我国上市公司资产重组绩效的实证研讨.pdfVIP

我国上市公司资产重组绩效的实证研究 我国上市公司资产重组绩效的实证研究 王福胜 孙逊 杜晓丽 哈尔滨工业大学 管理学院 黑龙江 哈尔滨 150001 摘要：很多上市公司试图通过实施资产重组，整合自身资源来提高其绩效。但资产重组是否真的能提升 公司绩效，目前人们对此并未达成共识。本文从 2003 年发生重组的公司中选取了 342 家作为研究样本， 采用描述性统计、因子分析及方差分析等多种统计方法对我国上市公司资产重组绩效及其制约因素进行 实证分析，旨在合理地评价资产重组行为，为上市公司重组战略制定与执行提供指导，也为我国上市公 司重组的相关实证研究提供一种新思路。实证结果表明：我国上市公司的资产重组行为整体上并未产生 绩效的实质性提高；第一大股东变化和重组方式是影响并购绩效的主要因素，而关联方交易对绩效的影 响不显著。 关键词：上市公司；资产重组；绩效；实证研究 Empirical Research on the Performance of Asset Reorganization of Chinese Listed Companies Wang Fusheng, Sun Xun, Du Xiaoli (Harbin Institute of Technology, School of Management, Heilongjiang Harbin 150001,China) Abstract: Many listed companies carry on the asset reorganization in succession in order to improve company performance by integrating own resources. There is no consistent opinion among academic community about whether the performance can be improved by asset reorganization. This paper chooses 342 companies from listed companies which restructured in 2003 as a sample, and does a empirical research on the performance of asset reorganization of listed companies and the restrict factors of it, using various statistic methods such as Descriptive Statistic, Factor Analysis , Analysis Of Variance and so on. The purpose of this paper is to properly evaluate the behavior of asset reorganization, so as to provide the direction on strategy making and performing. And, it provides a new way about the similar empirical analysis. Through the research, we can see that the behavior of asset reorganization of listed companies hasn’t improved the performance of listed companies in fact. We can also see that the changing of the first majority shareholder and the mode of reorganization are main factors impacting the performance of asset reorganization, whi