上市公司关联并购的绩效与风险的实证研究

An Empirical Analysis on Related Transaction of M&A Performance and Risks for Chinese Listed Companies

本文分析了关联并购产生的原因和表现形式 ,结合绩效和风险评价对 2 0 0 0年上市公司的关联并购情况进行了分析 ,结合相关特征对研究结果进行解释。实证表明 :上市公司并购绩效就总体来讲正效应明显 ,但这种效应主要来自于关联并购 ,市场化的非关联并购的效应却不明显或者有负面作用。

Since about 50% M&As are related transactions, research on this issue is quite necessary. The article analyzes the reasons and types for related transaction and reviews literatures on this topic. It studies performance and risk for those M&A activities which had related transactions in 2000 and explains this results from the point of characters of related companies. It shows that positive performance of M&A comes largely from related transactions while non-related ones have negative influence. Related transactions took place mainly in the stated-owned companies. Horizontal M&A and non-cash payment are the primary means for the related transaction, this may result that related-transaction M&As have better performance and lower risk than non-related ones.