中国上市企业并购短期绩效研究——基于并购双方的行业相似性

Study on the Short-term Performance of Listed Chinese Enterprises' M&A——Based on the Industrial Similarity between the Two Parties of M&A

本文以2003-2013年中国企业并购交易为样本,采用事件研究法评估并购方超额收益。得到:国企采用现金支付、进行不同行业的并购可以获得正超额收益,民企采用股权等其它支付方式、进行完全相同行业(或不同行业)的并购可获得显著收益。从行业分布来看,化学、石油加工及塑料制造业行业的国企进行完全相同行业并购会损害企业绩效。医药制造业及交通运输仓储业的国企进行完全不同行业的并购可以获得显著超额收益。此外,我们还发现并购双方的行业相似性与并购成功率成正比,与并购方短期绩效无关。

This paper takes the M&A transaction of Chinese enterprises from 2003 to 2013 as an example and evaluates the extra returns of the two parties of M&A by using event study method. We get the following results: the state-owned enterprises can get extra positive returns by conducting the M&A of the same or different industries paid by cash and the private enterprises can get significant returns by conducting M&A of the same or different industries paid by equity. Seen from the industrial distribution,the M&A of same industries conducted by the state-owned enterprises in chemical,oil processing and plastic manufacturing industry can damage the performance of enterprises and the M&A of different industries conducted by the state-owned enterprises in the medicine manufacturing,traffic,transportation and warehousing industry can get significant extra returns. In addition,we also find that the industrial similarity of the two parties of M&A is in direct proportion with M&A's success rate and has no relationship with the short-term performance of the two parties of M&A.