资产剥离的财务绩效：理论与实证
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摘要
公司重组问题一直是国内外资本市场理论与实践的热点问题。20世纪80年代以来,资产剥离逐渐成为公司重组中的一种重要方式,在我国上市公司中也逐渐得到广泛运用。资产剥离产生的后果包括经济后果、战略后果、对组织与治理的影响等三个方面,经济后果又可分为对宏观经济、产业组织和企业等的影响三个层面。资产剥离对企业的影响,即资产剥离绩效,可以从两个方面衡量,一是资产剥离对公司股票价格的影响,称为资产剥离的股东财富效应或市场绩效,二是资产剥离对企业经营绩效的影响,称为资产剥离的财务绩效。论文以资产剥离的财务绩效为研究对象,运用相关理论分析资产剥离影响企业经营绩效的机理,利用因子分析法对我国上市公司资产剥离的绩效进行实证研究,并通过样本的分类研究探索影响我国上市公司资产剥离财务绩效的因素,旨在加深对资产剥离的认识,为企业的重组活动提供有益的启示和指导。
本文认为资产剥离是指企业将其拥有或控制的分部、子公司、生产线等整体性资产或持有的能够控制其他公司的股权出售给第三方,以获得现金、股票或其他报酬,并丧失对它们的控制权的一种企业经营行为。它是资产出售的一种方式,不包括分立、股权切离等形式,但并不是所有的资产出售都是资产剥离,只有整体性资产的出售或者能够控制其他公司的股权的出售才是资产剥离。资产剥离完成后,剥离方将失去这些资产的控制权。
本文对中美企业资产剥离的历史进行回顾总结,较为全面地总结了我国上市公司资产剥离的制度规范,阐述了常见的资产剥离分类。本文详细综述了国内外对资产剥离的市场绩效和财务绩效的研究成果。
本文用相关理论解释了资产剥离影响企业经营绩效的机理。过度多元化企业实施归核化的资产剥离,能够集中资源用以加强或重构核心业务,使公司主业清晰,提高企业核心能力。资产剥离能够处置产生负协同的资产,消除或减轻企业内部的负协同效应,同时资产剥离有利于企业获得外部协同效应。一体化经营企业通过非一体化的资产剥离可以和相应的企业建立企业网络,充分利用企业网络的优势。资产剥离能够缓解企业的委托代理问题,提高管理人员的管理效率。
本文在分析企业系统的特征和结构的基础上,指出企业系统的总熵变包括内部熵变和外部熵流两部分,两者都是既有正熵也有负熵,密不可分。本文指出剥离熵流是指企业实施资产剥离而从外部引入的熵流以及企业由资产剥离引起的内部组织结构、生产过程等发生变化而产生的熵变之和。资产剥离能够引起企业内部的负熵变并从外界输入负熵流,从而有效降低企业自身的总熵值,并通过剥离熵的作用过程解释了资产剥离影响企业经营业绩的机理。
本文利用因子分析法实证检验了我国上市公司资产剥离的财务绩效。本文选取2000-2004年205起我国上市公司的资产剥离事件为样本,根据一定的标准选取9个财务指标构成综合评价指标体系,利用因子分析方法对我国上市公司资产剥离前两年到剥离后三年共六年的企业经营业绩进行分析,探讨资产剥离能否改善我国上市公司的经营绩效。实证结果表明我国上市公司实施资产剥离后,在短期内经营绩效没有得到明显改善,但是经过一段时间的调整和整合以后,经营绩效得到显著改善。
本文通过分类研究探讨了我国上市公司资产剥离长期财务绩效的影响因素。论文在总体样本检验结果的基础上,根据样本特征进行分类研究,结果表明:资产剥离发生的年度、流通股比例等对资产剥离的财务绩效有显著的影响;国有股比例、交易规模、是否属于关联交易、被剥离资产与主营业务是否具有相关性等影响资产剥离的短期财务绩效,但对资产剥离的长期财务绩效没有显著的影响;股权集中度对上市公司资产剥离的财务绩效没有显著影响。
本文分析了我国股权分置问题产生的背景及股权分置改革的过程,指出在股权分置改革完成后,我国上市公司的资产剥离将呈现出战略性资产剥离成为主旋律、支付方式多样化、作为反收购的剥离将增多、管理层收购增加、在绩效的实证研究中事件研究法得到更多的应用等特点。
最后,对全文的研究进行总结,根据研究结果,指出我国企业要重视资产剥离,在经营过程中应适时地实施资产剥离,同时要做好资产剥离后的整合工作。
The corporate restructuring has always been the hot issue in the theory and practice of domestic and international capital markets. Divestiture gradually became an important method of corporate restructuring since the 1980s, and has gradually been widely used in Chinese listed companies. The consequences of divestiture include economic consequences, strategic consequences, and the impact of organization and management. Moreover, the economic consequences can be divided into three dimensions, which are the effect on macroeconomy, the effect on industrial organizations and the effect on enterprises. The effect of divestiture on enterprises, that is, the performance of divestiture, can be measured in two ways. One is the impact of divestiture on the company's stock price, which can be called the shareholder wealth effect or market performance of divestiture, and the other is the impact of divestiture on the performance of company, that is, the financial performance of divesitute.The paper took the financial performance of divesitute as research object, and analysed the mechanism of the impact of divestiture on the performance of corporation based on relevant theories.The paper also used factor analysis to make an empirical research on the effects of the divesture of Chinese listed companies on their performances, and explored the factors which have impact on the financial performance of the divestiture of Chinese listed companies by classification research. The aim is to deepen the understanding of divestiture and provide useful inspiration and guidance for the restructuring activities for enterprises.
This article holds that the divestiture can be seen as a kind of operation behaviors that an enterprise sells its integral assets such as its owned or controlled divisions, subsidiaries and production lines or stock which can control other enterprises to the third party, and receive cash, stock or other remuneration, and then lose their control rights. It is a way of asset sales, excluding Spin-offs, equity carve-outs etc. Not all of the assets sales are divestiture, only the sale of integral assets or the stock which can control other companies can be seen as divestiture. The divesting enterprises lose the control rights of these assets when the divestiture is completed.
