资本市场有效性与企业并购绩效研究方法选择——基于中国上市公司的实证分析

On the Effectiveness of the Capital Markets and M & A Performance Study Methods:Evidence from Chinese Listed Companies

对上市公司并购绩效研究结论的不一致源于研究方法的不同,研究方法的有效性则依赖于资本市场有效性。采用事件研究法和会计研究法综合分析上市公司并购绩效并对不同研究方法和分析指标所得结果进行比较后发现:并购能给并购企业股东带来超额收益、提升企业价值,但盈余指标提升不明显,研究方法不同导致研究结果迥异;我国资本市场是不完全的半强式有效,研究并购绩效事件研究法局部适用,盈余指标不适用;对于总体并购事件以及不同类型并购,事件研究法和会计研究法中的自由现金流与EVA指标分析结果一致,事件研究法可以被使用;对于是否关联交易的并购绩效研究结论则相反,市场存在"关联交易恐惧",事件研究法不适用。

The inconsistency in findings in M & A performance of listed companies is mainly due to the different research methods.The effectiveness of the method depends on the effectiveness of the capital market.This paper uses event study and accounting research method to analyze the M & A performance in listed companies and compare the results obtained through various research methods and indicators.The results show that: acquisitions give excess returns to shareholders and increase the corporate value,but the increase of surplus indicators is not obvious,and the different methods lead to different results;Chinese capital market cannot fully meet the semi-strong form efficiency yet,and the event study is partly applicable and the surplus indicators are not applicable;as for the overall M & A events,as well as different types of mergers and acquisitions,when the results of event study comply with those of free cash flow and EVA index analysis in accounting research method,the event study methodology can be used;as for related transactions,since there is a 'fear of related transactions',the event study method is not applicable.