目标公司控制主体变更及其溢价效应研究——来自我国企业并购的证据  

The Change of Target’s Control Entity and Its Premium Effect:Evidence from Mergers and Acquisitions in China

作　　者：孙世攀 田昆儒 杨青 徐霞 Sun Shipan;Tian Kunru;Yang Qing;Xu Xia(School of Accountancy,Shandong University of Finance and Economics;School of Accountancy,Tianjin University of Finance and Economics;School of Management Science and Engineering,Shandong University of Finance and Economics)

机构地区：[1]山东财经大学会计学院 [2]天津财经大学会计学院 [3]山东财经大学管理科学与工程学院

出　　处：《南开管理评论》2024年第1期64-74,86,I0011,I0012,共14页Nankai Business Review

基　　金：山东省社会科学规划研究基金项目(15CKJJ04);教育部人文社会科学研究规划基金项目(19YJA790083)资助。

摘　　要：控制主体变更将给目标公司带来新的治理能力来源,从人本角度将会改变目标公司的经营轨迹,对目标公司产生深远影响。基于上述设想,本文沿“控制主体变更—新控制主体—控制主体来源—股权遗留”这一主体变更细节分解思路,详细分析了不同控制主体和遗留股权对目标公司溢价的影响,并以1996-2019年发生并购的公司为样本对上述理论设想进行了实证研究,实证结果与理论分析基本吻合。控制主体变更的目标公司存在显著溢价;利用和放大目标公司的独特性资源优势及提高管理效率是新控制主体掌控公司后提升公司绩效的重要抓手,构成了控制主体变更后实现公司溢价的重要内推机制;内源性和外源性控制主体对目标公司溢价的影响有显著差异。本文还探讨了原有控制主体的股权遗留对目标公司溢价的影响,研究发现股权遗留的影响也呈现差异化。在考虑内生性问题后,结论稳定。本文对拓展并购价值研究、指导中国企业并购实践和提高并购决策的科学化水平具有重要理论和现实意义。The most significant change brought by corporate M&A transactions is the change of target’s control entity.At the same time,as the“subject matter”of corporate M&A transactions,the target is the only carrier to achieve the M&A premium effect.Therefore,exploring the change of target’s control entity and its premium effect has become an important breakthrough to further research on corporate M&A transactions.This article not only answers the question of“whether the change of the control entity affects the premium of the target”,but also examines the impact of different entities and equity retention on the target premium and gives the answer in detail to the question of“how control entities with different source affect target premium and how the original control entity affects target premium”.In this study,we have made an important contribution to the opening of corporate governance“Black Box”of a large group and we also clarify origins and mechanisms of generating target premium.This article argues that the control transfer market,as a trading platform and system,besides its potential external threat and influence,will bring a new source of governance capabilities to the target due to the change of control entity in the transfer of power.The new control entity will change the target’s business trajectory and have a profound impact on the target.Based on the preliminary idea of“entity change-new entity-source of entity-equity retention”,this paper examines the impact of different entities and equity retention on the target premium.With the China Mergers and Acquisitions(M&As)sample from 1996 to 2019,an empirical study was conducted in this article to test multiple theoretical hypotheses and we argue that empirical results are generally consistent with the theoretical idea and analysis.Our research conclusion indicates that there is a significant premium for the target with a control entity change and demonstrates that the target company plays an important role in creating value in mergers an

关 键 词：控制主体变更 股权遗留 目标公司溢价效应 企业并购 

分 类 号：F27[经济管理—企业管理]