Do acquiring firms achieve their mergers and acquisitions objectives? Evidence from Japan
Do acquiring firms achieve their mergers and acquisitions objectives? Evidence from Japan
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DOI：
10.1111/acfi.12909
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发表时间：
2022-01-17
影响因子：
2.6
通讯作者：
Amano, Yoshiaki
中科院分区：
文献类型：
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作者：
Amano, Yoshiaki
本研究评估了收购公司是否实现了新闻稿和财务报表中提出的并购目标。它通过分析日本公司之间进行的232起并购的样本，审查了向投资者披露并购目标的有用性。研究结果表明，披露的并购目标的盈利能力，效率和增长通常不会实现。研究结果还表明，在财务报表中描述并购目标会导致更高的短期股票收益，而股票市场会根据公司的长期实际业绩调整公司的估值。
This study assessed whether acquiring firms achieve the objectives of mergers and acquisitions (M&A) that are presented in their press releases and financial statements. It examined the usefulness of disclosing the M&A objectives to investors by analysing a sample of 232 M&A conducted between Japanese firms. The findings show that disclosed M&A objectives regarding profitability, efficiency, and growth are not usually realised. The results also show that describing M&A objectives in financial statements leads to higher short-term stock returns while the stock market adjusts the valuation of firms based on their actual performance in the long run.