中国上市公司并购的长期绩效——基于证券市场的研究

该文采用长期事件研究法(BHAR)，对我国沪、深两市的1672起并购事件进行了实证研究。结果表明：大多数收购公司股东在并购后1～3年内遭受了显著的财富损失；混合并购和同行业并购的收购公司股东长期内均遭受了显著的财富损失；收购公司国有股比例对并购后1年内公司绩效有显著影响；高管持股比例对收购公司长期绩效无显著影响。

Long Run M&A Performance of Chinese Listed Companies

This paper verifies the long run performance of Chinese listed companies after M&A from the perspective of long-term eventstudy. Empirical results show that shareholders of the majority acquiring firms suffer significant wealth loss in one to three years afterM&A; both listed companies who take conglomerate mergers and mergers in the same industry induce the shareholders' wealth loss;equity type structure has significant effect on one-year performance after M&A, but this effect disappears within two to three years afterM&A.