外资并购我国上市公司中期绩效的实证分析

Empirical Analysis on the Medium-term Performance of Foreign Capital M&A Chinese Listed Companies

基于2001年至2004年外资并购我国上市公司的数据,设计中期绩效指标,实证分析外资并购我国上市公司对上市公司中期绩效的影响和外资并购行为对上市公司中期绩效的影响。结果表明外资并购对上市公司中期绩效没有影响;第一大股东持股比例对上市公司中期价值有显著的负作用;外资控股对公司中期价值有负的影响,对中期效益有显著负的影响;2003年后外资并购的上市公司,其中期价值不如2003年之前,其中期效益也显著不如2003年之前。

Based on the data of Listed companies which were merged by the foreign capital, this paper designs the indexes of the medium-term performance, and empirically analyses the effects on the medium-term performance of foreign-capital M＆A listed companies and the effects on the performance of the companies of foreign-capital M＆A behaviors. The result indicates that foreign-capital M＆A can not affect the medium-term performance of Listed companies; the share held by the primacy shareholder has marked negative effects on medium-term value of the companies; foreign companies which was becoming the primacy shareholder would negatively affect the medium-term value and benefit of the foreign-capital M＆A listed companies; Moreover, the medium-term value and benefit of companies merged by foreign capital after 2003 are worse than the companies merged before 2003.