and the relevant law protection of the creditor. Secondly, after reviewing on the related literature, creditors wealth effect theory on M&A are commented from four aspects.capital structure, debt maturity structure, short-term debt paying ability, schedule of servicing capacity and creditors benefit. Finally, selecting China A-share listed companies during 2004-2007 as a sample, the paper adopts empirical method to analyze the M&A effects on assets-debt ratio, long-term debt ratio, short-term loan scale, cash ratio and liquidity ratio, interest safeguard multiples and interest expense ratioBesides, the author provides an evidence for corporate capital structure and debt structure changes cause by making a positive analysis on funding sources before and after M&A.Chapter 5:M&A’s influence on Executives and staffAfter studying the wealth effect of shareholders, the creditors, the chapter makes some additional research on another important stakeholder-executives and staff. Firstly the salary and on-the-job consumption concept are defined, then the related merger theory of executives and staff on management power theory, decision-making theory, management theory of socialist are summarized Finally researching M&A deals from 2004 to 2007, the article empirically investigates the wealth effect of executives and staff by regarding the senior executives’monetary compensation, senior executives’duty consumption, staffs monetary compensation as explained variables.Chapter 6:M&A’s influence on government. In former chapters, the author shows much more consideration twoards M&A activities that affect individual economic interests.This chapter pays more attention to the social efficiency--namely, whether M&A can increase fiscal revenue by improving tax, whether M&A can increase employment by expanding the scale,whether M&A can increase wages by increasing employment. Firstly, the chapter summarizes and reviews the relevant literature about external effects on the tax planning and synergy effect, support and hollowed theory. Then the author identifies taxation, number of employees, employees total wages as explained variables, and makes an empirical test, by building the Level model and Change model. The results support generally that M&A will bring government and society favorable wealth effect.The author thinks that the innovation of the paper is embodied three aspects as follows:Firstly, the article studied systematically M&A economic consequences from the view of stakeholders.Secondly, M&A features of the listed companies are illustrated elaborately including time distribution, industry distribution, the company performance and leverage ratio, relationship between the two sides of M&A and the corporation propertiesThirdly, the paper completely measures benefits and risks of the creditor using financial index,which discusses the M&A influence on creditors interests in an empirical view at the first time.Because studies on M&A economic consequences involve many subjects such as economy, management and law, this paper only focuses on financial field,which means there may exsit some non-rigorousness and mistakes. The author sincerely expects that all teachers and classmates point out the flaws for correction if there is any.更多还原