我国上市公司非关联资产重组绩效的实证研究  

The Non-relatede Mergers Performance: An Empirical Analysis of China's Listed Firms

作　　者：陈宏民[1] 李泉[1] 李魁征 

机构地区：[1]上海交通大学安泰管理学院,200052 [2]申银万国证券投资总部,上海200052

出　　处：《系统工程理论与实践》2004年第10期1-7,共7页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(70172001)

摘　　要：　从财务指标和市场反应两方面着手,用统计方法和事件分析法重点分析1997年非关联资产重组对上市公司绩效的影响:重组活动未能有效改善公司的经营绩效,尤其是那些绩优公司的重组活动效果更不理想;相对而言拥有B股的公司其重组绩效优于总体;投资者对上市公司1997年的重组事件反应不强烈,对重组活动整体并不看好.Mergers and acquisitions amonglisted firms surged since 1997 and the wave still goes on. The article tries to probe by empirical analysis the impact on of such activities on the listed companies' performance. Acquisitions are divide into two categories: non-related acquisitions and related acquisitions. The research focuses on the impact of the non-related acquisitions. The statistical analyses are conducted on the performance of the acquisitions of listed companies in terms of financial indicators. market reactions and the combinations of the two, by statistical method and event study. The article concludes that mergers and acquisitions during that period can hardly bring any satisfactory performance improvement to China's listed companies, especially to the companies with better pre-merger performances. The different categories of mengers and acquisitions make little difference in improving company's performances. In addition, the market discriminates between related acquisitions and non-related acquisitions, and among different categories of acquisitions.

关 键 词：重组 非关联重组 上市公司 绩效 

分 类 号：F271[经济管理—企业管理]