The paper reviewed the divestiture histories of China and America, and sumed comprehensively up the Chinese regulations of listed company divestiture and presented common classification of divestiture. This paper reviewed in detail the research results about the market performance and financial performance of divestiture.
This article explained the mechanism of the influence of divestiture on the corporate performance using relative theories.The excessive diversified corporate implements refocusing divestiture can focus resources to strengthen or reconstruct its core business, clarify its main business, and improve core competencies. Divestiture can dispose of the assets leading to negative synergies to eliminate or mitigate the internal negative synergies, and divestitute helps to acquire external synergies. The integrated operation enterprise can construct network with other relevant enterprises by divestiture which is vertical disintegration to make full use of the advantages of the enterprise network. In addition, the divestiture can ease the principal-agent problem and improve the management efficiency of management staff.
Based on the analysis of the characteristics and structure of enterprise system, This paper pointed out that the total entropy change of enterprise system includes internal entropy change and external entropy flow, and both have positive and negative entropy which are inseparable. This paper presented that divestiture entropy flow can be seen as the sum of external entropy flow inputed by divvestiute and internal entropy change cuased by the change of such as organizational structure, production process etc. The divestiture can initializes the internal negative entropy change and input external negative entropy flow, as a reslut, the total enterprise entropy is effectively reduced.The paper explained the mechanism of financial performance of divestiture by the action process of entropy.
This paper studied the financial performance of the divestiture of Chinese listed companies using the factor analysis method. This paper selected 205 samples from the divestiture events of Chinese listed companies in 2000-2004, and selected 9 financial indexes to constructe comprehensivel index system according to a certain standard, and used factor analysis method to make a analysis of the change of the operation performace former two years and after three years to investigate whether the divestitue improve the performace of listed companies or not.The results showed that the operation performace does not obviously improve in short time after divestitue, but significantly improve after a period of adjustment and integration.
This paper discusseed the influencing factors of the financial performance of divestiture of Chinese listed companies by classification research. Based on the empirical analysis of total samples, the paper carrried out classification research according to the characteristics of samples, and the research found that the year of divestiture occurrence and the proportion of tradable shares have significant impact on the financial performance of divesitute. The proportion of state-owned shares, the relative size of transactions, whether related party transactions or not, whether the divested assets related to the main business or not efftect the short-term financial performance of divesitute, but does not efftect the long-term financial performance.The ownership concentration have no significant impact on financial performance of divestiture.
