中国上市公司并购长期价值效应分析

The Analysis of the Long-Term Fortune Effect of the Chinese Listed Company’s Merger and Acquisition

运用DEA模型度量公司并购前后4年的绩效,通过分析并购前后公司绩效指数θ*变化情况,论证公司并购活动对公司价值提升的影响。结果表明,在中国,并购对公司绩效具有较强的提升作用。尤其是最近几年,并购的业绩提升作用具有加强的趋势。

DEA method was used in this paper to measure the performance of Chinese listed companies of the consequent four years before and after their merger and acquisition. These M＆A events that happened in Shanghai and Senzheng securities markets between 1998 and 2003 were used in this research, and the companies＇ very performance index θ^＊ was calculated. The effect of M＆A to the companies＇ performance was analyzed through the change of their θ^＊ in the four years mentioned. The result of research shows that these M＆A have positive effect for companies＇ performance and this effect was strengthened in recent years.