作　　者： ;

机构地区： 暨南大学

出　　处： 《南开管理评论》 2005年第2期 96-99,共4页

摘　　要： 在我国国有企业资产重组中,招标定价是关键问题,而上市公司的国有股或法人股出售这种并购行为可能会带来较显著的剩余收益,其并购定价中存在着溢价效应;尤其是流动性资产数量较大的公司,其招标定价将远远高于每股净资产,此种现象被称为'流动性溢价效应'.本文以佛山照明1997-2002年财务数据为研究样本分析研究了这种流动性溢价现象的存在性,在此基础上构建了较完整的线性并购定价模型.研究结果表明:国有股或法人股整体出让的合理定价不能仅仅以市价、净资产、市盈率等财务指标为评价标准,还应考虑正常收益、资产流动性、公司规模及流通股比例等多种因素. In China, the pricing for bid is a key factor in state-owned- enterprises’ Mergers and Acquisitions (M&A). M&A may bring about considerable amount of residual returns in the selling of state- owned-stocks or law-agent-owned-stocks. So there exists stronger Premium-Effects in the pricing of M&A, especially for the listed companies with more current assets, whose bidding price in M&A is much higher than NAPS(Net Asset per Stock), which is known as 'Liquidity-Premium-Effect'. A much more perfect Linear-Pricing- Model for M&A will be built in this paper on basis of the analysis on the existence of Liquidity-Premium-Effect, and take Foushan Zha- oming in 1997-2002 as a sample. The main result shows that for the pricing of entirely selling state-owned-stocks and law-agent-owned- stocks, the factors such as constant-earnings, asset-liquidity, scale, and liquid-stock-ratio(LSRATIO) should be included as well as the static financial index such as market-price, net-asset, P/E(price versus earnings).

关 键 词： 流动性溢价 佛山照明 上市公司并购 效应分析 企业资产重组 溢价效应 流动性资产 每股净资产 2002年 资产流动性 流通股比例 关键问题 剩余收益 并购行为 样本分析 财务数据 定价模型 合理定价 研究结果 评价标准 财务指标

分 类 号： [F832.51 F832.5]

领　　域： [] []