【作者】 王艳；

【导师】 谢获宝；

【作者基本信息】 武汉大学 ， 会计学， 2013， 博士

【摘要】 近年来,股权并购已成为企业并购的主要类型。股权并购基本保持在1000宗/年的水平,交易金额1800亿元/年。怎样认识如此大规模的股权并购,是资本运作游戏还是真正创造绩效?如果创造绩效,影响因素是什么?在并购事件中,收购方和目标公司博弈什么?怎样博弈?企业文化差异是否影响并购绩效?这些问题,在以往的研究中,并未做出系统的回答,从文化角度研究并购的文献还不多见。而且,企业存在盲目扩张并购的现象,而忽视了文化差异度的审查和文化的整合。这些问题,都需要系统的进一步研究。基于上述问题,本文将股权并购从笼统和繁杂的并购中分离出来,并系统分析“控股比”等股权并购的专属性交易特征及其对并购绩效的影响,从构建股权并购基础理论的角度,探讨如何重新认识并购的性质,影响因素和机理,成本效益博弈,为实务界、监管部门提供理论指导和决策借鉴。本研究具有较为重要的理论意义,通过构建并检验股权并购绩效的“二因素理论模型(TFTCD)",揭示了交易特征和文化差异度是影响并购绩效的两个主要因素。提出FSV三层次企业文化理论,其中财务指标层次文化是战略层次文化和价值观层次文化的载体和表现,战略层次文化是伴随企业扩张等战略实施而产生的文化扩张和丰富,使企业呈现多元化文化格局,价值观层次文化是企业的最核心文化,是对多元化企业文化的治理,并树立统一的整体价值观。本研究对实务界也具有较为重要的指导、借鉴价值。上市公司应强化文化审查,在事前选择合适的目标公司。监管部门应定量评价并购实质和动机,通过识别和控制诚信度、创新度等并购中的文化差异风险,减少证券市场的系统性风险,提高资本市场的有效性。本文根据上述思路展开,提出理论模型假设并进行验证。全文分为七章进行：第一章,导论。主要对论文进行简要介绍,包括研究对象的界定,研究动机,研究的理论和实践意义,研究的主要内容和研究框架,研究的创新。第二章,文献综述。通过对并购绩效理论、并购交易特征和文化特征及二者对并购绩效影响的文献综述,回顾现有的主要研究,提出尚待研究的空间。第三章,理论基础。阐述了信息经济学理论、委托代理理论、交易成本理论、企业文化理论和并购动机理论,形成本文基础理论框架。第四章,股权并购绩效“二因素理论模型”。以代理理论、FSV企业文化理论和经济学交易成本理论为基础,通过博弈论和利润最大化模型推导,构建“股权并购交易特征、文化差异度与并购绩效二因素理论模型(TFTCD)",形成了并购“事前因素”文化差异度影响并购后长期账面绩效,并购“事中因素”交易特征基于对长期账面绩效的预期,在股票市场上直接影响并购短期市场绩效,控股比等交易特征通过修正文化差异度的影响,如加大控制权提高并购整合效率和效果,形成“事中因素”与“事前因素”交互影响并购后长期账面绩效的理论机理。在博弈论和利润最大化推导过程中,发现股权并购博弈是围绕支付对价展开的,且对市场超额报酬的预期是支付对价的函数。第五章,临床研究法。基于金融行业被剔除于定量研究之外这一情况,将金融行业中的“平安并购深发展”做为案例,检验“二因素理论模型”。第六章,实证研究。以2008-2010年发生的1824个股权并购事件为样本,运用t检验、事件研究法、会计研究法检验交易特征、文化差异度与并购绩效(CAR和ROE)的相关性,并对并购绩效与交易特征、文化差异度进行多元回归分析,检验“二因素理论模型”。实证研究法和临床研究法形成了普适性与个性化相结合的研究方法体系。第七章,研究结论与政策建议。总结全文的主要研究结论,从重新认识并购本质的角度,提出加强并购事前文化差异度审查等政策建议,并指出本文研究的局限性和今后研究的方向。本文的主要结论可以概括如下：(1)股权并购是公司战略的重要组成部分。完整的并购绩效包括短期市场绩效、长期市场绩效和长期账面绩效。绩效的评价指标应该围绕企业的战略目标而展开。(2)股权并购的交易特征、文化差异度是影响企业并购绩效的主要两个因素。交易特征、文化差异度相互和共同影响并购绩效。交易特征方面,主要有股权特征(控股股东持股比例)、支付对价与方式、并购双方规模比等三个因子。文化差异度因素主要包括战略资源互补因子和价值观因子。战略资源互补因子包括同属性、同一控制性、行业相关性、企业性质等四个亚因子。价值观因子包括文化强度差异、创新度差异和诚信度差异等三个亚因子。(3)文化差异度和交易特征影响并购绩效的方式和路径是不同的。文化差异度是“事前因素”,通过并购后内部交易成本发生效应,深远地影响着并购的长期账面绩效。交易特征是“事中因素”,基于对长期账面绩效的预期,成为刺激资本市场反映的最主要因素,影响短期市场绩效；同时,交易特征也可以修正文化差异度对企业长期账面绩效的影响,通过加大控制权提高并购整合的效率和效果,形成事前和事中因素共同影响企业并购后的长期账面绩效的影响路径。(4)相关性检验和实证分析都发现,信誉优良的企业,其股权并购绩效优于信誉一般或较差的企业。论文的创新主要有三点：(1)提出并证明了股权并购绩效的“二因素理论模型(TFTCD)"。我们以代理理论、FSV企业文化理论和经济学交易成本理论为基础,运用成本效益的理念,构建了股权并购的利润函数,通过事前、事中和事后三阶段博弈,推导搭建股权并购绩效的“二因素理论模型(TFTCD)"。该模型揭示,影响股权并购绩效的主要因素,除了交易特征外,还有文化差异度,这是以往的研究较少关注的。为验证该理论模型,我们做了案例分析和实证检验,分析结果验证了我们的二因素模型,从而可以为利益相关者提供新决策理论模型。(2)提出FSV企业文化三层次理论,将企业文化分为三个层次,并论证了三者之间的关系。我们在马斯洛需求层次论的基础上,将文化分为财务指标层次(Financial level),战略层次(Stragety level),价值观层次(Value level)。其中财务指标层次文化为企业的表层文化,战略层次文化伴随战略目标实现而成长和丰富,使企业呈现多元化文化格局,价值观层次文化为企业的最核心文化,通过对多元化企业文化的治理,树立统一的整体价值观。基于并购双方文化差异度视角,重点研究企业的核心文化,即战略层次和价值观层次文化。(3)从战略的高度认识并购的性质并进行案例分析。我们认为,并购不仅仅是一项资本运作,它更是一项战略行动。以中国平安并购深发展为例,可以很好地说明这一点,从战略的角度研究发现,实际上该项并购不是从2009年开始的,而是从2003年就开始规划布局、逐步实施,最终达到平安银行上市,整合银行业优质资源,实现公司战略目标的过程。更多还原

【Abstract】 In recent years, equity mergers have become the main type of mergers. The transactions of equity mergers have been keeping a steady level of1000merging cases per year, and180billion per year. How should we look at such large-scale equity mergers? Are they the games of capital operations or really creation of profits? If they can create profits, what are the determining factors? In merging cases, what games are the purchasing side and the target enterprise playing? How to play the game? Do cultural differences influence the performance of mergers? In present studies, these problems have not been answered systematically. There are not many literatures from the perspective of cultural differences. What’s more, there are phenomena of blind merging expansions among many enterprises and negligence of investigation of cultural differences and integration of different cultures. All of these questions should be further studied in a systematical manner.Aiming at these questions, the author will separate equity mergers from the complicated miscellaneous mergers, analyze stock-holding ratio and other inclusive characteristics and their influences on merging performance, probe into problems