上市公司跨行业并购新兴产业的动因及经济后果研究

Since 2013,China's capital market start the inter-industry M&A climax. The main body of inter-industry M&A mostly belongs to traditional industry, and most of the target companies are in the hottest emerging markets of the capital market. Contrary to the previous literature, this kind of inter-industry M&A that lack synergistic effect are usually able to get the market sought after. Based on the theory of investor’s limited attention and management opportunistic behavior, this topic will systematically and deeply examine the logic behind the abnormal phenomenon of inter-industry M&A climax. Specifically, we use all listed companies’ M&A events announced in 2010-2016 as our sample, and empirically test the effects of inter-industry M&A on stock price trends, fund managers and seller's analysts, as well as major shareholders’ reduction, differences of performance, capital expenditure and R & D expenditure before and after inter-industry M&A within different types of companies. This topic reveals how the listed companies to carry out market value management and its economic consequences from the micro level, and enrich the theory of diversified operations and investors’ limited attention. What’s more, it also provides a meaningful revelation for regulators to strengthen the capital market infrastructure construction.

2013年以来，我国资本市场掀起了一股跨行业并购的潮流。跨行业并购的主体往往为传统行业，而目标公司较多资本市场炙手可热新兴行业。与以往文献相悖的是，这种缺乏协同效应的跨行业并购却往往能够得到市场的追捧。本课题依据投资者有限关注和管理层机会主义行为的理论，将系统和深入的考察这一看似“反常”的跨行业并购现象背后的逻辑。具体而言，本课题以2010-2016年间公告的所有上市公司并购事件的样本，实证考察跨行业并购新兴产业对公司股价变动趋势，基金经理买入，卖方分析师跟踪等的影响，以及不同类型的公司进行跨行业并购的动因以及并购后的经营行为和长期绩效。本课题从微观层面揭示了上市公司如何进行市值管理及其经济后果，在丰富多元化经营、投资者有限关注等理论的同时，也为监管层加强资本市场基础制度建设提供有意义的启示。

课题组发表第一标注为本项目的学术论文8篇，包括国际顶尖会计学、管理学期刊论文2篇，《管理世界》等国内权威期刊6篇。企业并购作为优化资源配置、提高经济效率的重要手段，对资本市场和经济发展具有重要意义。2013年以来，中国上市公司跨行业并购数量激增。跨行业并购的主体往往处于增长略显疲态的传统行业，而目标公司多属于资本市场炙手可热的新兴行业。本课题分别从“制度环境与跨行业并购新兴产业”、“跨行业并购新兴产业后并购绩效的影响因素”等角度对此问题进行了探讨，并拓展研究了“制度环境与企业财务行为”等内容，有助于加深对中国市场公司并购动因及经济后果的理解与认识，对公司并购的有关文献做出了有益补充，也为监管部门加强资本市场基础制度建设提供了有意义的启示。