中国上市公司并购长期绩效研究

Research on the Acquisitions Performance of Listed Companies in China

从2000~2004年发生于我国证券市场的208起上市公司并购情况来看,收购公司在并购后1~3年实现显著负的超常收益,即收购方发生了价值损失,遭受了显著的财富损失。同时,国有控股公司的并购绩效好于非国有公司,同城并购表现好于异域并购,多元化并购绩效差于同业并购,优势控股公司表现差于非优势控股公司。此外,与资产收购相比,股权收购的长期绩效表现更好。

This paper,which takes 208 cases of listed companies＇ acquisitions during the years of 2000-2004 in China＇s stock market as samples,researches the sample acquiring companies＇ long-term capital market performance after their acquisitions.The results generally show that the shareholders of acquiring companies have suffered significant wealth loss in one to three years after the acquisition.Meanwhile,the acquisitions performance of state-holding companies are better than non-state-holding companies;local acquisitions perform better than inter-provincial ones;the acquisitions in the same industrial sector is better than that of diversifying acquisitions;the companies having no largest shareholders whose voting power is higher than 25% are better than those having this kind of largest shareholders;furthermore,compared with assets acquisitions,the performance of equity acquisitions is better in the long run.