我国控股型并购基金价值创造效应及影响因素研究

Value Creation Effect and Influencing Factors of China Holding Type Buyout Funds

控股型并购基金是我国发展最早的一类并购基金,由其主导的并购重组已成为助推我国上市公司成长的主要方式之一。以2002~2017年被并购基金控股的上市公司为研究对象,对我国并购基金的价值创造效应及其影响因素进行研究,发现短期内并购基金控股上市公司能为上市公司带来超额收益,而金融资本背景型并购基金其财富效应则更为明显,可以显著地增加被并购上市公司的市场价值;从中长期来看,并购基金通过高效的并购对上市公司起到优化资源配置的作用,将显著提高上市公司的经营效率,提升其内在价值,增加股东财富。

Holding type buyout fund is the earliest type of buyout fund in China. The mergers and reorganizations restructuring led by buyout fund have become one of the main ways to promote the growth of listed companies in China,which play an important role in the transformation of China’s economic structure and the cultivation of emerging industries. Taking listed companies controlled by buyout funds from 2002 to 2017 as the research object,this paper studies the value creation effect of holding type fund in China and its influencing factors. It is found that buyout funds merging listed companies can bring short-term excess returns to listed companies,while buyout funds with financial capital background have more obvious wealth effect,which can significantly increase the market value of listed companies being merged. From the medium and long term perspective,buyout funds play an important role in optimizing resource allocation for listed companies through efficient mergers and reorganizations,which will significantly improve the operating efficiency of listed companies,enhance their intrinsic value and increase shareholders’ wealth.