基于DEA的上市公司并购效率研究

Empirical Studies on the Performance of Mergers and Acquisitions of Chinese Listed Companies Based on DEA Method

本文以经过筛选的沪深两市发生并购的 1 0 3家上市公司为样本 ,首次利用数据包络分析方法 (DEA)计算出公司并购前后的绩效稳定性指标 ,并系统分析了并购活动的绩效。研究证实 ,并购活动总体上提升了上市公司的经营管理效率 ,同时并购后的几年内继续保持着绩效稳步提高的趋势。资产置换和资产剥离方式的并购效率并不高。不同的股权结构类型对并购的效率有显著的影响 ,国有股权的集中对企业并购绩效产生负面影响 ,法人股占比例最大的类型在并购后的绩效提高较快。

The paper utilizes data envelope analysis method to research the performance and effectives of Merger and Acquisitions (M&A) of 103 Chinese listed companies in 1998. We confirm the effectiveness of the corporations be strengthened steadily after M&A. Strategic M&A have better effects. State owned shares have negative effects on M&A activities while privately owned shares have positive results.