生物医药上市公司资产重组绩效实证研究  

作　　者：吴志军 

机构地区：[1]江西财经大学江西经济发展研究院

出　　处：《企业经济》2017年第3期5-13,共9页Enterprise Economy

基　　金：国家社科基金重大招标项目"培育具有全球影响力的先进制造基地与经济区研究"(项目编号:15ZDC021)

摘　　要：生物医药产业具有技术密集型、知识密集型的产业特征,近年来我国生物医药上市公司在资本市场上十分活跃。本文基于事件研究法,衡量我国上市公司2011-2014年发生的资产重组绩效,用多元回归模型对其影响因素进行实证研究,结果发现:从短期来看重组绩效有提升;重组类型的不同对资产重组绩效完全不同,即资产收购类型显著提升绩效,资产剥离类型则并无明显变化,股权收购类显著降低绩效。此外,本文还发现:生物医药类上市公司重组前资产规模越大,重组绩效则越差;第一大股东持股比例较高的情况下,能够给该企业的重组带来更好的绩效。Biological pharmaceutical industry has the characteristics of a technology-intensive and knowledge-intensive industry. In recent years, biological pharmaceutical listed companies are very active in the capital market. This paper measures the assets restruc- turing performance of the listed companies from 2011 to 2014 based on the event study method and studies the influencing fac- tors by using the multiple regression model. The results show thai, in the short term, assets restructuring performance has been raised; different types of assets reorganization performance are completely different, that is, the type of asset acquisition signifi- candy improves performance, the type of the divestiture has no significant change, and the type of equity acquisition significantly reduces performance. In addition, this paper also finds out thai, the greater the size of biological pharmaceutical company listed assets before restructuring is, the poorer the performance of the restructuring is; as the proportion of the first largest shareholder is positively related to the performance, the higher proportion of the first shareholder will bring better performance after company＇s assets reorganization,

关 键 词：生物医药 重组绩效 重组类型 事件研究法 

分 类 号：F276[经济管理—企业管理]