我国A股上市公司治理与并购绩效关系研究——基于分位数回归分析

Research on the Performance of A Shares Listed Companies and Corporate Governance in China——Based on Quantile Regression Analysis

利用中国A股市场在2010-2012年发生并购行为的上市公司2009-2015年相关数据,首先采用主成分分析方法对上市公司的并购绩效进行估计,然后利用分位数回归分析了公司治理对并购绩效影响的差异性。结果表明:在并购发生期并购绩效显著大于并购整合期并购绩效;在不同分位点上,公司治理对并购绩效的影响具有一定的差异性,表明不同的公司治理结构对并购绩效的影响是不同的,本文的研究从公司治理角度,为中国上市公司并购的完善和深化提供了理论借鉴。

Based on the data of mergers and acquisitions among Chinese A shares listed companies,we estimate the performance of mergers and acquisitions of listed companies using principal component analysis,and then analyze the impact of corporate governance on the performance of the analysis with quantile regression method.The results show that the performance of M&A is significantly larger,and the influence of corporate governance on the performance of M&A is different in different points.This paper provides a theoretical reference for the improvement and deepening of China’s listed mergers and acquisitions from the perspective of corporate governance.