考虑机会成本的并购绩效实证研究

Empirical Research on M&A Performance Considering Opportunity Cost

基于2015年开展重大资产重组的中国上市公司数据,将机会成本指标经济增加值(economic value added,EVA)纳入并购绩效考核,采用因子分析法构建综合评价体系,实证分析并购股权比例、并购方式对并购绩效的影响。研究发现:将经济增加值(EVA)作为企业并购绩效的影响因子,并购股权比例的提升促进了企业并购绩效的改善;上市公司实施多元化并购的绩效优于同行业并购的绩效;此外,并购经验对企业并购绩效的影响不显著。同时,稳健性检验的结果和多元回归分析的结果一致。研究结论为上市公司在考虑机会成本的情况下提高并购绩效提供了实证依据。

Based on the data of listed companies with major asset reconstruction in 2015,and taking economic value added(EVA)as the indicator of opportunity cost into the performance evaluation of M&A,a comprehensive evaluation system is constructed by using factor analysis method,to make an empirical study on the relationship among equity ratio,M&A mode and M&A performance.The results show that,when EVA is included in the M&A performance,the higher the equity ratio of the target company,the better the performance of M&A;the performance of diversified M&A is better than that of peers;the effect of M&A experience on M&A performance is not significant.At the same time,the results of robustness test and multiple regression analysis are consistent.The conclusion provides an empirical basis for listed companies to improve M&A performance with the consideration of opportunity cost.