关联并购、支付方式与企业并购绩效

Related Party M&As,Payment Method and Performance of M&As

关联并购在我国上市公司并购活动中占主要地位,关联并购可能是关联交易的终结,但也有能成为大股东掏空上市公司的手段。在此背景下,本文通过多元回归分析探究了关联并购与并购绩效之间的关系,并在此基础上,引入支付方式,通过多元回归分析和分组检验,进一步探究了支付方式对关联并购与企业并购绩效之间的调节作用。实证结果显示,关联并购与并购绩效之间显著负相关,并购关联性与支付方式的交乘项与并购绩效显著负相关,说明支付方式对关联并购与并购绩效之间负相关关系具有加强的作用。

Merger and acquisition is an important activity for the development of enterprises and related party merger and acquisition is a distinct characteristic of China＇ capital market. This paper studied the relationship between related party merger and acquisition, payment method and merger and acquisition performance. The empirical study found that related party M＆As is negative related with M＆As performance, and the method of payment would strengthen the negative relationship between related party M＆As and M＆As performance.