基于不同并购主体的我国上市公司并购绩效的实证研究

An Empirical Analysis on the Performances of Mergers and Acquisitions of Listed Companies Based on Different Subjects

文章基于国有控股及私有控股两种不同的并购主体,使用2009年沪、深两市发生并购事件的上市公司作为样本进行主成分分析,将发生并购事件的上市公司并购前后的绩效按照指标体系进行评分,利用Wilcoxon秩和检验,对并购前后的绩效变化进行实证分析。结果发现,国有控股上市公司并购绩效呈现先升后降的趋势,私有控股上市公司并购绩效呈现总体上升的趋势。

Based on the state-owned and private-owned M＆A subjects, this paper takes the companies which take M＆A measures in two stock markets as examples and then makes an analysis. Meanwhile, the performances of the listed companies before and after their having M＆A are graded as well through the index system. Also, an empirical analysis of the changes before and after those companies＇ launching M＆A is given through Wilcoxon rank test. And all the findings show that, the M＆A performances of the state-owned listed companies rose first and fell later. The performance of private-owned listing corporation M＆A shows an overall upward trend.