上市公司私募股权投资对并购绩效的影响

The Impact of Private Equity Investment of Listed Companies on M&A Performance

随着私募股权参与被投企业并购活动的案例逐年增加,研究私募股权对并购绩效的影响具有重要的现实意义。本文选取2009年至2018年中国A股上市公司发生的并购事件作为研究样本,选取并购事件窗口期的股票累计超额收益率作为短期并购绩效衡量指标,公司并购后的净资产收益率作为长期并购绩效衡量指标,研究并购方私募股权具体特征对其并购绩效的影响。实证分析表明,随着私募股权投资机构数量和股权比例的增加,短期并购绩效更好,拥有国有投资或高声誉的私募股权机构可以显著增加被投企业的短期并购绩效,在一定程度上证明了私募股权的认证功能。然而,并购方私募股权支持与长期并购绩效存在显著的负相关关系。随着私募股权投资机构数量和股权比例的增加,长期并购绩效更差,在一定程度上证明了私募股权的逐名效应。国有投资私募股权可以提升被投企业的长期并购绩效,而私募股权的外资投资或高声誉与长期并购绩效关系不显著。

With the increasing number of cases of private equity participating in M&A activities of invested enterprises,it is of great practical significance to study the impact of private equity on M&A performance.This paper selects the M&A events of A-share listed companies in China from 2009 to 2018 as the research sample,uses the cumulative excess return of stocks in the window period of M&A events as the short-term M&A performance measurement indicator,and the return on net assets of companies after M&A as the long-term M&A performance measurement indicator to study the impact of specific characteristics of the acquirer's private equity on its M&A performance.Empirical analysis shows that with the increase of the number of private equity investment institutions and equity ratio,short-term M&A performance is better.Private equity institutions with state-owned investment or high reputation can also significantly increase the short-term M&A performance of invested enterprises,which to some extent proves the certification function of private equity.However,there is a significant negative correlation between the acquirer's private equity support and long-term M&A performance,and with the increase of the number of private equity investment institutions and the proportion of equity,the long-term M&A performance is worse,which to some extent proves the name by name effect of private equity;However,state-owned private equity investment can improve the long-term M&A performance of invested enterprises,while foreign investment or high reputation of private equity has no significant relationship with long-term M&A performance.