我国上市公司杠杆收购绩效研究  

Research on Leveraged Buyouts Performance of Listed Companies in China

作　　者：游达明[1,2] 王典中 刘亚庆[4] 

机构地区：[1]中南大学商学院 [2]中部崛起战略研究中心 [3]南大学商学院 [4]中南大学商学院金融系

出　　处：《财务与金融》2013年第5期1-8,共8页Accounting and Finance

基　　金：国家自然科学基金创新群体项目(70921001/G0104);教育部哲学社会科学研究重大项目(08JZD0016)

摘　　要：企业资源优化配置,实施并购重组是我国目前资本市场上的一大热点。杠杆收购由于其创新性的并购方式,强大的融资能力,成为近年来在我国并购市场上备受瞩目的商业手段。本文通过对我国上市公司发生的杠杆收购案例进行分析,进一步选用因子分析法对公司杠杆收购绩效进行量化分析,得出结论为:杠杆收购对短期的企业绩效有正向激励作用,但是对长期绩效积极影响不明显,企业总体绩效在杠杆收购第3年后下滑,同时归纳出我国目前杠杆收购融资模式主要集中于商业银行贷款、信托机构融资的方式,融资模式较为局限,现存资本市场条件及政策对杠杆收购绩效有所限制。At present, enterprise resource optimization and mergers ＆ acquisitions are hot topics in China. As LBO （Leveraged Buyouts） is a new way of mergers and acquisitions with strong financing ability, which has become high-profile business methods of buyout market in China for resent years. Through the analysis of the cases of listed company LBO in China, furthermore using factor analysis method to quantify the performance of LBO, this paper comes to the following conclusion： LBO has positive incentive corporate leveraged buyouts on short-term corporate performance, but for long-term, positive impact on performance is not obvious, the overall business performance in the first three years after the LBO decline. Meanwhile this paper summarizes that our current LBO financing model focused on commercial bank loans and the trust financing, the financing model is more limited, the existing capital market conditions and policy restricts the leveraged buyouts performance.

关 键 词：上市公司 杠杆收购 绩效研究 因子分析法 

分 类 号：F400[经济管理—产业经济]