摘要
本文从并购估值出发,分析并购失败的原因之一是由于估值导致的竞价者出价过高。在企业价值评估领域,各种并购估值方法包括运用最广泛、理论上最健全的未来收益法,均没有考虑目标企业的内部控制对企业价值的影响。未来收益法的运用依赖于自由现金流量、收益期限、企业终值以及资本成本等预测指标的准确性,而企业内部控制是合理支持上述预测指标的基本假设,即这些预测指标受企业内部控制质量影响,而在评估过程中却往往忽略了这一重要影响因素。此外,在收购业务活动中,除了要考虑目标企业的估值外,收购方收购决策与执行等内部控制也是影响并购整体估值的因素之一。所以说内部控制影响企业并购价值的实现。
基于内部控制与企业价值的有关文献回顾,以及并购估值与内部控制关系的分析,本文通过对目标企业价值影响因素和并购整体价值评估的因素解析,提出内部控制理论在并购风险控制中的作用和运用,推论内部控制与战略并购价值之间的关系,即战略并购价值的实现和保障由收购方企业价值④和目标企业价值共同构成,而二者价值的实现依赖于内部控制体系的保障。
结合战略管理理论及内部控制理论,本文分析研究目标企业战略管理体系及其内控体系、收购方收购业务活动管理体系及其内控体系,构建战略并购价值实现的内部控制体系理论框架。首先,对目标企业的内控体系,通过战略制定、规划、业务单元、作业部门直至作业活动等五个层次业务流程和任务活动的整合,建立战略管理下的目标企业内部控制体系及其调查与评价方法;其次,对收购方收购业务活动,结合COSO-ERM定义的四类目标和风险管理八要素以及它们之间的关系,将其运用于战略收购流程,以收购业务各流程的执行主体和监督主体为立体维度,建立从收购战略决策(包括尽职调查)到收购业务执行(接管及整合)的收购业务内控体系及其调查与评价方法。
为检验本文所构建的战略并购内部控制保障体系的合理性,依据所述内部控制理论和相关管理理论,以及战略并购的内控体系调查与评价框架,本文通过调查问卷,采用回归分析方法进行实证研究,检验目标企业内部控制绩效与目标企业价值的相关性,得出目标企业内控绩效与目标企业价值之间具有显著正向相关性结论;检验收购业务内部控制绩效与收购方企业价值的相关性,得出收购业务内控绩效与收购方企业价值之间具有显著正向相关性结论。由此不仅从理论分析和实证研究检验了本论文的研究假设,即良好的内部控制为战略并购的价值实现提供保障,而且揭示了战略并购内部控制作用于并购价值的路径依赖及其要素之间的关系。
The paper started researching from the M&A valuation, hold that the excessive high bid is a reason for the failure of the M&A transaction. At the field of enterprise value valuation, various methods including NPV(Net Present Value) method-the most extensive used and most theoretically sound-are all not considering the impact of the target company's internal control on the enterprise value. The NPV method depends on the accuracy of many indicators including free cash flow, income period, the final value of enterprises, and the cost of capital and so on. And the basic assumption to supporting the above indicators is the internal control of the company, which means that these indicators are affected by the quality of enterprise internal control. However, this important factor is always ignored in the assessment process. In addition, in the acquisition activity, besides considering the value of target companies, the acquirer's internal control of the M&A decision-making and implementation will also influence the overall valuation of the mergers and acquisition. Therefore, internal control could seriously affect the value of M&A.
Based on the literature review of internal control and enterprise value, as well as analyzing the relation between M&A valuation and internal control, this paper studied influencing factors on the target enterprise value and the overall value of M&A. And then the paper proposed using internal control theory in M&A risk control method. After that the article deduced the relation between internal control and the value of strategic M&A, that is, the realization and guarantee of strategic M&A value are determined by the value of acquirer and the target, which while are both depended on their own effective internal control system.
Combined with strategic management theory and internal control theory, the article designed a theoretical framework of strategic M&A value realization and internal control system. First, this paper integrated five-level business process such as strategic, planning, business, value chain, and activates and designed an internal control system with its investigation and evaluation methods under strategic management frame. Second, the paper designed an internal control system with its investigation and evaluation methods of the whole M&A process based on the COSO-ERM framework, including its four objectives and eight components of risk management. The M&A internal control system was applied from decision-making (including due diligence) to implementation (take over and integration) of the whole strategic M&A process and every step was carried out by the related implementation and monitoring sector in the enterprise.
To verify whether the strategic M&A internal control is reasonable, based on internal control theory and relevant management theory, as well as strategic M&A internal control system survey and evaluation framework, the paper used empirical research via a questionnaire survey and regression analysis. The article tested the relation between the value and internal control of the target enterprise, and the conclusion turned out to be a significant positive correlation. The paper tested the relation between the value and internal control of the acquirer company, and the conclusion was also presented a significant positive correlation. So, the paper not only from the theoretical analysis and empirical research verified the hypothesis of the thesis, which an effective internal control system is able to protect the value of strategic M&A. Also, the paper clarified the relation and path-dependent of internal control's affect on strategic M&A Value.
引文
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