上市公司重大资产重组的业绩改善研究

An Empirical Study on Performance of Momentous Restructuring of Listed Companies

近年来,我国上市公司的重大资产重组事件频频发生。本文考察了2001年进行重大资产重组的71家上市公司,分析其重组前后的业绩变化。重大资产重组后企业盈利能力指标得到了显著改善,现金流管理、财务稳健性和经营能力指标的提高不显著。公司重组后第2年的业绩改善要高于重组后的2年平均业绩改善,表明我国上市公司的重组是实质性重组而非报表性重组。

Momentous Asset Restructuring (MAR) has been a focal point in China since 1990's. We made an empirical study on MAR's performance. When comparing with the average performance of their industry peers, these MAR firms achieved significant revenue-based profitability improvements. However, their cash flow-based profitability, debt payment ability and operational management ability appear no significant improvement after MAR transactions. Firms will do better in improving their post-MAR performance with the attributes which are as follows: non-affiliated MAR transactions, single MAR transactions, MAR transactions with 1st share holder change, MAR transactions by non state-owned companies, MAR transactions with core business change, MAR transactions without relevant equity transference, Momentous Asset Cut transactions, MAR transactions by Non ST/PT firms.