外资并购我国农业类上市公司绩效研究——来自张裕A的经验证据

Foreigners’ Acquirement of Listed Agricultural Companies and Their Performance: Some Evidence from “Zhangyu A”

本文综合运用事件研究法和EVA法对外资并购我国农业类上市公司中金额最大、影响最广、模式最新的事件———外资并购张裕A的绩效进行了多视角的评价。本研究显示,外资并购不仅为张裕A的流通股股东带来了31.87%的累积超常收益,而且有力地提升了其全体股东的价值,其经营业绩指标明显改善,在被外资并购当年、并购后第一年,张裕A的经济增加值、经济增加值增量、资本回报率以及经济增加值回报率均呈递增态势。在此基础上,文章提出了我国农业利用外资政策调整的整体框架与思路。

Zhangyu A was one of the most influential events among the listed agricultural companies in China, which was annexed by foreign capital. The economic results were evaluated with EVA and other methods. It is shown that accumulated extra proceeds were 31.87 percent, and other business indicators were improved significantly. New ways to attract foreign capital and policy adjustments are suggested