上市公司资产重组的价值影响研究
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摘要
资产重组活动最初发生于19世纪末20世纪初的西方国家，西方经济学家对于其理论和实践都进行了详尽的研究，而且都证明了资产重组能使得公司资本具有更大的流动性和增值性。
我国上市公司的资产重组始于上个世纪90年代中期，经过不断的理论探索与实践，资产重组活动迅速增加，对证券市场、上市公司以及机构都产生了相当的影响。我国的资产重组活动由于我国资本市场的特殊情况具有社会主义资本活动的特色。
我国资产重组活动对于上市公司的绩效也一直是经济学术界研究的重点，资产重组活动是否能给重组上市公司带来实实在在的质的飞跃，是否能带来公司长期的绩效提高抑或只是在公告日附近的股价异常波动带来的短期收益。本文借鉴了国内外关于资产重组研究的经验和结论，从理论上研究了企业价值的影响因素，以及资产重组对这些因素的影响，并运用应用统计方法进行实证研究得出了若干结论。
First occurrence of activity of began in the end of 19 century. Western economist has detail research in its, and proved that reorganization can make the company capital to have the larger liquidity and value increasing.
Capital reorganization of our country listed company began in the mid 90s last century. With researching in the theories and practice by and by, reorganization movements increased remarkably, and have extremely effects to the securities market, listed companies and organizations. Capital reorganization of our country shows socialism features because of the special situation of our capital market.
The effects of capital reorganization to listed company are always on focus of domestic economists studies. Whether reorganization can bring listed company solid leaping of quality, if it can bring the company distinct long-term increase or just a short-term income for the stock price abnormality fluctuate during the announce day.
This Thesis draw lessons from domestic and international experience and conclusions of the research concerning the restructure, from theoretically studied the influence factor of enterprises value, and how reorganize influence these factors, and draw some conclusion combining with demonstration methods.
我国上市公司的资产重组始于上个世纪90年代中期，经过不断的理论探索与实践，资产重组活动迅速增加，对证券市场、上市公司以及机构都产生了相当的影响。我国的资产重组活动由于我国资本市场的特殊情况具有社会主义资本活动的特色。
我国资产重组活动对于上市公司的绩效也一直是经济学术界研究的重点，资产重组活动是否能给重组上市公司带来实实在在的质的飞跃，是否能带来公司长期的绩效提高抑或只是在公告日附近的股价异常波动带来的短期收益。本文借鉴了国内外关于资产重组研究的经验和结论，从理论上研究了企业价值的影响因素，以及资产重组对这些因素的影响，并运用应用统计方法进行实证研究得出了若干结论。
First occurrence of activity of began in the end of 19 century. Western economist has detail research in its, and proved that reorganization can make the company capital to have the larger liquidity and value increasing.
Capital reorganization of our country listed company began in the mid 90s last century. With researching in the theories and practice by and by, reorganization movements increased remarkably, and have extremely effects to the securities market, listed companies and organizations. Capital reorganization of our country shows socialism features because of the special situation of our capital market.
The effects of capital reorganization to listed company are always on focus of domestic economists studies. Whether reorganization can bring listed company solid leaping of quality, if it can bring the company distinct long-term increase or just a short-term income for the stock price abnormality fluctuate during the announce day.
This Thesis draw lessons from domestic and international experience and conclusions of the research concerning the restructure, from theoretically studied the influence factor of enterprises value, and how reorganize influence these factors, and draw some conclusion combining with demonstration methods.
