对我国并购重组市场买方和卖方价值效应的总体评价--基于1998-2011年的有效样本  

作　　者：黄中文[1] 李建良[1,2] 刘向东[2] 

机构地区：[1]北京信息科技大学企业成长研究中心 [2]北京信息科技大学经济管理学院

出　　处：《企业经济》2013年第12期169-172,共4页Enterprise Economy

基　　金：教育部人文社会科学研究青年基金“我国企业并购重组市场价值效应评价研究”(批准号:10YJC790107);北京世界城市循环经济体系(产业)协同创新中心与北京市知识管理研究基地资助项目(批准号:20130101)

摘　　要：从1998-2011年选取的8391个有效样本中,分别比较交易前卖方前三年平均利润率和卖方当年利润率,结果发现,交易前卖方前三年平均利润率为0.2762%,交易后卖方当年利润率为1.5538%,总体来看,并购重组的卖方公司的整体效益有轻微改善。但进一步的计量研究表明,一旦卖方交易前三年利润高于13.1157%,卖方交易后利润率将变为负数,如果卖方交易前三年平均利润率为24.1801%,交易后利润率则下降到-1.3398%,下降幅度超过25%。与此同时,在选取了1998-2011年10664个买方有效样本后,发现买方公司交易前三年平均利润率为24.1801%,交易后当年利润率下降到4.9674%,下降幅度高达19.2127%。这说明,无论是卖方还是买方,在交易前三年如果利润较高的话,交易后当年利润率都呈快速下降趋势。After studying the 8391 valid samples of M＆As in the years of 1998 -2011, we found that in the very year after transaction the seller＇ s annual average rate of profit reached 1. 5538%, and the three-year annual average rate of profit before transaction was O. 2762%, so that the sellers slightly improved their own profitability after transaction as a whole. But further studios had shown that, once the three-year annual average rate of profit before transaction reached higher than 13. 1157%, the seUer＇ s annual average rate of profit in the very year after transaction would be negative, and once the three-year annual average rate of profit before transaction reached 24. 1801%, the seller＇ s annual average rate of profit in the very year after transaction would be decreased to-1. 3398%, reducing more than 25%. At the same time, after studying thc10664 valid samples of M＆ As in the years of 1998 -2011, we found that, the buyer＇ s three-year amlual average rate of profit before transaction was 24. 1801%, and the buyer＇ s annual average rate of profit in the very year after transaction only reached 4. 9674%, reducing up to 19. 2127%. This showed that for either the seller or the buyer, if annual average rate of profit before transaction was at a high level, annual average rate of profit in the very year after transaction would be in a rapid decline trend.

关 键 词：并购 事件研究法 价值效应 

分 类 号：F23[经济管理—会计学]