Reevaluación de la distribución de sinergias en fusiones y adquisiciones:
Evidencia del mercado Coreano a partir de retornos anormales monetarios
DOI:
https://doi.org/10.51359/2594-8040.2026.270106Palabras clave:
fusiones, adquisiciones, sinergiasResumen
Este estudio cuestiona la "visión convencional" en la literatura de Fusiones y Adquisiciones (F&A), la cual sugiere que los accionistas de las empresas objetivo capturan la mayor parte del valor creado, mientras que los adquirentes solo alcanzan el punto de equilibrio. Analizando F&A domésticas en Corea entre 2009 y 2020, esta investigación evidencia que dicha percepción es un subproducto del uso de retornos anormales porcentuales en lugar de valores monetarios. Se utiliza un estudio de eventos estándar para estimar los retornos anormales. Los hallazgos preliminares mediante retornos porcentuales se alinean con la visión convencional: los retornos de las empresas objetivo son estadísticamente positivos, mientras que los de las adquirentes no difieren de cero. Sin embargo, al convertir estos valores a wones según la capitalización de mercado, ocurre una marcada reversión. Mediante una "metodología de la fracción" en transacciones emparejadas, los resultados demuestran que los adquirentes capturan, en realidad, aproximadamente el 80% de las sinergias totales, superando a las empresas objetivo en una proporción de 4 a 1. Esto ilustra que las métricas porcentuales son estructuralmente inadecuadas para capturar la distribución monetaria debido al tamaño relativo de los adquirentes. Al ofrecer un marco más eficiente en datos, esta investigación exige reevaluar las motivaciones de las F&A, cuestionando la "hipótesis de la arrogancia". Los resultados perfilan un nuevo paradigma para comprender la distribución de la riqueza en los mercados financieros globales.
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