上市公司资产重组财务绩效研究——来自京津冀上市公司的经验数据

Financial Performance Research on Assets Reorganization of Listed Company——Based on the Empirical Data of Listed Companies at District of Beijing-Tianjin-Hebei

伴随证券市场的繁荣,上市公司的兼并收购等各类活动也日趋活跃,但各个公司资产重组的效果各不相同。为研究上市公司资产重组财务绩效变化,在回顾相关国内、外研究状况的基础上,以2012年京津冀地区资产重组上市公司A股为研究对象,以2011-2015年财务数据为样本,采用主成分分析方法,测算企业综合财务绩效,并针对样本分类按综合财务绩效均值分别做描述性统计,采用Wicloxon符号检验及配对t检验,分别研究整体样本、不同重组类型样本短期与长期财务绩效的变化,并对其结果重组后财务绩效进行评价。

With the prosperity of security market,various activities such as mergers and acquisitions of listed companies are also increasingly active,but the effect of asset restructuring is different.In order to study the changes in the financial performance on the assets reorganization of the listed companies,on the basis of reviewing the relevant domestic and foreign research situation,taking A shares of the capital restructuring listed company of Beijing-Tianjin-Hebei in 2012 as research subject,this paper takes the financial data of 2011-2015 year as the sample and uses the principal component analysis method to calculate the comprehensive financial performance of the enterprises.According to the descriptive statistics of the comprehensive financial performance,the Wicloxon sign test and the paired t test are used to study the changes in the short-term and long-term financial performance of the whole sample and the different reorganization samples,and the financial performance is evaluated after the results are reorganized.