企业性质、多元化内部市场与并购绩效

Type of Enterprise,Diversification Internal Market and Performance of M & As

本文以2003年至2007年所有A股上市公司的并购事件为样本,实证分析了我国不同类型企业多元化并购的市场反应。结果发现:我国民营企业多元化并购存在溢价现象,市场反应显著优于相关并购(累计超额收益率高出2.4);我国国有企业(地方国企和中央国企)多元化并购不存在溢价现象,市场反应与相关并购没有显著差异;我国民营企业相对于国有企业更易实施多元化并购。这些研究结果支持多元化的内部市场理论。

This paper studies the market performance of diversification M&As when different types of enterprise act as acquiring firms with the data of all the M&A events from 2003-2007 in Shenzhen and Shanghai stock market.The results show that higher CAR(2.4%)is acquired if private enterprises carry out diversification M&As rather than related M&As while the difference for state-owned enterprises(including central state-owned enterprises and local state-owned enterprises) is not significant;Private enterprises have more motivation to implement diversification M&As.Our research supports theory of diversification internal markets.