上市公司股权制衡与并购绩效——基于夏普利(Shapley)指数与粗糙集的实证研究

Stock Ownership Check- and- balance and M&A Performance in Chinese Listed Companies——Empirical Research Based on Shapley Value and Rough Set

本文利用1998～2009年中国上市公司的数据,以夏普利(Shapley)指数构建公司股权制衡指标,运用粗糙集理论分析了中国上市公司中股权制衡与并购绩效的关系。并购绩效是并购决策的最终体现,公司的并购决策会因为大股东之间的相互制衡而发生变化,进而影响并购后的公司绩效。因此,在评估上市公司的并购绩效时,应该对公司的股权制衡情况给予重点关注。在分析股权制衡与并购绩效的关系时,综合应用粗糙集法与回归分析法,能够得到一个更加稳健和全面的结论,即股权制衡是影响并购绩效的重要正面因素。

Using the data of Chinese listed companies from 1998 to 2009, this article measured the stock ownership check - and - balance on the basis of Shapley value and then applied rough set theory to analyze the relationship of stock ownership check - and - balance and M＆A performance. The empirical result indicates that the stock ownership check - and - balance has a significant effect on the M＆A performance. Owning to the reflection of M＆A performance on M＆A de- cision, it means that M＆A decision will vary according to the check - and - balance relationships among big shareholders of listed companies, in which situation the M＆A performance is affected. Therefore, the stock ownership check - and - balance should be paid great attention while evaluating the M＆A performance of listed companies. We also found that the integrated application of rough set method and regression analysis method can- reach a more robust and comprehensive con- clusion that the stock ownership check - and - balance is a crucial positive influence factor to M＆A performance.