like how to reinterpret the nature of mergers, determining factors, mechanism, cost-profit gaming from the perspective of constructing the basic theories of equity merging, and therefore provide some theoretical guidances decision-making references for the enterprises and related supervising authorities. This study is of considerable significance, for it constructs and testifies the TFTCD model for equity mergers and reveals that transaction characteristics and cultural differences are the two main factors determining merging performance, and it puts forward the FSV three-level enterprise culture theory, among which the strategic level of culture and values regulating level of culture constitutes the nuclear culture of an enterprise. This study is of considerable guidances and references for the merging practice. Listed companies should pay attention to cultural investigation and choose the suitable target company in advance. Supervising authorities should make quantitative evaluation of merging qualities and motives, and reduce the system risk on the stock market and increase the efficiency of the capital market through recognizing and controlling credibility, creativity and other cultural differences in merging cases.This thesis unfolds on the basis of the above ideas, puts forward the assumption of the theoretical models and testify them. The thesis is divided into seven chapters. Chapter one is about introductions. In this chapter, the author introduces the thesis briefly, including the defining of the research objects, research motives, theoretical and practical significances, main contents of the thesis, and originality of the thesis. Chapter two is about literature review. The author deals with the literatures about theories of merging performance, transaction characteristics and cultural characteristics and their influences on merging performance, provide an overview of present researches, and points out the space for further research. Chapter three is about the theoretical framework, and this thesis is mainly based on agency theory, FSV enterprise culture theory, and and economic theory of transaction costs. In chapter four, the author deduces and constructs TFTCD model of "transaction characteristics and cultural differences determining merging performance", on the basis of game theory and profit-optimizing model and forms the theoretical mechanism that cultural differences influence the accounting performance and transaction characteristics influence the market performance, and the prior factor and the concurrent factor interact with each other and influence the accounting performance of merging. In the deducing process of game theory and profit optimizing, the author discovers that the game of equity mergers revolves around paying prices and the expectation for super-normal market performance is the function of paying prices. Chapter five is about clinical research method. Basing on the fact that financial industry is excluded from quantitive research. The author studies the merging case"China Pingan merges Shenzhen Development Bank" and testifies the TFTCD model. Chapter six is about empirical studies. By case studying "China Pingan merges Shenzhen Development Bank", and sampling the1824merging cases between2008and2010, the author tests the influencing ways of the two factors in TFTCD and forms the research system of combining the universality and individuality in chapter six. Chapter seven is about research conclusions and policy suggestions. In this chapter, from the perspective of renewing the understanding of the essence of merging, the author puts forward some policy suggestions about strengthening cultural investigations before merging. The author also points out the limits of this research and the space for further research.The main conclusions of the thesis can be summarized as follow. One, equity mergers can be an essential part of enterprise strategy. The overall performance of equity