转型期中国企业收购的长期绩效

Merger and Acquisition's Long-term Performance of the Listed Firms in Transition China

本文首次计算并检验了357家1998～2002年发生重大收购活动的中国上市企业在收购后0～5年的经济增加值率(包括经过行业调整的经济增加值率)变动。研究发现,与该时期内中国上市企业经济增加值率的普遍下降相比,发生收购活动上市企业的经济增加值率(经过行业调整)有所提高,研究结论倾向于支持1990年代后期以来中国上市企业的收购活动能够改善企业长期绩效的观点。而同时期中国上市企业净资产收益率和每股收益等传统会计指标的快速提高,却与面向股东价值最大化的经济增加值率的变动方向有所背离。

This paper is an empirical study of the long-term performance of 357 listed companies which have taken largescale merger and acquisition activities during 1998- 2002. By calculating and testing these companies＇ zero-to-five-year EVA index after their merger and acquisition activities, this paper shows that the merger and acquisition activities are useful to improve the listed companies＇ long-term performance in transition China from the end of 1990s. However, the rapid increase of ROE and EPS is somewhat contradictory to the change of EVA that maximizes shareholders＇ value.