关联并购重组_根源与后果_邓建平.pdfVIP

8 8 Vol. 8 No. 8 2011 8 Chinese Journal of Management Aug. 2011 : 1, 2 2 3 邓建平 曾 勇 何 佳 ( 1. 厦门国家会计学院; 2. 电子科技大学经济与管理学院; 3. 香港中文大学工商管理学院) : 取1997~ 2000 年我国285 个国有企业首次公开发行后3 年发生的312 起并购 重组事件作为研究样本, 考察了我国上市公司发生关联并购重组的根源与后果研究发现, 影 响我国上市公司发生关联并购重组的根源是股份制改造模式; 关联并购重组并不为股东创造 财富, 为股东创造财富的是非关联并购重组的样本; 在完整改造的公司中, 非关联并购重组的 财富效应好于关联并购重组的 : ; ; : C93; F830 : A : 1672884X(2011) The Root and the Effects of Relative Merger and Acquisition 1, 2 2 3 DENG Jianping EN G Yong HE Jia ( 1. Xiamen National Accounting Institute, Xiamen, Fujian, China; 2. U niviersity of Electronic Science and T echnology of China, Chengdu, China; 3. T he Chinese U niversity of Hong Kong, Hong Kong, China) Abstract: U sing a sample of 285 Chinese Stateowned Enterprises ( SOEs) that went public be tween 1997 and 2000, we study 312 postIPO merger and acquisition ( M A) cases to identify the root and the effects of relative M A of Chinese listed companies and find that the mode of restructuring is the root of the problem. A research on the effects of relative M A reveals that M A in China has created value for shareholders as a whole, but this wealtheffect only exists in nonrelative transaction samples while relative M A really could not add shareholder value. Empirical studies also indicate that in completely restructured SOEs, the nonrelative M A have more abnormal returns than rela tive M A. Key words: shareholding reform; merger and acquisition ( M A) ; listed companies 1 问题的提出