中国零售业上市公司并购绩效实证研究

运用DEA(数据包络分析)的绩效评价方法对中国2000～2006年间发生并购的46家零售业上市公司的绩效进行了实证分析,结论如下。第一,总体绩效呈现先缓慢改善,然后下降,再显著提升的趋势。第二,股权收购样本的绩效要优于资产收购;股权收购的绩效表现不购稳定,而资产收购样本的绩效值保持稳定且缓慢的上升。第三,在并购后的第一年关联并购的绩效水平明显高于非关联并购,其他年份两种样本的绩效水平基本持平。第四,横向并购的绩效高于混合并购的绩效。

Positive Research on Merger and Acquisition Performance of Chinese Retail Listed Corporations

Based on DEA analysis,this paper empirically analyzes the M&A performances of 46 Chinese retail listed corporations during 2000-2006.The conclusions are as follows.First,the overall performance shows a slow improvement at the beginning,then a decrease,and a significant increase later.Second,share acquisition has a better performance than asset acquisition.However,share acquisition shows an unstable performance and asset acquisition has a steady but slow-growing performance.Third,related acquisition reveals an obviously better performance than non-related acquisition in the first year after M&A,with their performance almost the same in the following years.Fourth,horizontal M&A outperforms mixed M&A.