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有人讲了这样一个故事:从前有人选择一片水草丰美、空气洁净的地方建立鹿场,圈养了一群活蹦乱眺的麋鹿,他以为它们能够毫无问题地生存繁衍下去,但不久这群麋鹿却精神萎顿,病态显然,然后相继死去。他请来了环境学、动物学和医学等方面的专家查找原因,却毫无结果。他接着又放了好几批麋鹿进去,都是同样结局。在别无选择的情况下,他听取一位异人的建议,在放入麋鹿的同时,又放了几只恶狼进入鹿场。一段时间后,奇迹发生了。他看见了一群群健壮的麋鹿在狼的追逐下轻灵腾跃的场面。这个鹿场从此进入了良性循环, 讲故事者进而以这个故事喻解上市公司与企业并购行为的关系。上市公司如麋鹿,持有并购意图并可能采取并购行为的机构和单位好比是狼。麋鹿若无狼的追逐就会失去奔跑的动力,终会因缺乏运动而失去食欲,失去抵御疾病的能力而准以生存下去,这样一来,再丰美的水草,再优质的殖养环境却是无用。同样,若无并购行为的存在,上市公司就会失去坚执企业目标函数和效益成本原则,失去强烈追求利润目标,勉力提高经营业绩的动力。但上市公司同麋鹿不一样的是,由于在不甚健全的经济社会中,企业实体部分及其金融资本结构与企业的价值及股票价格无关,所以尽管业绩低下,它们照样以一年一度配股的方式圈钱,照样能够存在?
Someone told such a story: Once someone chose a place with rich plants and clean air to build a deer farm and housed a group of lively elk, he thought that they could survive and prosper without problems, but soon the group of elk did The spirit was quiescent and the symptoms were obvious. Then they died one after another. He invited experts in environmental studies, zoology and medicine to find out the reasons, but there was no result. He then released several groups of elk into the same ending. With no other choice, he listened to a stranger’s suggestion. At the same time as the deer, he put a few wolves into the deer field. After some time, a miracle happened. He saw a group of strong elk buoyed under the wolf’s chase. This deer field has since entered a virtuous cycle. The storyteller further uses this story to explain the relationship between the listed company and the company’s merger and acquisition behavior. For listed companies such as Elk, institutions and units that hold mergers and acquisitions intentions and may adopt mergers and acquisitions are like wolves. If no elk is chased, the moose will lose their motivation to run. They will eventually lose their appetite due to lack of exercise. They will lose their ability to fight diseases and survive. This way, the lush plants and the environment for high-quality reproduction are useless. Similarly, if there is no M&A activity, the listed company will lose the principle of firm firm objective function and benefit cost, and lose the motivation to pursue the profit goal and improve the business performance. However, the listed company is different from the deer in that, because in a relatively inefficient economic society, the corporate entity part and its financial capital structure are not related to the value of the company and the stock price, even though the performance is low, they still allocate shares every year. Way to circulate money, can still exist?