金融类上市公司并购绩效的实证研究

An Empirical Study on the Performance of M&A of Publicly Listed Companies in the Financial Sector

本文以2004～2007年的25起金融类上市公司的并购事件为样本,将并购划分为关联交易、具有主要控制权的非关联交易、不具有主要控制权的非关联交易三类,分别考察中国金融类上市公司的兼并收购行为。研究发现:具有主要控制权的并购对于提高上市公司的经营绩效发挥了重要作用,对金融上市公司盈利能力的提高产生了正面影响;不具有主要控制权的并购对于金融上市公司的经营绩效的影响相对不大;关联交易类并购有可能使得金融上市公司对于其关联公司承担了过多的职责,偏离了公司价值最大化目标,因此造成这类金融类上市公司并购后经营绩效的不稳定。

This paper chooses 25 M＆A events from 2004 to 2007 launched by publicly listed companies in the financial sector as the sample, and classifies the events into related party transactions, non-related party transactions with control power and non-related party transactions without control power. With the sample, the paper investigates the M＆A behaviors of Chinese publicly listed companies in the financial sector. The results reveal that non-related party transactions with control power can significantly improve listed companies＇ performance, especially their profitability; the influence of non-related party transactions without control power is not significant; related party transactions make listed companies assume too many responsibilities, which deviates from the objective to maximize the value of companies and lead to the instability of those companies＇ performance.