电力企业并购重组的市场绩效检验——以华能国际为例

A Test of Market Performance of M & A for Electric Power Enterprises—Taking HUANENG Power International as An Example

选取2007年到2014年华能国际的并购重组事件为样本,就其公告日前后区间的累计平均超常收益进行了实证分析。研究结论显示:电力企业并购重组在[-14,14]区间的市场绩效显著为负,在分区间[-10,1]和[1,10]有显著下降趋势,在公告日前后[-1,1]区间有显著上升趋势。电力企业并购重组并没有显著提升市场绩效。基于研究结论,针对如何提升电力企业并购重组效果,提出了相关政策建议。

This paper takes the mergers and acquisitions（ MA） issues of HUANENG Power International from 2007 to 2014 as research samples, and empirically analyzes the cumulative average abnormal returns before and after the announcement date. Research results show that： the market performance of electric power enterprises＇ MA is significantly negative in [- 14, 14], and is decreasing dramatically in [- 1,1] and [1, 10], and up significantly in [- 1, 1]. Electric power enterprises＇ MA does not significantly improve the market performance. Based on the research conclusion, this paper puts forward some relevant policy suggestions on how to improve the effectiveness of MA for electric power enterprises.