我国企业并购绩效的实证研究——基于上市公司的经验获得视角  

An Empirical Analysis on Chinese Listed Companies' M&A Performance:Based on the Experience of Listed Companies

作　　者：孙健[1] 刘铮[1] 

机构地区：[1]对外经济贸易大学保险学院,北京100029

出　　处：《南京审计学院学报》2013年第5期75-80,共6页journal of nanjing audit university

基　　金：教育部人文社科规划基金项目(10YJA790164);对外经济贸易大学研究生科研创新基金项目(A2012026)

摘　　要：上市公司的并购行为在优化社会存量资本配置、调整企业结构和扩大企业规模等方面发挥着重要作用。在已有研究成果的基础上,选取2006年至2008年间我国沪深两市中具有代表性的256起上市公司并购活动为样本,以并购前一年、并购当年、并购后一年和并购后两年共四个会计检验期作为研究区间,建立一套财务指标体系对影响我国上市公司并购的因素以及并购绩效进行实证分析,结果表明:企业并购虽然是一种利于资源整合、迅速扩张经济规模的行为,但我国上市公司并购的成功案例并不多,且并购效果不明显。Listed companies' M&A has played an important role in optimizing social stock capital allocation,restructuring enterprises and expanding business scale.Based on Chinese listed companies' M&A activities,choosing 256 M&A activities of China's listed companies during 2006-2008 as sample,we selected four periods,namely,the year before merger,the year on merger,the first year after the merger and the second year after the merger,to analyze the factors affecting the M&A of listed companies in China and the performance after merger through the establishment of a financial index system.The results show that although M&A is conducive to the integration of resources and the rapid expansion of economic scale,the success rate is not high in China's listed companies and the expected result is not obvious.

关 键 词：上市公司并购 企业并购绩效 横向并购 纵向并购 混合并购 股权分置改革 

分 类 号：F271.4[经济管理—企业管理]