上市公司高管激励与并购绩效的实证分析

An Empirical Analysis on the Executive Incentive and Performance of M&A

并购是企业优化资源配置、快速扩张的重要手段,同时也是提高自身核心竞争力、取得可持续发展竞争优势的重大战略决策之一。本文以2009—2010年发生并购事件的647家上市公司为样本,以样本公司并购前一年、并购当年、并购后第一年和并购后第二年为研究区间,运用因子分析法将原始的财务指标提取公共因子,计算并购前后四年的绩效得分,对并购后长短期的绩效进行了分析,然后从高管激励的角度分析了其对并购绩效的影响。

Merger and acquisition is an important means of rapid expansion for enterprises. It can improve their core competitiveness and achieve sustainable competitive advantage in the development of their major strategic decisions. This paper employs 647 corporations from the listed companies in China which have implemented M＆A transactions from 2009 to 2010. Then we use factor analysis method to extract common factors from the original financial indicators and calculate performance scores before and after four years. We analyzed the merger performance after the long and short term, and then showed how the executive incentive affect its merger performance.