主并公司实现并购绩效了吗?

The acquiring company realize M&A performance?

本文以2012年沪深两市A股上市公司并购案例为研究对象,采用事件研究法和会计研究法,探讨并购对主并公司绩效的影响,形成以下研究结论:首先,主并公司在(-10,10)事件窗口内获得了1.3194%的超额收益,并购提高了公司短期绩效。通过观察CAAR值的变化趋势,发现CAAR在T=-4时就开始了明显的上升,CAAR在T=0时达到一个峰值,随后4天内逐步下降,到T=5时,又继续上涨。上述变化,表明我国股票市场存在重大信息提前泄露的情况,股市出现了提前反应,当并购消息宣告后,股票市场出现了"反向修正现象"。其次,将2011--2014年分别设为T(-1),T(0),T(1),T(2),无论是以ROE、EPS还是EVA来衡量长期绩效,T(0)-T(-1),T(1)-T(-1),T(2)-T(-1),T(1)-T(0),T(2)-T(0),T(2)-T(1)等六种不同期限的变量T检验都显著为负,表明并购降低了公司长期绩效。这说明在我国经济新常态和特殊制度背景下,并购没有发挥出优化资源配置、形成规模经济的作用。

The study object of this paper is the MA of the listed companies of A-share market of Shanghai and Shenzhen. Using the Event-study and Accounting-study to analyze the MA performance, following results are found. First, the acquiring company received extra 1.3194% profit in the T（-10,10）event window and improved the short-term MA performance. Following the changing trend of CAAR, we discovered that CAAR started to increase at T=-4. It will reach the peak when T=0 and after that it started to drop in the following four days. When T=5, it began to rise again. According to these changes, problem of information leakage in the domestic stock market has been exposed. This triggers the advanced reaction in the market. So when the MA is launched, reverse revision is inevitable. Moreover, when settle 2011-2014 into T（-1）,T（0）,T（1）,T（2） respectively, no matter EVA is measured by ROE or EPS, T（0）-T（-1）, T（1）-T（-1）, T（2）-T（-1）, T（1）-T（0）, T（2）-T（0）, T（2）-T（1） turn out to be negative. This indicated that the MA lowered the Long-term MA performance. All in all, under the＂new normal＂domestic economic system, the MA has less effect on optimizing allocation of resources and building scale economy.