企业收购绩效与公司治理——内地和香港上市的中国企业实证分析  

Performance of Acquiring Firms and Corporate Governance: An Empirical Study between Stock A and H/R Enterprises

作　　者：王晓初[1] 俞伟峰[2] 

机构地区：[1]中国电信集团公司,100032 [2]香港理工大学

出　　处：《会计研究》2007年第8期51-59,共9页Accounting Research

摘　　要：本文以A股和H/R股上市公司为样本,采用事件分析法、Pearson相关分析和回归分析,对企业收购绩效与公司治理结构进行了实证研究,结果表明目前A股市场的收购活动对企业绩效的影响是负面的,而H/R股的收购对绩效的影响并不显著。主要原因在于投资者法律保护环境及公司内外部治理等方面存在差异,据此认为上市企业要慎重对待收购行为,并提出了完善公司治理机制的相关建议。Event-Study Analysis,Pearson relevant analytical method and regression analytical method are employed in this paper to analyze acquisition performance of Chinese mainland enterprises,which are publicly listed in Hong Kong and mainland capital markets.The result shows that the current acquisition activity is negative to the enterprise performance,and it has more negative effect on acquisition activity of stock A rather than stock H/R.This is mainly due to the difference of investors' legal protection environment and internal & external governance mechanism between stock A and H/R enterprises.So it concludes that we must adopt a cautious attitude towards the acquisition activity of enterprises and put forth relevant polices and suggestions.

关 键 词：收购 绩效 投资者保护 公司治理机制 

分 类 号：F279.2[经济管理—企业管理] F832.51[经济管理—国民经济] F224