公司规模是否会影响公司的收购价值创造——基于沪、深上市公司的经验证据  

Does Firm Size Affect the Firm′s Acquisition Profitability——Based on the Empirical Analysis of Chinese List-Companies

作　　者：钟陈[1] 

机构地区：[1]广西师范大学经济管理学院

出　　处：《科学决策》2013年第3期65-78,共14页Scientific Decision Making

摘　　要：收购是我国上市公司进行资源重组的重要手段,公司是否能通过收购行为创造应有的价值也是公司管理层所关切的问题。文章以我国上市公司近10年进行的768次收购事件作为研究样本,以一种新的计算累计超额收益的方法作为测量收购绩效的指标,对不同规模公司的收购绩效进行了T检验及回归分析。实证结果表明无论是在长期还是短期内,大公司都获取了显著的为正的超额收益,而小公司的超额收益率却小于零。而从回归的结果来看,公司通过扩张规模可以获取显著的短期超额收益但并不能获取显著地长期超额收益。在此基础上,论文剖析了原因并提出了相关的政策建议。Acquisition is an important means for China＇s listed companies to do resources reorganization. It is of great concern whether companies could create value through acquisition. Using 768 acquisitions made by China＇s listed companies over the period of last decade, this paper examines the relationship between firm size and acquisition performance, which is measured by compounding CARs. The result shows that whether in short or long term, larger firms have obtained positive and significant compounding CARs, comparing a negative ones for smaller firms. The regression result shows that, the larger the firm, the higher the CARs in short term. But the relationship is not significant in long run. Further, reasons are analyzed and given. are

关 键 词：公司规模 收购绩效 股权分置改革 

分 类 号：F270[经济管理—企业管理]