股权结构对上市公司并购重组绩效影响的研究——按关联与非关联交易分类

The Empirical Research of the Listed Company Performance with Two Different Types of M&A Influenced by the Ownership Structure

并购重组类型分为关联交易与非关联交易,利用2009—2013年沪深两市主板A股制造业发生并购重组的200家上市公司的非平衡面板数据,研究检验了股权结构对这两种不同并购重组类型的绩效影响。结果表明,在非关联交易中第一大股东的持股比例与并购重组短期绩效呈正相关,与并购重组长期绩效呈负相关,在非关联交易中,股权制衡度与短期并购重组绩效呈正相关与长期绩效呈负相关,在关联与非关联交易中,上市公司的控制人属性与并购重组绩效无相关关系。

M＆A can be divided into two different types, one is related-transaction and another is non-affiliated transaction. For the two different types of M＆A, the paper analyzes the impact of the company＇s ownership structure on firm performance based on panel data of 200 manufacturing listed companies from 2009 to 2013 in China. It shows that, in non-affiliated transaction affairs, the majority shareholder ratio of the company is significantly positively correlated with the short-term company performance, while the majority shareholder ratio of the company is significantly negative correlated with the long-term compa- ny performance. In non-affiliated transaction affairs, the equity restriction ratio of the company is significantly positively correlated with the short-term company performance, while the equity restriction ratio of the company is significantly negative correlated with the long-term company performance. In both types of M＆A, the attribute of the actual controller of the company is significantly uncorrelated with the company performance.