轻资产公司定增并购业绩表现:昙花一现VS细水长流?  

Lite-Asset Listed Company’s Long-Term Performance after Private Placement and M & A—A Flash in the Pan or a Steady Stream?

作　　者：颜淑姬[1] 许永斌[1] 

机构地区：[1]浙江工商大学财务与会计学院,浙江杭州

出　　处：《国际会计前沿》2018年第4期69-78,共10页Frontiers of International Accounting

基　　金：浙江省自然科学基金青年项目“LQ17G020001”;浙江省社科基金项目“17NDJC217YB”的支助。

摘　　要：并购重组是产业趋势,定增并购作为并购重组的一种特殊方式,其双重定价的公允性中所蕴含的利益输送空间备受社会诟病,引起人们对定增并购后长期业绩表现的担忧和质疑,尤其是影视网游等轻资产类公司并购的高估值高溢价问题。本文以文化创意产业及互联网金融等轻资产类公司在2013~2016年间成功实施定增并购的80个公司为样本,观察其在定增并购后的长期业绩表现,通过事件前后业绩改善的纵向比较以及应用双重差分原理计算的定增并购净效应进行配对样本横向比较,均发现样本公司绩效确实较事件前有改善,但长期表现乏力,后期下滑明显,并购后整合不力。标的资产高溢价显著影响长期业绩,主并方大股东参与定增并购的样本公司定向增发高折价也显著影响长期业绩。跨界并购和借壳上市都不利于主并公司并购后的长期业绩改善。业绩承诺制度的实施有利于定增并购后主并方长期业绩的改善,但效果不明显。并在此基础上提出了相应的完善建议。M &A and reorganization are the trend of industry. As a special way of M &A, private placement and M &A have been criticized by the society for its fairness of double-pricing, which causes people to worry about the long-term performance. This paper takes 80 lite-asset companies, such as cultural creative and Internet finance industries, and so on, which have successfully implemented private placement and M &A from 2013 to 2016 as samples to observe their long-term performance after event. Through horizontal and vertical comparison, it finds that the performance is really improved, but the long-term development is weak, and the decline is obvious in later years. Post merger integration needs to be strengthened. The high premium of target assets has a significant negative impact on long-term performance, and the high share price discount which major shareholders participate in private placement and M &A also has a significant negative impact on long-term performance, too. Cross border M &A and backdoor listing are not favorable to long-term performance. The implementation of performance commitment system is favorable to the improvement of long-term performance after M &A, but the effect is not obvious. And basing on this, it also put forwards corresponding suggestions for improvement.

关 键 词：轻资产 定增并购 长期业绩 双价格偏离 业绩承诺 

分 类 号：F2[经济管理—国民经济]