引文
[1] 孙唯耀著，企业并购谋略[M]，中华工商联合出版社，1997
[2] 王一著，企业并购理论及其在中国的运用[M]，复旦大学出版社，2000
[3] 孙慧等著，并购的陷阱及对策研究[J]，数量经济技术研究，2001．8
[4] 刘斌等著，财务管理[M]，高等教育出版社，2000．3
[5] 石薛桥著，我国企业并购中的法律问题及对策分析[J]，山西高等学校社会科学学报，2001．11
[6] 苏龙等著，反并购策略的财务分析[J]，证券与期货，2001．11
[7] 陈信元、张田余著，资产重组的市场反应——1999年沪市资产重组实证分析[J]，《经济研究》，1999．9
[8] 陈晓、陈小悦、刘钊著，A股盈余报告的有用性研究[J]，《经济研究》，1999．6
[9] 王跃堂著，我国证券市场资产重组绩效之比较分析[J]，《财经研究》，1999．7
[10] 高见、陈歆玮著，中国证券市场资产重组效应分析[J]，《经济科学》，2000．1
[11] 靳云汇、李学著，中国证券市场半强态有效性检验—买壳上市分析[J]，《投资与证券》，2000．6
[12] 原红旗、吴星宇著，资产重组对财务业绩影响的实证研究[J]，上海证券报，1998．8．26
[13] 上证联合研究计划课题组，沪深股票市场公司重组绩效实证研究[J]，中国证券报，2001．1．9
[14] J.弗雷德.威斯通、S.郑光、S.E.侯格著，兼并、重组与公司控制(中译本)[M]、经济科学出版社，1998
[15] 王子林、张昌彩、沈琦著，企业并购重组与国有资产结构优化[M]，经济科学出版社，2000
[16] 刘文通著，公司兼并收购论[M]，北京大学出版社，1997
[17] 邵建云著，上市公司资产重组实务[M]，中国发展出版社，2000
[18] 厉以宁、曹风歧著，中国资本市场发展的理论与实践[M]，北京人学出版社，1998
[19] 陈朝刚著，中国企业并购论[M]，中国金融出版社，1998
[20] 杨洁、辛志纯著，企业重组论[M]，经济管理出版社，1997
[21] 孙国茂著，企业资产重组导论[M]，企业管理出版社，1998
[22] 王海平、刘锋著，资产重组实务[M]，工商出版社，1997
[23]洪伟力著，证券监管：理论与实践[M]，上海财经大学出版社，2000
[24]陈慧谷、张训苏等著，资产经营与重组[M]，上海财经大学出版社，1998
[25]杨瑞龙著，国有企业治理结构创新的经济学分析[M]，中国人民大学出版社，2001
[26]约翰.O.麦克莱思、L.约瑟夫.托马斯等著，运营管理(中译本)[M]，中国人民大学出版社，2001
[27]蔡运海著，我国上市公司资产重组效应的实证分析[J]，《陕西金融》，1999．10
[28]朱艳阳著，上市公司资产重组的效应分析[J]，《武汉冶金管理干部学院学报》，2000．6
[29]覃西文著，上市公司并购效应实证分析[J]，《现代财经》，2002．9
[30]崔国庆著，企业经营者的绩效评价指标体系研究[J]，《企业人力资源管理》，2002．10
[31]黄河、顾辅柱等著，上市公司资产重组引发的业绩评价指标的思考[J]，重庆建筑大学学报，2001．3
[32]姚辉、陈继恩等著，基于企业核心能力的资产重组绩效评价[J]，《决策借鉴》，2001．10
[33]孙芳城、郭悦著，沪市A股资产重组绩效分析[J]，重庆工学院学报，2000．4
[34]陈兴述、贾俊耀著，企业资产重组效绩财务评价系统设计探析[J]，山西财税学校学报，2001．2
[35] Asquith. P.F. Bruner and D.W. Mullins. Jr, The gains to bidding firms from merger[J], Journal of financial Economics 11, 121-139
[36] Asquith, Paul, 1983, Merger bids, uncertainty, and stockholder returns[J], Journal of Financial Economics. 11, 51-86
[37] Berkovith, E., andM. P. Narayanan, 1993, Motives for takeovers: An Empirical investigation[J] ,Journal of Financial and Quantitative Analysis 28,347-362
[38] B. ESpen Eckbo, 1989, Information disclosure, method for payment and takeover premiums—public and private Tender offers in France [J] ,Journal of Financial Economics 24, 363-403
[39] B. ESpen Eckbo and Karin S. Thorburn, 2000, Gains to bidder firms revisited: domestic and foreign acquisitions in Canada [J] ,Journal of Financial and Quantitative Analysis, March, 1-25.
