中国上市公司并购价值创造的实证研究  

An Empirical Study on the Valuation Creation through M&A Activities of Chinese Listed Corporation

作　　者：舒强兴[1] 郭海芳[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《财经理论与实践》2003年第5期61-64,共4页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金项目 (70 1 72 0 1 8)

摘　　要：并购活动对我国上市公司的发展以及证券市场的完善有重大意义。而并购绩效的评估仍然是该领域研究的重点和难点。本文首先运用EVA绩效评估方法并以 2 0 0 0年并购公司为样本 ,研究了并购公司在并购前后的绩效变化 ,发现我国大部分并购活动仍在毁损并购方股东的价值。作者认为 ,我国经济转轨阶段的特殊性以及并购交易的动机和决策机制理论 。As we all know, M&A plays a key role in the development of listed companies and the improvement of securities market. For a long time, the performance valuation of M&A activities has been dominating this field. In this paper, the author firstly used a new method named EVA to make a performance valuation on M&A activities happened in 2000. And the empirical result shows that a large number of M&A activities in China are destroying the acquirers' value. The author think that the particularity of Chinese economy transition, the motivation theory of M&A and decision-making system of acquirers contribute much to the empirical result.

关 键 词：中国 上市公司 证券市场 绩效评估 企业并购 经济增加值 协同效应 价值转移 

分 类 号：F832.5[经济管理—金融学]