收购公司与目标公司配对组合绩效的实证分析

How Does the Match of Acquiring Firms and Target Firms Affect Their Performance?

本文以 1 998— 2 0 0 2年上半年发生于沪、深股市上市公司之间的 40起并购事件为研究样本 ,选取了 48个财务指标 ,对收购公司和目标公司绩效改善的配对组合特征进行了探索性研究 ,并试图寻找并购后公司绩效改善可能的来源。实证研究表明 :收购公司绩效逐年下降 ,目标公司绩效则有所上升 ,整体而言上市公司并购绩效显著下降 ;绩效改善的收购公司在并购前相对于所并购的目标公司在盈利能力、发展能力、管理能力等方面都有明显优势 ,而绩效改善的目标公司在并购前却仅在税收方面具有明显优势 ;收购公司和目标公司绩效改善的配对组合方式呈现明显的“强 弱”搭配特征 ;收购公司绩效改善可能主要来源于分享目标公司所享有的优惠政策 ,而目标公司绩效改善则可能来源于管理能力的提高、市场势力的增强和经营协同等方面。

This paper studies 40 M & A events happened between listed companies in China during 1998 to the first half year of 2002. Some exploring studies have been done to find the characteristic of the match between the acquiring firms and the target firms which improves both their performance through M&A, and also to find the potential resources for the performance improvement. Empirical results show that the acquiring firms' performance decreased significantly and the target firms' performance improved without statistical significance. In general the performance of the M&A firms decreased significantly one year after M&A happening; the acquiring which improving their performance have a manifest advantage in earning power, growth competence, managerial competence. While the targeting only have the advantage in tax; The match of the acquiring and the targeting, which improving both their performance, has the manifest characteristic of “the strong matching the weak”; The factors which improving the performance of the acquiring may be the preferential policy, which the resources for the targeting may be the improvement of managerial competence, the enhancement of market power and the synergetic effect etc.