中国上市公司并购绩效的实证研究

An Empirical Study on the China's Listed Companies Merging Performance

市场总体上对并购事件产生了积极的反应,在并购日后几天,出现了超额收益;并购当年和第一年业绩好转,得到了短期改善,但是随着时间的推移,仅仅在并购后的第二年就有了下滑的趋势。在四种并购类型的样本分析中,可以看出购买股权和母公司改造类上市公司的业绩改善明显,而无偿划拨类上市公司无明显变化,再次说明政府控制决策的影响是短期的,不能真正提高市场的有效机制。

The paper carries out an empirical study using case study method and financial indicators evaluation method on the performance of listed companies in China. The paper draws the following conclusions： the M ＆ A （Merger and acquisition） market as a whole responses positively to the merging, with a surplus income in M ＆ A a few days later; there is a short-term improvement of the M ＆ A in the merging year and the successive year, but as time passes by, in the second year after the merger there is a downward turn; in the sample analysis on the four types of merge and acquisitions, we can see that the performance in the parent company and the category of listed companies has seen significant improvement, and the free transfer listed companies has not seen significant change. This again shows the impact of the government control of the decision - making in the short term, but can not really raise the effective market mechanism.