基于面板数据的协议收购和要约收购绩效差异性研究  

作　　者：任浩[1] 张同健[2] 任文举[2] 

机构地区：[1]西华大学管理学院 [2]乐山师范学院旅游与经济管理学院

出　　处：《企业经济》2014年第6期37-41,共5页Enterprise Economy

基　　金：国家社会科学基金项目"金融双轨制下融资担保链危机形成与治理研究"(批准号:12BG1025)

摘　　要：公司并购是资本市场上一种主要的资产重组方式。协议收购和要约收购是我国证券市场上两种主要的公司并购方式。公司并购绩效主要受到并购方式、产权性质、期末总资产、资产负债率、第一大股东持股比例、总资产周转率、应收账款周转率、并购规划有效性等因素的影响。基于沪深A股上市公司的样本数据,借助于多元回归分析方法,本研究发现我国上市公司协议收购的效率高于要约收购的效率,同时发现民营上市公司的协议收购绩效最高,国有上市公司的协议收购绩效次之,民营上市公司的要约收购绩效再次之,国有上市公司的要约收购效率最低。检验结果为证监会、公司股东、经理层、监事会、投资者及相关利益者的行为决策提供了现实性的理论借鉴。The corporate M＆A is one of the major asset restructuring methods in capital markets. The acquisition by agreement and the tender offer are two main types of company mergers and acquisitions in the stock market of China. M＆A performance is mainly affected by the method of mergers and acquisitions, the nature of property rights, the ending total assets, asset- liability ratio, the proportion of the largest shareholder, total asset turnover, accounts receivable turnover, mergers and acquisitions planning effectiveness and other factors. Based on the sample data of the listed companies in Shanghai and Shenzhen stock markets and by means of multivariate regression analysis, we conclude that the acquisitions by agreement are more efficient than the tender offer in China＇s listed companies, and that the performance of the acquisitions by agreement of private listed companies is the highest, and then followed by that of national listed companies, and then followed by that of the tender offer of private listed companies, and that the performance of the tender offer of national listed companies is the lowest. The result may provide a realistic theoretical reference for the behavioral decisions of the SFC, the company＇s shareholders, managers, supervisors, investors and stakeholders.

关 键 词：公司并购 要约收购 资产负债率 持股比例 多元回归分析 

分 类 号：F276.6[经济管理—企业管理]