上市公司换股并购的绩效及影响因素研究

发布时间：2018-01-15 04:30

本文关键词：上市公司换股并购的绩效及影响因素研究　出处：《技术经济与管理研究》2017年01期 　论文类型：期刊论文

【摘要】：并购浪潮的到来及并购方式的多元化迫切需要学术界探索并购价值创造的规律。文章首先对国内外并购绩效及其影响因素进行了梳理,采用手工整理的我国沪深A股上市公司1999-2011年发生并完成换股并购的上市公司数据,实证检验了并购公司规模特征及并购行业关联属性对并购绩效的影响,结果发现:总体而言,换股并购使存续公司的绩效下降。换股并购前后每股收益从0.63减少至0.47,每股净资产从4.52减少至4.23;被并购方相对规模越大,越有利于增加并购绩效;横向并购或纵向并购有利于增加并购绩效,而多元并购不利于增加并购绩效,这支持了并购的协同效应假说。研究结果不仅有利于透彻理解并购绩效的影响因素,而且也对我国企业战略决策和投资效率的提高具有一定的理论意义和实践价值。
[Abstract]:The arrival of M & A wave and the diversification of M & A methods urgently need the academic circles to explore the rules of M & A value creation. Firstly, the paper combs the performance of M & A at home and abroad and its influencing factors. Using manual collation of China's Shanghai and Shenzhen A-share listed companies from 1999 to 2011 to complete mergers and acquisitions of listed companies. Empirical test of M & A company size characteristics and M & A related attributes of the impact on M & A performance, the results show that: overall. Before and after the merger, earnings per share decreased from 0.63 to 0.47, and net assets per share decreased from 4.52 to 4.23; The larger the relative scale of the acquired party, the more favorable to increase the M & A performance; Horizontal or vertical mergers and acquisitions are conducive to increase the performance of mergers and acquisitions, while multi-element mergers and acquisitions are not conducive to increase the performance of mergers and acquisitions. This supports the synergy hypothesis of M & A. the research results are not only conducive to a thorough understanding of the factors affecting M & A performance. It also has certain theoretical significance and practical value for the improvement of strategic decision and investment efficiency of Chinese enterprises.
【作者单位】：重庆工商大学融智学院;重庆大学经济与工商管理学院;
【基金】：国家自然科学青年基金项目(71302117) 湖北省自然科学基金项目(2014062)
【分类号】：F271;F832.51
【正文快照】： 一、引言随着经济转型,并购在向着市场化的方向发展,换股并购、价值链整合、跨境并购等并购类型日趋丰富,对赌协议、并购基金、定向可转债支付等新的并购方式不断涌现。1999年6月清华同方合并鲁颖电子拉开了我国换股并购的序幕。2005年的股权分置改革进一步为换股并购清除了障

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