我国房地产业上市公司并购活动绩效研究.doc

我国房地产业上市公司并购活动绩效研究 //.paper.edu.cn - 1 - 中国科技论文在线 我国房地产业上市公司并购活动绩效研究# 李晓，赵息** 基金项目：国家社会科学基金重点项目（16AGL007） 作者简介：李晓（1991-），女，硕士研究生，主要研究方向：企业并购中的财务问题 通信联系人：赵息（1955-），女，教授，主要研究方向：企业并购与公司财务 - （天津大学管理与经济学部，天津 300072） 5 摘要：对现有并购活动进行绩效研究，有利于发现问题并对未来的并购活动提供指导。选择 2011—2013 年我国房地产业上市公司并购事件为研究样本，根据主并公司和目标公司所属 行业细分为产业并购和混合并购，分别采用事件研究法、EVA 法评价短期和长期绩效。研究 发现：短期来看，产业并购和混合并购均获得了显著为正的超额收益；而在不同的事件期内， 两种并购活动超额收益率的变化趋势存在差异。长期来看，产业并购当年和后一年 EVA 值增10 大，第二年开始减小，但变化均不显著；而混合并购绩效则显著下降。以上结果说明，不同 类型的并购活动，其绩效表现存在差异。 关键词：企业管理；房地产业；并购绩效；事件研究法；EVA 法 中图分类号：F275.5 15 The Research of Mamp;A Performance of Chinese Real Estate Industry Listed Companies LI Xiao, ZHAO Xi (College of Management and Economics, Tianjin University, Tianjin 300072) Abstract: Studies on the performance of Mamp;A are beneficial to find the problems and provide 20 guidance for the future Mamp;A activities. In this paper, we choose the Mamp;A events of Chinese real estate industry listed companies from 2011 to 2013 as the study samples, dividing them into industrial Mamp;A and conglomerate Mamp;A according to the industries of the acquirers and the targets. We use event study method and EVA method to analyze short-term and long-term performance. We find that, in the short term, the acquirers of both kinds obtain significant positive 25 abnormal returns; but in different period of time, the abnormal returns of different kinds show different changing trends. In the long term, performance of the acquirers of industrial Mamp;A increase in the current year and the following year, and decrease in the second year, but these changes are not significant; While the performance of conglomerate Mamp;A decrease significantly. All of the results indicate that the performance of different types of Mamp;A are different. 30 Key words: Business administration; Real estate industry; Mamp;A performance; Event study method; EVA method 0 引言 2015 年，以去产能、去库存、去