This paper analyzed the emergence background of split share structure and the process of split share structure reform and pointed out that after the completation of split share structure reform the divestiture of Chinese listed companies will present some characteristics as followed, strategic divestiture becoming the main theme, the diversification of means of payment, divestiture as anti-takeover increasing, management buyouts increasing and event study method being used more in empirical research of divestiture performance.
At last, the paper pointed out that Chinese enterprise should pay attention to divestiture, choose appropriate time to implement divestiture and do well the integration after divestiture.
本文认为资产剥离是指企业将其拥有或控制的分部、子公司、生产线等整体性资产或持有的能够控制其他公司的股权出售给第三方,以获得现金、股票或其他报酬,并丧失对它们的控制权的一种企业经营行为。它是资产出售的一种方式,不包括分立、股权切离等形式,但并不是所有的资产出售都是资产剥离,只有整体性资产的出售或者能够控制其他公司的股权的出售才是资产剥离。资产剥离完成后,剥离方将失去这些资产的控制权。
本文对中美企业资产剥离的历史进行回顾总结,较为全面地总结了我国上市公司资产剥离的制度规范,阐述了常见的资产剥离分类。本文详细综述了国内外对资产剥离的市场绩效和财务绩效的研究成果。
本文用相关理论解释了资产剥离影响企业经营绩效的机理。过度多元化企业实施归核化的资产剥离,能够集中资源用以加强或重构核心业务,使公司主业清晰,提高企业核心能力。资产剥离能够处置产生负协同的资产,消除或减轻企业内部的负协同效应,同时资产剥离有利于企业获得外部协同效应。一体化经营企业通过非一体化的资产剥离可以和相应的企业建立企业网络,充分利用企业网络的优势。资产剥离能够缓解企业的委托代理问题,提高管理人员的管理效率。
本文在分析企业系统的特征和结构的基础上,指出企业系统的总熵变包括内部熵变和外部熵流两部分,两者都是既有正熵也有负熵,密不可分。本文指出剥离熵流是指企业实施资产剥离而从外部引入的熵流以及企业由资产剥离引起的内部组织结构、生产过程等发生变化而产生的熵变之和。资产剥离能够引起企业内部的负熵变并从外界输入负熵流,从而有效降低企业自身的总熵值,并通过剥离熵的作用过程解释了资产剥离影响企业经营业绩的机理。
本文利用因子分析法实证检验了我国上市公司资产剥离的财务绩效。本文选取2000-2004年205起我国上市公司的资产剥离事件为样本,根据一定的标准选取9个财务指标构成综合评价指标体系,利用因子分析方法对我国上市公司资产剥离前两年到剥离后三年共六年的企业经营业绩进行分析,探讨资产剥离能否改善我国上市公司的经营绩效。实证结果表明我国上市公司实施资产剥离后,在短期内经营绩效没有得到明显改善,但是经过一段时间的调整和整合以后,经营绩效得到显著改善。
本文通过分类研究探讨了我国上市公司资产剥离长期财务绩效的影响因素。论文在总体样本检验结果的基础上,根据样本特征进行分类研究,结果表明:资产剥离发生的年度、流通股比例等对资产剥离的财务绩效有显著的影响;国有股比例、交易规模、是否属于关联交易、被剥离资产与主营业务是否具有相关性等影响资产剥离的短期财务绩效,但对资产剥离的长期财务绩效没有显著的影响;股权集中度对上市公司资产剥离的财务绩效没有显著影响。
本文分析了我国股权分置问题产生的背景及股权分置改革的过程,指出在股权分置改革完成后,我国上市公司的资产剥离将呈现出战略性资产剥离成为主旋律、支付方式多样化、作为反收购的剥离将增多、管理层收购增加、在绩效的实证研究中事件研究法得到更多的应用等特点。
最后,对全文的研究进行总结,根据研究结果,指出我国企业要重视资产剥离,在经营过程中应适时地实施资产剥离,同时要做好资产剥离后的整合工作。
The corporate restructuring has always been the hot issue in the theory and practice of domestic and international capital markets. Divestiture gradually became an important method of corporate restructuring since the 1980s, and has gradually been widely used in Chinese listed companies. The consequences of divestiture include economic consequences, strategic consequences, and the impact of organization and management. Moreover, the economic consequences can be divided into three dimensions, which are the effect on macroeconomy, the effect on industrial organizations and the effect on enterprises. The effect of divestiture on enterprises, that is, the performance of divestiture, can be measured in two ways. One is the impact of divestiture on the company's stock price, which can be called the shareholder wealth effect or market performance of divestiture, and the other is the impact of divestiture on the performance of company, that is, the financial performance of divesitute.The paper took the financial performance of divesitute as research object, and analysed the mechanism of the impact of divestiture on the performance of corporation based on relevant theories.The paper also used factor analysis to make an empirical research on the effects of the divesture of Chinese listed companies on their performances, and explored the factors which have impact on the financial performance of the divestiture of Chinese listed companies by classification research. The aim is to deepen the understanding of divestiture and provide useful inspiration and guidance for the restructuring activities for enterprises.