[40] Bradley, Micbael,A. Desai and E. Han Kim, 1988, Synergistic gains from coporate acquisitions and their division between the stockholders oftarget and acquiring firms [J] ,Journal of financial Economics, 21,3-40.
[41] Comment and R. andG. Jarrel, 1995, Corporate focus and stock returns [J], Journal of Financial Economics, 199-222
[42] Hasbrouck, Joe, 1985, The characteristics of takeover targets: q and other measures [J],Journal of banking Finance 9,351—362.
[43] Huang, Y.s. and Ralph A. Walking, 1987, Target abnormal returns associated with acquisition announcement:payment, acquisition form, and managerial resistance [J], Journal of Financial Economics 19,329-349.
[44] Jarrell, Gregg A.,James A. Brichley, and J.M. Netter, 1988, The market for corporate control: The empirical evidence since 1980 [J] ,Journal of Economic Perspectives, 49-68
[45] Jensen, Michael and Richard S. Ruback, 1983, The market for corporate control: The scientific evidence [J] ,Journal of Financial Economics 11,5-50
[46] John D. Leeth and J. Rody Borg, 2OOO, The impact of takeovers on shareholder wealth during the 1920s merger wave[J], Journal of Financial and Quantitative Analysis, June, 217-237.
[47] Julian R. Franks, 1989, Shareholder wealth effects of corporate takeovers-the U.K. experience 1955-1985[J] ,Journal of Financial Economics 23,225-249
[48] Kummer, Donald R. and G. Ronald Hoffmeister, 1978, Valuation consequences of cash tender offers[J], Journal of Finance 33,505-516
[49] Larry H.P. Lang, 1989, Managerial performance, Tobin's Q, and the gains from successful tender offers [J] ,Jourual of Financial Economics 24,137-154.
[50] Madden, Gerald P.,1981, Potential corporate takeovers and market efficiency: A note [J] ,Journal of Finance 36, December, 1191-1198
[51] Malatesta, Paul H.,1983, The wealth effect of merger activity and the objective functions of merging firms [J] ,Journal of Financial Economics 11,155-181
[52] Malatesta, Paul H.,1986, Measuring abnormal performance:The event parameter approach using joint generalized least squares [J], Journal of Financial and Quantitative Analysis 21,27-38
[53] Mandelker, G, 1974, Risk and return: The case of merging firms [J] , Journal of Financial Economics 1,303-336
[54] Maquieira, C.,Megginson and L. Nail, 1998, Wealth creation and wealth redistributions in pure stock-for-stock mergers [J], Journal of Financial Economics 48, 3-33
[55] McConnell, J. and C. Muscarella, 1985, Corporate capital expenditure decisions and the market value of the firm [J] ,Journal of Financial Economics, 48,399-422
[56] McConndl, J. and T. Nantel, 1985, Corporate combinations and common stock returns: the case of joint ventures [J] ,Jourual of Finance 40,519-536
