并购绩效与信息不对称——基于中国上市公司的实证研究

M&A Performance and Information Asymmetry: Empirical Analysis Based on Chinese Listed Companies

中文关键词:  并购绩效  信息不对称  支付方式  市场时机理论

英文关键词:M&A performance  information asymmetry  mode of payment  Market Timing Theory

中文摘要:

      文章选取2007—2014年中国A股上市公司的并购事件作为研究样本,以公司股价异质波动率度量并购公司内部人与外部投资者之间信息不对称的程度,分析信息不对称对并购方获得并购绩效的影响。研究发现:并购公司的并购绩效显著大于零,相对现金支付的并购,支付股票的并购绩效较大,并购目标规模也较大；信息不对称与并购公司的并购绩效存在负相关；信息不对称对现金支付和股票支付并购绩效的影响均显著为负,且现金支付下并购绩效的负面影响显著低于股票支付。实证结果并不支持 “市场时机理论”,投资者不会以支付方式来判断并购的“好”与“坏”。文章还揭示了中国证券市场、发起并购的上市公司以及投资者有别于西方发达经济的特点,中国证券市场存在着较为严重的信息不对称。

英文摘要:

      This paper selects Chinese A-share listed companies‘ M&A data in the years from 2007 to 2014 as samples, measures the extent of information asymmetry with idiosyncratic volatility of company stock prices, and studies the influence of information asymmetry over M&A performance. The research finds that the mean value of M&A performance of acquirers is significantly positive; compared with M&A with cash payment, the M&A with stock payment is bigger in performance and scale; there exists a negative correlation between information asymmetry and M&A performance; information asymmetry has a significant different influence on the performance of M&A with cash payment and with stock payment; the extent of information asymmetry has a negative impact on M&A with stock payment, and less significant negative impact on M&A with cash payment. The empirical conclusion does not support the “Market Timing Theory” and the investors do not judge whether M&A is “good” or “bad” by mode of payment. At the same time, it reveals the unique characteristics of China‘s securities market, listed companies making acquisitions and investors, all of which are different from those in Western advanced economies, and proves that there exists severe information asymmetry on China‘s securities market.