配套协同还是增发陷阱?——我国上市公司重大资产重组配套融资的并购绩效分析

徐经长, 李博文

中国人民大学学报 ›› 2022, Vol. 36 ›› Issue (5) : 165-179.

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主管:教育部
主办:中国人民大学
ISSN 1000-5420  CN 11-1476/C
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中国人民大学学报 ›› 2022, Vol. 36 ›› Issue (5) : 165-179.
管理学

配套协同还是增发陷阱?——我国上市公司重大资产重组配套融资的并购绩效分析

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Achieving Synergy Aims or Falling into the Trap? An Analysis on the Supporting Equity Offerings during Major Assets Restructuring

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摘要

本文以2012—2017年沪深上市公司作为主并方的并购样本为研究对象,考察了在重大资产重组中募集配套资金行为对主并方并购绩效的影响。研究发现:(1)相对于那些未包含配套融资的重大资产重组并购交易,包含配套融资的重大资产重组并购交易具有更好的短期和长期绩效;(2)募集配套资金的相对比例与主并方并购绩效呈现正相关关系。可见,募集配套资金制度能够促进并购交易发挥协同效应,提升市场资源配置效率,是一个行之有效的监管措施。

Abstract

Based on the sample of mergers and acquisitions occurring in Shanghai and Shenzhen Asharelisted companies between 2012 and 2017, this article studies the impact of supporting equity offerings on the performance of the acquirers during major assets restructuring(MAR). It finds that, when MAR transaction plans include supporting equity offerings, the acquirers obtain better returns and longterm market performance from the mergers and acquisitions. It also finds that the performance of the acquirers is directly proportionate to the relative size of supporting equity offerings. These finds prove that the system of supporting equity offerings during MAR can promote the synergy of the transactions in the merger and acquisition events and improve the efficiency of market resource allocation. Therefore, it is an effective regulatory measure in Chinese capital market.

关键词

并购重组 / 募集配套资金 / 定向增发 / 协同效应 / 并购绩效


Key words

Merger and acquisition / Supporting equity offerings / Seasoned equity offering / Synergy effects / Acquisition performance


引用本文

导出引用
徐经长, 李博文. 配套协同还是增发陷阱?——我国上市公司重大资产重组配套融资的并购绩效分析[J]. 中国人民大学学报, 2022, 36(5): 165-179
XU Jingchang, LI Bowen. Achieving Synergy Aims or Falling into the Trap? An Analysis on the Supporting Equity Offerings during Major Assets Restructuring[J]. Journal of Renmin University of China, 2022, 36(5): 165-179

基金

*本文系财政部“会计名家培养工程”项目(财政部财会〔2015〕14号)、国家社会科学基金重大项目“面向国际趋同的国家统一会计制度优化路径研究”(16ZDA029)阶段性成果。
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