民营上市公司并购效果实证分析

Empirical Study on Mergers of Private Listed Companies

本文以2000～2004年的面板数据为基础,使用固定效应模型研究了255起民营上市公司并购的效果。结果表明:民营上市公司并购的经济效益较好,表现在并购后1～3年内公司财务绩效持续提高,公司规模、主营收入的持续增长和成本控制能力增强,实证结果支持效率假说,而不支持委托代理假说、狂妄假说和支持与掏空假说;社会效益方面,除增加就业外,民营上市公司并购的社会效益较差,表现在员工工资和员工福利在并购后下降,所得税在企业收入、利润水平上升的情况下反而有所下降。

The paper is an empirical study of 255 M＆A relating to private listed companies based on 2000-2004 panel data. The study shows that M＆A brings about good corporate earnings, growth in corporate size and revenue from core business as well as improved cost control. The empirical results support efficiency hypothesis, but not agency hypothesis, hubris hypothesis and tunneling or propping hypothesis. In terms of social effect, the merger creates more jobs, but results in deterioration in workers payment and welfare and coprorat income tax in contrast to rising corporate earnings and profits .