[57] Paul Halpern, 1983, Corporate acquisitions:a theory of special cases? A review of event studies applied to acquisitions [J], Journal of Finance, May, 297-315
[58] Peter DODD and Richard Ruback, 1977, Tender offers and stockholder returns[J], Journal of Financial Economics 5,351-373
[59] Shane A.Johnson and Mark B.Houston, 2000, "A reexamination of the motives and gains in joint ventures" [J],Journal of Financial and Quantitative Analysis, March, 67-85
[60] Smiley, R.,1976, Tender offers, transaction's costs, and the theory firms[J] ,Review of Economics and statistics 58,22-32
[2] 王一著，企业并购理论及其在中国的运用[M]，复旦大学出版社，2000
[3] 孙慧等著，并购的陷阱及对策研究[J]，数量经济技术研究，2001．8
[4] 刘斌等著，财务管理[M]，高等教育出版社，2000．3
[5] 石薛桥著，我国企业并购中的法律问题及对策分析[J]，山西高等学校社会科学学报，2001．11
[6] 苏龙等著，反并购策略的财务分析[J]，证券与期货，2001．11
[7] 陈信元、张田余著，资产重组的市场反应——1999年沪市资产重组实证分析[J]，《经济研究》，1999．9
[8] 陈晓、陈小悦、刘钊著，A股盈余报告的有用性研究[J]，《经济研究》，1999．6
[9] 王跃堂著，我国证券市场资产重组绩效之比较分析[J]，《财经研究》，1999．7
[10] 高见、陈歆玮著，中国证券市场资产重组效应分析[J]，《经济科学》，2000．1
[11] 靳云汇、李学著，中国证券市场半强态有效性检验—买壳上市分析[J]，《投资与证券》，2000．6
[12] 原红旗、吴星宇著，资产重组对财务业绩影响的实证研究[J]，上海证券报，1998．8．26
[13] 上证联合研究计划课题组，沪深股票市场公司重组绩效实证研究[J]，中国证券报，2001．1．9
[14] J.弗雷德.威斯通、S.郑光、S.E.侯格著，兼并、重组与公司控制(中译本)[M]、经济科学出版社，1998
[15] 王子林、张昌彩、沈琦著，企业并购重组与国有资产结构优化[M]，经济科学出版社，2000
[16] 刘文通著，公司兼并收购论[M]，北京大学出版社，1997
[17] 邵建云著，上市公司资产重组实务[M]，中国发展出版社，2000
[18] 厉以宁、曹风歧著，中国资本市场发展的理论与实践[M]，北京人学出版社，1998
[19] 陈朝刚著，中国企业并购论[M]，中国金融出版社，1998
[20] 杨洁、辛志纯著，企业重组论[M]，经济管理出版社，1997
[21] 孙国茂著，企业资产重组导论[M]，企业管理出版社，1998
[22] 王海平、刘锋著，资产重组实务[M]，工商出版社，1997
[23]洪伟力著，证券监管：理论与实践[M]，上海财经大学出版社，2000
[24]陈慧谷、张训苏等著，资产经营与重组[M]，上海财经大学出版社，1998
[25]杨瑞龙著，国有企业治理结构创新的经济学分析[M]，中国人民大学出版社，2001
[26]约翰.O.麦克莱思、L.约瑟夫.托马斯等著，运营管理(中译本)[M]，中国人民大学出版社，2001
[27]蔡运海著，我国上市公司资产重组效应的实证分析[J]，《陕西金融》，1999．10
[28]朱艳阳著，上市公司资产重组的效应分析[J]，《武汉冶金管理干部学院学报》，2000．6
[29]覃西文著，上市公司并购效应实证分析[J]，《现代财经》，2002．9
[30]崔国庆著，企业经营者的绩效评价指标体系研究[J]，《企业人力资源管理》，2002．10
[31]黄河、顾辅柱等著，上市公司资产重组引发的业绩评价指标的思考[J]，重庆建筑大学学报，2001．3
[32]姚辉、陈继恩等著，基于企业核心能力的资产重组绩效评价[J]，《决策借鉴》，2001．10
[33]孙芳城、郭悦著，沪市A股资产重组绩效分析[J]，重庆工学院学报，2000．4
[34]陈兴述、贾俊耀著，企业资产重组效绩财务评价系统设计探析[J]，山西财税学校学报，2001．2
[35] Asquith. P.F. Bruner and D.W. Mullins. Jr, The gains to bidding firms from merger[J], Journal of financial Economics 11, 121-139
[36] Asquith, Paul, 1983, Merger bids, uncertainty, and stockholder returns[J], Journal of Financial Economics. 11, 51-86
[37] Berkovith, E., andM. P. Narayanan, 1993, Motives for takeovers: An Empirical investigation[J] ,Journal of Financial and Quantitative Analysis 28,347-362
[38] B. ESpen Eckbo, 1989, Information disclosure, method for payment and takeover premiums—public and private Tender offers in France [J] ,Journal of Financial Economics 24, 363-403
[39] B. ESpen Eckbo and Karin S. Thorburn, 2000, Gains to bidder firms revisited: domestic and foreign acquisitions in Canada [J] ,Journal of Financial and Quantitative Analysis, March, 1-25.