This article holds that the divestiture can be seen as a kind of operation behaviors that an enterprise sells its integral assets such as its owned or controlled divisions, subsidiaries and production lines or stock which can control other enterprises to the third party, and receive cash, stock or other remuneration, and then lose their control rights. It is a way of asset sales, excluding Spin-offs, equity carve-outs etc. Not all of the assets sales are divestiture, only the sale of integral assets or the stock which can control other companies can be seen as divestiture. The divesting enterprises lose the control rights of these assets when the divestiture is completed.
The paper reviewed the divestiture histories of China and America, and sumed comprehensively up the Chinese regulations of listed company divestiture and presented common classification of divestiture. This paper reviewed in detail the research results about the market performance and financial performance of divestiture.
This article explained the mechanism of the influence of divestiture on the corporate performance using relative theories.The excessive diversified corporate implements refocusing divestiture can focus resources to strengthen or reconstruct its core business, clarify its main business, and improve core competencies. Divestiture can dispose of the assets leading to negative synergies to eliminate or mitigate the internal negative synergies, and divestitute helps to acquire external synergies. The integrated operation enterprise can construct network with other relevant enterprises by divestiture which is vertical disintegration to make full use of the advantages of the enterprise network. In addition, the divestiture can ease the principal-agent problem and improve the management efficiency of management staff.
Based on the analysis of the characteristics and structure of enterprise system, This paper pointed out that the total entropy change of enterprise system includes internal entropy change and external entropy flow, and both have positive and negative entropy which are inseparable. This paper presented that divestiture entropy flow can be seen as the sum of external entropy flow inputed by divvestiute and internal entropy change cuased by the change of such as organizational structure, production process etc. The divestiture can initializes the internal negative entropy change and input external negative entropy flow, as a reslut, the total enterprise entropy is effectively reduced.The paper explained the mechanism of financial performance of divestiture by the action process of entropy.
This paper studied the financial performance of the divestiture of Chinese listed companies using the factor analysis method. This paper selected 205 samples from the divestiture events of Chinese listed companies in 2000-2004, and selected 9 financial indexes to constructe comprehensivel index system according to a certain standard, and used factor analysis method to make a analysis of the change of the operation performace former two years and after three years to investigate whether the divestitue improve the performace of listed companies or not.The results showed that the operation performace does not obviously improve in short time after divestitue, but significantly improve after a period of adjustment and integration.
This paper discusseed the influencing factors of the financial performance of divestiture of Chinese listed companies by classification research. Based on the empirical analysis of total samples, the paper carrried out classification research according to the characteristics of samples, and the research found that the year of divestiture occurrence and the proportion of tradable shares have significant impact on the financial performance of divesitute. The proportion of state-owned shares, the relative size of transactions, whether related party transactions or not, whether the divested assets related to the main business or not efftect the short-term financial performance of divesitute, but does not efftect the long-term financial performance.The ownership concentration have no significant impact on financial performance of divestiture.
This paper analyzed the emergence background of split share structure and the process of split share structure reform and pointed out that after the completation of split share structure reform the divestiture of Chinese listed companies will present some characteristics as followed, strategic divestiture becoming the main theme, the diversification of means of payment, divestiture as anti-takeover increasing, management buyouts increasing and event study method being used more in empirical research of divestiture performance.
At last, the paper pointed out that Chinese enterprise should pay attention to divestiture, choose appropriate time to implement divestiture and do well the integration after divestiture.
引文
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