稳增长背景下并购支付方式与并购绩效研究

Study on M & A Payment Method and Performance under Steady Growth

为研究稳增长背景下并购支付方式对并购绩效的影响,以2010—2012年沪、深A股上市公司并购事件为研究样本,采用财务指标法评价不同支付方式的长期绩效。研究表明,不同类型支付方式的并购绩效表现存在显著差异。采用现金支付时,长期绩效在并购发生后持续下降,第3年开始有所改善且变化显著;采用股票支付时,长期绩效在并购当年显著增加,随后则出现明显下降。进一步研究发现,与现金支付方式相比,资本结构是股票支付方式下并购绩效改善的主要影响因素。

For studying M A payment method and performance under steady growth,it uses financial index to evaluate long-term performance under different payment method by taking M A examples of Shanghai and Shenzhen A-share listed companies as researched object.The study found that there was obvious difference for M A performance with different payment methods.For cash payment,long-term performance continuously declines after M A,in the third year,it was improved and greatly changed;for stock payment,long-term performance increased greatly in the same year of M A,followed with dramatic decline.Further study showed that capital structure is the main influence factor that improved M A performance under stock payment compared with cash payment.