我国上市公司并购效率实证研究.pdfVIP

摘 要 本文从 1999 年到 2003 年期间选取出 905 起收购兼并案例作为研究的对象， 在我国弱式有效市场假设基础上，通过实证分析得出判别模型，总结具有并购 能力的公司的特点，进一步研究了我国这几年里上市公司并购的效率，并根据 效率得分检验哪类并购能使公司各方面有显著性改善，同时对最有代表性的排 名前五个公司中占解释方差贡献最大的因子特点进行总结。 实证发现，我国目前上市公司资产并购的三种模式中，横向并购虽出于市 场多样化和提高市场占有率方面的考虑，但多为“以盈代亏” 而购并一些与本 公司并不可能很好整合的企业。混合并购在我们国家多表现为国有股权的划拨 和考虑了一定市场行为下的行政命令，只有纵向并购多出于企业战略性并购。 纵向并购模式对提高上市公司经营状况有明显效果，横向并购模式对并购前后 的经营状况影响不大，而混合并购模式不但没有提高上市公司经营状况，而且 使其更加恶化。 为了提高我国并购重组市场的效率，本文根据实证结论提出如下的建议： 首先，基于目前的发展状况应加强和支持纵向并购； 其次，创造发挥并购效率的市场基础； 最后，加强并购重组企业的整合。 关键词： 并购效率，聚类分析，判别分析，因子分析 I Abstract This paper had selected 905 MA cases as research objects between 1999 and 2003. On the base of weak form efficient capital market, discriminant matrix will be obtained through empirical analysis, as well as the characteristics of the company provided with the merge ability. The further researches focus on the efficiency of the MA. through testing the efficiency score, improvement or not will be distinguish. At last, the characteristics of 5 front companies whose factors account the maximal for the total variance explained will be summed up. For the three MA models from the listed company, though Horizontal MA take market diversify and improvement of market share into account, most of them are the result of merging some enterprises which can not be integrated efficiently. Most Conglomerate MAs in our China are represented as the State-owned-shares transfer and regarded as the Administration Command within some kind of market behavior, only Vertical MAs are the strategic MAs. Vertical MA model has clear effect for the purpose to improve the listed companys Operation situation, and Horizontal MA model have little effect on the listed companys Operation situation, while the Conglomerate MA model not