企业并购的短期财富效应与绩效增长——政府主导的友谊股份吸收合并百联股份的案例研究

Short-term Wealth Effect and Performance Increase of Mergers and Acquisitions: A Case Study on Shares of Shanghai Friendship Group Inc. Merged Shanghai Bailian Group Co.

由政府主导的企业并购是实现了价值创造,还是给股东造成了财富损失,目前尚无研究提供经验结论的证据。以友谊股份换股吸收合并百联股份为例,研究政府主导型企业并购的短期财富效应与绩效增长,其结果表明,本次并购为主并公司和目标企业的股东都创造了正的财富效应,友谊股份在并购后的财务状况得到改善,盈利能力有所增强;同时,由上海市国资委推动的此次优势资产并购整合得到了市场投资者的肯定,为股东创造了正的财富效应,也使之实现了短期财务绩效的增长。

This thesis applies the event study method and accounting method to investigate the case that Shares of Shanghai Friendship Group Inc. merged Shanghai Bailian Group Co. This M&A created positive short-term wealth effect on both the amalgamated company and the target company. The financial situation and profitability of Shares of Shanghai Friendship Group Inc. has been improved. This thesis shows that market investors has affirmed Shanghai SASAC promoted the integration of advantage assets to realize the 'Four Center Goal'. For shareholders,M&A has created the positive wealth effect and the short-term financial performance has been increased.