中央企业上市公司并购绩效的实证研究
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| Title | An Empirical Study on the Performance of M&A of Listed Central Government-owned Enterprises
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| 作者 | 同生辉 林光彬 王骏 |
| Author | Tong Shenghui, Lin Guangbin and Wang Jun |
| 作者单位 | 中央财经大学 |
| Organization | Central University of Finance and Economics |
| 作者Email | lingb@cufe.edu.cn;tongshenghui@yahoo.com;economicreserve@163.com |
| 中文关键词 | 中央企业 民企 上市公司并购 主成分分析法 综合绩效 |
| Key Words | Central Government-owned Enterprises； Private Firms； M&A of Listed Firms；Principal Components Analysis；Holistic operation Performance |
| 内容提要 | 本文基于我国2007-2011年中央企业上市公司第二个经营业绩考核期的并购数据，通过实证分析考察中央企业上市公司并购和企业经营绩效之间的关系；作为对比，也分析了同时期民企上市公司并购和企业经营绩效之间的关系。本文采用主成分分析法获得能够全面衡量企业经营绩效的综合绩效值，然后用多元回归模型分析并购事件和企业综合绩效之间的关系。研究发现并购对于中央企业上市公司的综合绩效从并购当年一直到并购后四年内的影响为负。虽然民企上市公司的并购对公司综合绩效在并购当年有正向影响，但在并购后四年内对公司综合绩效的影响则基本为负。研究结果表明，我国中央企业上市公司的并购战略并没有达到提升企业综合绩效的目的，就此本文提出了几点对策建议。 |
| Abstract | Based on the data between 2007-2011 regarding the M&A of listed Central Government-owned Enterprises, this paper uses empirical analysis to examine the relation between the M&A and operation performance of listed Central Government-owned Enterprises; in contrast, the relation between M&A and the operation performance of listed private firms is examined as well. Principal Components Analysis (PCA) is used to obtain the holistic measure on operation performance, and then we use the multiple regression analysis to examine the relation between the M&A and the holistic operation performance of listed firms. This study finds that to listed Central Government-owned Enterprises, their operation performances have been consistently worse off for five years since the M&A. In contrast, although M&A have a positive impact on the operation performance of listed private firms in first year, their operation performance deteriorates during the following four years. The findings indicate that, in recent years, the M&A of listed Central Government-owned Enterprises have not achieved the goal of improving their holistic operation performance through M&A activities. |
| 文章编号 | WP649 |
| 登载时间 | 2014-08-08 |
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