mergers include not only short-term market performance, long-term market performance, but also long-term accounting performance. The evaluation of merging performance should be focused on the strategic objectives of an enterprise. Two, the transaction characteristics and cultural differences of equity mergers are the main two factors determining the performance of enterprise mergers. Transaction characteristics mainly include equity characteristics(stock-holding shares of the leading stock-holders), paying prices and ways of paying, and scale ratio of the acquirer and target company. Cultural differences mainly include complementation of strategic resources and values administration. Complementation of strategic resources consists of four sub-factors, namely, same ascription, same control, industry relevance, and enterprise nature. Values administration consists of cultural intensity, difference of creativity, and difference of credibility. Three, Cultural differences and transaction characteristics influence the performance of mergers in different ways. Cultural differences are the prior-the-event factor, which exerts its influence through internal transaction cost after the merger and influences the performance of merger in the long run. Transaction characteristics are the during-the-event factor, which are the most important factor to stimulate the reactions of the capital market. At the same time, transaction characteristics can also amend the influence of cultural differences on the accounting performance. The prior-the-event factor and the during-the-event factor influence the accounting performance of after the merging. Four, correlation testing and empirical analysis both find out that the enterprises with a good reputation achieve a better performance in equity mergers than those with an ordinary or a worse reputation.The originality of the thesis lies in three aspects. One, the author puts forward and tests the two-factor theoretical model(TFTCD) for the performance of equity mergers. Basing on agency theory, FSV culture theory, and transaction cost theory, the author applies the notion of cost and profit, constructs the profit function of equity mergers, goes through the gaming of the prior-the-event stage, the during-the-event stage and the after-the-event stage, and deduces and establishes the TFTCD model. This model reveals that the main factors determining the performance of equity mergers include not only the transaction characteristics, but also cultural differences, which is rarely involved in previous studies. To test this theoretical model, the author does case studies and empirical testing. The analysis testifies the TFTCD model, and provides a new decision-making model for the interested parties. Two, the thesis puts forward the FSV enterprise culture system, and divides the enterprise culture into three levels, and substantiates the relations among them. According to Maslow’s hierarchy of needs, the author divides culture into Financial Level, Strategy Level and the Value Level. Financial Level of enterprise culture is the superficial culture and the culture of the Strategy Level and the Value Level are the nuclear culture of the enterprise. The author puts emphasis on the nuclear culture from the perspective of cultural differences. Three, the author analyzes the nature of merging from the strategic level and does case studies. Equity mergers are not only capital operation, but also strategic moves. Take "China Pingan merging Shenzhen Development Bank" for an instance,. From the perspective of strategy, the author points out that the merger was not started in2009. The author analyzes and reveals that "China Pingan merging Shenzhen Development Bank" is actually a succession of plotting events, which eventually led to Pingan Bank’s being listed, the integrating of the quality resources in the banking industry, the finishing of its strategic layout, and the fulfilling of its strategy.更多还原