控股股东转移并购失败风险的路径分析——基于亚太药业的案例证据  

Path Analysis of Controlling Shareholders’Transfer of M&A Failure Risk——Case Evidence Based on Yatai Pharma

作　　者：步丹璐[1] 王多仁 胡中平 BU Danlu;WANG Duoren;HU Zhongping(Southwestern University of Finance and Economics,Chengdu,China;Lanzhou Jiaotong University,Lanzhou,China)

机构地区：[1]西南财经大学会计学院,成都市611130 [2]兰州交通大学经济管理学院

出　　处：《管理学报》2025年第3期417-426,共10页Chinese Journal of Management

基　　金：国家社会科学基金资助项目(19FGLB045);甘肃省基础研究计划-软科学专项资助项目(25JRZA179);2024年成都市哲学社会科学规划专项课题资助项目(2024CS212)。

摘　　要：以亚太药业溢价并购上海新高峰至全额计提商誉减值、剥离的完整过程,构建控股股东风险识别模型,探究民营控股股东在面对并购失败风险时采取的行为方式与约束机制。研究发现:①企业进行溢价并购满足控股股东定增、溢价并购、控股股东在商誉减值前减持与商誉减值四要素同时存在时,可以推测控股股东可能存在风险转移的行为;②亚太药业控股股东会通过并购题材、业绩承诺、虚假信息披露等方式推高股价,以高频股权减持、股权质押等途径规避商誉减值风险;③并购双方控股股东会合谋高估标的、定增股票实现大部分利润的合规转移变现,将后续经营风险转移至上市公司与中小股东。Based on the entire process of Yatai Pharma’s merger with Shanghai Xingaofeng to the full provision of goodwill impairment and divestment,the study constructs a controlling shareholder risk identification model to explore the behavior and constraint mechanism of private controlling shareholders in the face of the risk of merger and acquisition(M&A)failure.The study found that:①when the enterprise carries out premium mergers and acquisitions to meet the four elements of the controlling shareholders’increase,premium mergers and acquisitions,controlling shareholders’reduction before goodwill impairment and goodwill impairment at the same time,it can be speculated that the controlling shareholders may have the behavior of risk transfer.②Yatai Pharma controlling shareholders will inflate the stock price through merger and acquisition themes,performance commitments,false disclosure,etc.,to avoid the risk of goodwill impairment by high-frequency equity reductions,equity pledges and other ways to avoid the risk of goodwill impairment.③Mergers and acquisitions controlling shareholders on both sides will conspire to overestimate the target,fixed shares to achieve most of the profits of the compliant transfer of cash,the subsequent operational risks transferred to the listed company and small and medium-sized shareholders.

关 键 词：控股股东 溢价并购 并购失败风险转移 控股股东风险识别模型 

分 类 号：C93[经济管理—管理学]