中国上市公司并购绩效实证研究综述

Review on the Empirical Study of the Amalgamation Achievements of Chinese Listed Companies

对中国上市公司并购绩效的实证研究文献进行梳理,概括其研究现状,并指出研究的不足及进一步研究的方向。研究发现,国内的研究基本上沿着并购的市场反应检验和并购的公司经营业绩影响检验两条主线展开;两种方法的研究结论都反映出中国公司并购的短期效应、非市场化、非实质性重组等本质特征;涉及股权变化、市场化程度、时间等因素的并购绩效研究是中国目前研究的不足和可以进一步研究的方向。

The paper gives a literature review on the empirical studies of the amalgamation of Chinese listed companies about the status quo of its research, points out the limitations and future prospects in the research. The research finds out that the researches in China depend on two main ways： market reaction test of amalgamation and the influence of corporate business achievement test of amalgamation. The results of the two research methods show the essence characteristics of the amalgamation of Chinese enterprises including short - term effect, non - marketalization, and non- substantiality recombination. Limitations and future prospects of such researches in China exist in the factors including the change of stock rights, the extent of marketalization, and time.