大股东持股比例变化对反向收购企业绩效的影响  

The Impact of Change in the Proportion of Large Shareholders on the Performance of Reversing Acquisition

作　　者：崔丽花[1] 张先珍[1] 

机构地区：[1]延边大学经济管理学院

出　　处：《延边大学学报（社会科学版）》2018年第1期86-94,共9页Journal of Yanbian University：Social Science Edition

基　　金：吉林省教育厅"十三五"社会科学研究基金项目(2016249)

摘　　要：反向收购是并购重组的主要形式之一,其中反向收购企业的运行绩效是评价这一经济活动有效性的重要依据,探索大股东持股比例变化与反向收购企业绩效的关系具有现实借鉴意义。以2006年1月1日至2014年12月31日期间进行反向收购的上市公司为研究样本,选择资产收益率增加值与每股收益增加值、资产收益率与每股收益为衡量并购绩效的变量进行回归分析,得出:首先,市场对目标企业的收益性期望高时,会以较高的收购价来收购目标企业,进而可以为非上市企业带来较高的企业绩效;反之,在市场对目标企业的收益性期望较低的情况下,非上市企业在收购目标企业时的收购价较低,也不能给非上市企业带来较高的企业绩效。其次,大股东持股比例与企业绩效存在负相关关系。最后,机构投资者持股比例变化与企业绩效不存在显著的相关性。Reversing acquisition is one of the main forms of M & A,in which the performance of reverse acquisition is an important basis for evaluating the effectiveness of this economic activity.It is practical significance to explore the relationship between the change of shareholding ratio and the performance of reverse acquisition practical reference.The samples of the reverse mergers and acquisitions of listed companies from January 1,2006 to December 31,2014,were selected for this study.A regression analysis is used to test the rate of return on asserts and earnings per share,asset returns and earnings per share for the measurements of mergers and acquisitions performance variables.It is concluded that:first,when the market has high expectation for the target business,the target business will be acquired at a higher purchase price,which will bring higher performance for non listed companies.On the contrary,when the market has low expectation on the target business,the acquisition price of non listed companies for acquiring target businesses is relatively low,and it can not bring performance to non listed companies.Secondly,there is a negative correlation between the proportion of large shareholders and the performance of the enterprise.Finally,the proportion of institutional investors holding changes and corporate performance has no significant correlation.

关 键 词：大股东持股比例 反向并购 企业绩效 

分 类 号：F271[经济管理—企业管理] F832.51[经济管理—国民经济]