中国上市公司并购绩效EVA回报率评价

M & A Evaluation of Chinese Listed Companies-Based on EVA Return Rate

市场经济的发展带动了中国企业的并购热潮。本文运用修正了的EVA指标对1998年至2000年发生并购行为的213家上市公司进行了实证分析,通过跟踪其并购前到并购后三年为股东创造价值的能力的变化,发现中国上市公司在进行并购后往往绩效下滑,使其股东遭受到财富的损失。

The development of the economy and market brought about mergers and acquisitions boom of China＇s enterprises. In this paper, I choose 213 listed companies, which had M＆A action from 1998 to 2000, and use adjusted EVA indicator to do empirical analysis. By tracking their ability to create value for shareholders from three years before M＆A to 3 years after M＆A, I concluded that Chinese listed companies＇ performance tend to decline after M＆A, making its shareholders suffer wealth losses.