我国上市公司并购绩效研究

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1、AbstractASTUDYOFTHEM&APERFORMANCEOFCHINESELISTEDCOMPANIESABSTRACTTosurviveintheincreasinglyfiercecompetitiveenvironment,therearetwodevelopingroutesforanenterprisetochoosefrom.Thefirstrouteobtainsgraduallygrowthbyinternalcapitalaccumulation,whilethesecondroutestrengthensthecapitalgros

2、sandmakesagreatleapforwardbymergerandacquisition.China'seconomicdevelopmentandglobalizationbringhugecompetitionpressuretodomesticenterprises,andasaresultincreasestheM&Aactivitiesamonglistedcompanies.MoreandmoredomesticenterprisesprefertoenhancetheircorecompetencethroughM&A.Theresearc

3、hofenterpriseM&Ahasalwaysbeenahotandconcernedtopic.OurcurrentM&AperformanceresearchandanalysisareaimedatthewholeM&AMarket.WemainlydiscusswhethertheM&Aactivtiesarereallycreatingvalue,andwhowillacquirethecreatedvalue.Asfarasweknow,thereareveryfewcomparativestudiesoflistedcompanies'M&Ap

4、erformancebysectors.Differentsectorshavedifferentindustrylifecycles,developmentstrategiesandmergertypes.Basedontheanalysisoftheoverallperformancetrendsin2010M&Aevents,weanalysetheM&Aperformancedifferencesamongindustries.Wetake323Listedcompaniesthatinvolvedinmergersandacquisitionseven

5、tsinChinaasourresearchobjectsandselect13financialindicatorsthatrepresentthecompany'soperationability、profitability、growthabilityanddebtpayingability.ThemergersandacquisitionsperformanceevaluationmodelisbuiltbySPSSsoftware.Onthebasisofthismodel,wemeasureacompany'sM&Aperformanceduringt

6、heyearbeforetheeventandfouryearsaftertheevent.Inordertogetmoreaccurateconclusions,weclassifythesamplesbylifecyclestageandmergertype.TheclassificationhelpsusfiguringoutthemergertypethatgetsthebestM&Aperformance.Theempiricalresultsshowedthat:(1)TheperformanceoflimitcompaniesinChinadon'

7、thaveobviouschangesafterM&Aevent.IntheyearM&Ahappened,theybehavebetterthantheyearbeforeM&A.TheirperformancesdeclineinthefirstyearandincreaseagaininthesecondandthethirdyearafterM&A.Overall,theperformancesofallM&Acompanieshaven'timprovedsignificantly.(2)Inspectingfromtheindustries'pers

8、pective,diff