我国上市公司并购绩效的实证研究——基于EVA模型

An Empirical Study on M & A Performance of Listed Companies in China:Based on the EVA Model

选取沪深上市公司2005年发生的37起并购案作为研究样本,利用会计数据,分别计算2004—2009年各个并购公司的EVA值并分析其变化趋势,发现大多数并购公司在并购后两年内经营绩效没有得到提升,反而损害了股东的利益,并购三年后,有些公司的绩效才有所改善。研究还发现:国有控股并购减少了股东财富,且国有控股并购对EVA的影响最为复杂,但横向并购增加了股东财富。

The paper sdects the 37 listed companies＇ M＆A cases from the Shanghai and Shenzhen stock market in 2005 and calculates the each company＇s EVA and its variety trends from 2004 to 2009. We find that most M＆A companies didn＇t improve their performance but reduced the wealth of shareholders within two years after M＆A instead. And some companies im- proved their performance after three years. More studies show that vertical M＆A added EVA while state-owned companies reduced EVA in M＆As, and it is uncertain of EVA in the related M＆As.