中国上市公司并购绩效的实证研究

An Empirical Analysis of M&A of Chinese Listed Companies

以沪深股市2004年发生并购的公司为样本,采用事件研究法和财务数据法,从宏观和微观两个层次,对不同类型并购事件的绩效进行实证分析.结果表明,并购事件从整体上得到了市场的认同,上市公司并购后经营业绩有一定的提升,但提升缺乏长期性;市场对资产置换类和股权转让类并购有着最高的认同度,而对收购兼并类和资产剥离类并购认同度较低.因此企业在并购之前应进行充分论证,在并购类型的选择上,应首先考虑资产置换类和股权转让类并购方式.

Choosing the listed companies involving M＆A in 2004 as samples and introducing case study and financial data method, an empirical analysis is made both microscopically and macroscopically for the performances of different M＆A events. A conclusion is drawn that, as a whole, the M＆A had been accepted on market and improved companies＇ performance to a certain degree. However, the improvement hadn＇t been fully confirmed yet when taking a long-term view. On the market the M＆A in form of assets replacement and equity transfer was highly confirmed, while merging another company wholly through direct purchase and corporate divestiture were lowly confirmed comparatively. Therefore, companies should make sufficient demonstration before M＆A and take assets replacement and equity transfer into first consideration to acquire better M＆A effects.