[40] Bradley, Micbael,A. Desai and E. Han Kim, 1988, Synergistic gains from coporate acquisitions and their division between the stockholders oftarget and acquiring firms [J] ,Journal of financial Economics, 21,3-40.
[41] Comment and R. andG. Jarrel, 1995, Corporate focus and stock returns [J], Journal of Financial Economics, 199-222
[42] Hasbrouck, Joe, 1985, The characteristics of takeover targets: q and other measures [J],Journal of banking Finance 9,351—362.
[43] Huang, Y.s. and Ralph A. Walking, 1987, Target abnormal returns associated with acquisition announcement:payment, acquisition form, and managerial resistance [J], Journal of Financial Economics 19,329-349.
[44] Jarrell, Gregg A.,James A. Brichley, and J.M. Netter, 1988, The market for corporate control: The empirical evidence since 1980 [J] ,Journal of Economic Perspectives, 49-68
[45] Jensen, Michael and Richard S. Ruback, 1983, The market for corporate control: The scientific evidence [J] ,Journal of Financial Economics 11,5-50
[46] John D. Leeth and J. Rody Borg, 2OOO, The impact of takeovers on shareholder wealth during the 1920s merger wave[J], Journal of Financial and Quantitative Analysis, June, 217-237.
[47] Julian R. Franks, 1989, Shareholder wealth effects of corporate takeovers-the U.K. experience 1955-1985[J] ,Journal of Financial Economics 23,225-249
[48] Kummer, Donald R. and G. Ronald Hoffmeister, 1978, Valuation consequences of cash tender offers[J], Journal of Finance 33,505-516
[49] Larry H.P. Lang, 1989, Managerial performance, Tobin's Q, and the gains from successful tender offers [J] ,Jourual of Financial Economics 24,137-154.
[50] Madden, Gerald P.,1981, Potential corporate takeovers and market efficiency: A note [J] ,Journal of Finance 36, December, 1191-1198
[51] Malatesta, Paul H.,1983, The wealth effect of merger activity and the objective functions of merging firms [J] ,Journal of Financial Economics 11,155-181
[52] Malatesta, Paul H.,1986, Measuring abnormal performance:The event parameter approach using joint generalized least squares [J], Journal of Financial and Quantitative Analysis 21,27-38
[53] Mandelker, G, 1974, Risk and return: The case of merging firms [J] , Journal of Financial Economics 1,303-336
[54] Maquieira, C.,Megginson and L. Nail, 1998, Wealth creation and wealth redistributions in pure stock-for-stock mergers [J], Journal of Financial Economics 48, 3-33
[55] McConnell, J. and C. Muscarella, 1985, Corporate capital expenditure decisions and the market value of the firm [J] ,Journal of Financial Economics, 48,399-422
[56] McConndl, J. and T. Nantel, 1985, Corporate combinations and common stock returns: the case of joint ventures [J] ,Jourual of Finance 40,519-536
[57] Paul Halpern, 1983, Corporate acquisitions:a theory of special cases? A review of event studies applied to acquisitions [J], Journal of Finance, May, 297-315
[58] Peter DODD and Richard Ruback, 1977, Tender offers and stockholder returns[J], Journal of Financial Economics 5,351-373
[59] Shane A.Johnson and Mark B.Houston, 2000, "A reexamination of the motives and gains in joint ventures" [J],Journal of Financial and Quantitative Analysis, March, 67-85
[60] Smiley, R.,1976, Tender offers, transaction's costs, and the theory firms[J] ,Review of Economics and statistics 58,22-32
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