基于控股权性质视角的A股公司并购绩效实证分析

An Empirical Analysis on the M&A Performance of A-Share Companies Based on the Perspective of the Nature of Controlling Rights

选取2003—2016年沪深A股发生并购的2302个样本,将样本公司分为国有控股和民营控股两大类,分别采用累积超额收益率(CAR)和买入持有超额收益率(BHAR)两种方法对两类公司长短期并购绩效进行实证研究。研究发现,两类公司发起的并购均能获得正的短期收益,且民营控股公司的短期并购绩效高于国有控股公司,但两类公司的长期并购绩效均逐年下降,且国有控股公司的长期并购绩效下降比民营控股公司更为明显。结果表明,公司控股权性质对并购绩效有一定影响,民营控股公司的并购绩效优于国有控股公司。相较于以往同类研究,该文具有研究样本时间周期跨度长、样本数量大等特点,因而研究结论的可靠性更强。

This paper selects 2302 samples from Shanghai and Shenzhen A-share companies with mergers and acquisitions(M&As)from 2003 to 2016,and divides the samples into two major categories,including state-holding companies and private-holding companies.Cumulative abnormal return(CAR)and buy and hold abnormal return(BHAR)methods are used to analyze the short-run and long-run M&A performance.The study finds out that both M&As initiated by the two types of companies can realize positive short-term returns,and the short-term M&A performance of private-holding companies outperform that of the state-holding companies;the long-term M&A performance of both the two types of companies declined year by year,and the long-term M&A performance of state-holding companies declined more significantly than that of the private-holding companies.Research shows that the nature of corporate controlling rights has a certain impact on the M&A performance.The M&A performance of private-holding companies is better than that of the state-holding companies.Compared with similar studies before,this research has chosen a longer analyzing period and an enormous number of samples,so the research conclusions are more reliable.