中国控制权市场的识别效率--基于DEA方法

控制权市场的识别效率意指控制权市场是否能有效发现无效率的经营团队,它是研究控制权市场有效性的基础。选取2005-2009年中国证券市场成为并购目标的上市公司作为样本,将样本所涉及的事件区分为市场化并购、政府主导型并购及关联人主导型并购等三类,采用DEA方法来测度并购目标公司的效率特征,进而判断中国控制权市场的识别效率。研究未发现整体并购样本在中国控制权市场具有明显的识别效率,反映了中国控制权市场整体上尚不成熟;但在关联人主导型并购中则反映了市场具备识别效率,也隐含此类细分控制权市场具备有效性迹象。

Identification Efficiency of Chinese Market for Corporate Control on the Basis of DEA Measurement

The identification efficiency of market for corporate control （MCC）, which is the foundation of studying the performance of MCC, determines whether the managerial inefficiency can be effectively identified. This article analyzes samples of maior Chinese M＆A targets from listed companies between 2005 - 2009, and further divides them into market-driven takeovers, affiliate- predominated takeovers and government-predominated takeovers. Data Envelopment Analysis （DEA） is applied to identify the pre-merger efficiency of target companies in order to test the efficiency of the identification mechanism of MCC. The result shows that generally there is no significant evidence of high identification efficiency of MCC in China, which indicates that MCC in China is still premature. However, the study shows that target companies of affiliate-predominated takeovers are the most inefficient, which seems to imply that the performance of MCC on the affiliated-predominated takeovers is relatively effective.