中国上市公司海外并购绩效分析

China listed company overseas acquits ion performance analysis

本文利用2005～2009年间进行海外并购的210家中国上市公司的数据,检验了我国上市公司进行海外并购前后绩效的变化情况。利用会计指标法研究公司并购后的长期绩效发现,并购后整体样本绩效出现了不显著的先降后升的情况。另外,对港澳台资企业的并购比对单纯的外国企业的并购更容易取得成功。结合企业面临的现实条件,中国企业对待海外并购应抱审慎的态度,先易后难,以提高成功率。

This study,using a sample of 210 Chinese listed companies＇ data,which take cross-border MA between 2005-2009,examines the performance change of the acquiring firms from post-merger period to pre-merger period.Using accounting indicators analysis to analyse the long term performance of the companies,we find that the overall samples＇ performances have suggested an insignificantly decrease.Additionally,the study suggests that it would be easier for Chinese companies to merge with enterprises in Hong Kong and Taiwan than with pure overseas companies.In conclusion,depending on their practical circumstances,Chinese companies have to be very cautious with every step in acquiring overseas companies,starting from the easiest one,in order to improve success rate.