中国上市公司并购前后的长期价值创造的实证研究——基于财务分析法的经营绩效的实证分析

国内外对公司并购的价值创造优劣的讨论从没有停止过,可谓“众说纷纭”。运用因子分析模型对2000年发生并购活动的69家样本公司建立综合因子得分函数,采用两配对样本T检验进行并购前后经营业绩综合得分是否有显著改变的显著性检验。弥补配对样本的T检验的不足,采取采用了两配对样本Sign检验和Wilcoxon检验相结合的非参数检验。实证研究发现：横向、纵向并购的并购当年及并购一年后绩效得到提高,但其后绩效下降,绩效下降的程度不大,从中国上市公司并购后的长期角度来看,总体上说明的横向、纵向并购活动有一定程度的创造价值或提高企业的经营绩效,但是由于很多年份没有通过检验,实证结果很难判断其效应的显著性。

An Empirical Analysis on the Before and After Merger and Acquisition (M&A) Long Term Value Create of Listed Companies in China——Based on the Analysis of the Financial Performance of the Empirical Analysis

The discussion on whether the performance of M＆A is good or not has never stopped all over the world, different economist holds different idea. Applying factor analysis, this article analyzes the M ＆ A activity of 69 sample company occurred in 2000, establishes an integrated function of factor scores, uses two rented sample T- test to test whether there is a significant performance before and after the merger. To make up for the inadequacy of two rented sample T test, the two rented sample sign test and Wilcoxon test has been used. This article draws the condusions that： the M＆A year and the first year after M＆A, horizontal combinations and vertical combinations enhance the achievements, but after that the achievements dropped, and the drop was not big. For a long run, value create of merger and acquisition （M＆A） as a whole, the Horizontal Combinations and Vertical Combinations activities do make certain value or enhance the achievements. But because it can not pass the significance test for many years, it is difficult to judge its effect the significance from the results of empirical analysis.