并购重组与民营经济绩效的实证研究——以江浙沪民营上市企业为例

Merger and Reorganization to Improve Performance of Private Economy:An Empirical Study Based on the Data of Listed Companies of Jiangsu,Zhejiang and Shanghai

本文以特定区域、特定类型企业为研究重点,通过构建理论模型探讨了民营企业并购重组前后的绩效。以2001-2007以来在沪深A股市场发生并购重组的125家江浙沪地区民营上市公司为样本,采用因子分析、Wilcox-on秩检验和多元线性回归分析研究民营企业重组前后绩效变化状况。实证结果表明:民营上市企业重组在重组当年绩效便显著下降,持续性明显不足;同时交易类型、交易双方关联性、第一大股东持股比例、股权制衡度等影响因素均与重组绩效直接相关。最后本文提出了通过并购重组改善江浙沪地区民营企业综合绩效的相关措施。

In this paper, with a focus on specific types of businesses in a particular region, the performance was dis-cussed before and after asset restructuring by building a theoretical model of private enterprise. The reorganization of as-sets 125 Intra Regional private listed companies are taken as samples in Shanghai and Shenzhen A - share market since 2001 -2007, using factor analysis, Wilcoxon rank test and multiple linear regression, to analyse the changes in private enterprise performance status before and after reorganization. The empirical results show that： Listed Private perform-ance of restructuring corporate will be decreased significantly in the year of reorganization, sustainability is obviously in- adequate ; on the same time, impact factors of transaction types, transaction sides relevance, ratio of the largest share-holders, equity balance degree are directly associated with the reorganization of performance. Finally, related measures improving the Intra Regional Comprehensive performance are proposed.