并购套利观:来自内部人减持的经验证据  

M&A Arbitrage: From the Evidence of Insiders’ Shares Selling

作　　者：潘红波[1] 饶晓琼 张哲[1] PAN Hong-bo;RAO Xiao-qiong;ZHANG Zhe(College of Economics and Management, Wuhan University, Wuhan,Hubei,430072,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《经济管理》2019年第3期107-123,共17页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"官员交流对地方国企高管治理的影响及其经济后果研究"(71572133);国家自然科学基金项目"高管个人事项申报;政治风险与国有企业创新投资研究"(71872137)

摘　　要：并购为什么会产生商誉?效率观认为,商誉是收购方为了获取协同效应而支付的成本;而套利观认为,商誉是理性内部人利用市场无效率和公司间估值差异套利的工具。本文以2007—2017年A股上市公司为样本,通过分析并购商誉是否影响内部人减持股票,实证检验这两种观点在我国的适用情况。研究发现:在商誉占总资产或净资产比重越高的公司,内部人越可能减持公司股票、减持套现的金额也越大,本文的检验结果支持套利观假说。进一步检验发现,内部人减持套现规模越大,上市公司的商誉减值越严重。本文从内部人减持的视角证明了溢价并购背后存在的风险,有助于揭示我国上市公司热衷溢价并购的深层动因,为监管层治理高溢价并购和内部人违规减持现象提供经验证据。As a byproduct of premium mergers and acquisitions,goodwill is the extra cost that the acquirer pays to the acquired firm.Goodwill seems to be unfavorable to the acquirer,but why do mergers and acquisitions generate goodwill?In theory,there are two opposed views.From the perspective of efficiency,M&A activities can help companies gain synergies and increase enterprise value.Under this view,goodwill is the recognition of the acquired enterprise and the cost of synergistic effect.From the perspective of arbitrage,rational insiders utilize the market inefficiencies and valuation differences between the acquirer and the target.This view suggests that goodwill is a form of arbitrage by rational insiders operating in inefficient market and valuation difference.However,it is difficult to determine whether M&A is based on efficiency or arbitrage effect. In order to test the two effects,this paper examines whether the goodwill will influence insiders stock trading.Using a data set consisting of listed firms from both Shanghai and Shenzhen Stock Exchange from 2007 to 2017,we find that the higher the ratio of goodwill to total assets or equity is,the more likely the insiders are willing to sell stocks in future,and the more stocks they will sell.These results demonstrate that the acquisition goodwill is associated with insiders stock arbitrage.Further examination shows that insiders stock arbitrage will induce the impairment of goodwill.These relationships remain after a series of robustness test using instrument variables and PSM.These findings suggest that there is potential risk behind the goodwill,the high premium M&A phenomenon of listed companies has hidden the motivation of insiders stock arbitrage,which is helpful to reveal the real purpose of premium mergers and acquisitions,and provide empirical evidences to govern it. The academic contribution of this paper may be as follows.First,we present the theory of M&A arbitrage and provide corresponding evidence for it.Based on IPO regulation of China and the irrational i

关 键 词：并购商誉 内部人减持 商誉减值 效率观 套利观 

分 类 号：F830.91[经济管理—金融学]