对企业并购动机和企业盈利能力的创新性水平研究

Innovative Research on Enterprise Motive of Acquisiton and Merger and Corporate Profitability

近年来,随着并购事件的规模与数量的增长,并购,创新与企业绩效的关系越来越被人们关注。文章基于2011—2012年制造业上市公司的并购事件,将企业并购分为支持性并购,掏空性并购和其他并购,分类依据为企业并购前的盈利能力和并购后是否增发股票。并通过实证研究证明支持性并购对于企业的盈利能力提升有显著的正向影响,其他并购对于企业盈利能力的提升有负向影响,而掏空性并购对于企业能力的提升没有显著影响,并且企业的创新能力会弱化支持性并购和盈利能力的提升。

In recent years,with the increase of the scale and quantity- of M ＆ A events, the relationship between M ＆ A,in- novation and business performance has drawn more and more attention. Based on the M ＆ A events of manufacturing listed companies in 2011--2012, the paper divides M ＆ A into propping,tunneling and others through the ROE before M ＆ A and whether to public offerings. Empirical research showed that propping mergers and acquisitions have a significant positive im- pact on the profitability- of enterprises ,while other mergers and acquisitions have a negative impact on the profitability, but tunneling acquisitions have no significant effect on the capabilities. The innovation weakened the relationship between prop- ping acquisitions and profitability improvements.