基于面板数据的我国企业并购对行业影响实证分析  

Empirical Analysis of the Impact of Chinese M&A on Industry Based on Panel Data

作　　者：韩晓亮 净浪 崔如鸿 陆凤彬[2] Han Xiaoliang;Jing Lang;Cui Ruhong;Lu Fengbin(School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190;Academy of Mathematics and Systems Science,Chinese Academy of Sciences,Beijing 100190)

机构地区：[1]中国科学院大学经济与管理学院,北京100190 [2]中国科学院数学与系统科学研究院,北京100190

出　　处：《管理评论》2020年第12期78-85,100,共9页Management Review

基　　金：国家自然科学基金面上项目(71871213);国家数学与交叉科学中心课题资助。

摘　　要：基于绩效理论,本文采取面板数据模型实证分析了我国20个行业的并购行为对行业绩效(净资产收益率)的影响。研究结果表明并购数量对行业绩效有显著的负向影响,行业并购相对规模(行业并购金额/行业资产)对行业绩效有正向的影响,但不显著;此外,企业的偿债能力、增长能力、股东获利能力和企业价值在行业绩效的评价体系中发挥了重要作用,均有显著的正向影响。进一步研究发现,并购数量的负向影响随着时间的推移而减弱。Based on the performance theory,this paper uses a panel data model to analyze the impact of M&A( merger and acquisition)on the performance( return on equity,ROE) of 20 industries in China. The results show that the number of M&As has a significant negative impact on the industrial performance,while the relative size( the amount of industrial M&A/industrial assets) has a positive but not significant impact. Besides,the debt paying ability,growth ability,shareholder profitability and enterprise value play an important role in the industrial performance,and all of them have significant positive effects. A further research shows that the negative effect of the number of M&As in the medium and long term is weakened over time.

关 键 词：企业并购 行业绩效 绩效理论 面板数据 

分 类 号：F271[经济管理—企业管理] F279.2[经济管理—国民经济]