私募股权并购投资对公司价值的影响--以新桥并购深发展为例

摘要

文章以美国新桥投资集团收购深发展作为私募股权并购基金投资的典型案例，采用银行绩效评分法和事件研究法考查新桥的收购和退出对深发展公司价值的影响。研究表明，深发展在新桥投资控股的5年时间和新桥退出的3年时间内，经营绩效的表现均好于对比银行的平均水平。新桥投资控股后，对深发展进行了并购后的全面整合，在挖掘其增值潜力方面的确有所作为。新桥将深发展股权转让给平安后，深发展的各方面继续得到良好发展，这与前期新桥对深发展公司治理架构的改善是密不可分的。%Based on Newbridge Capital (Newbridge) merging Shenzhen Development Bank (SDB), which is the typical case of private equity investment in merger and acquisition,the paper employs the methods of bank performance evaluation and event study to examine the impact of Newbridge acquisition and withdrawal on the value of SDB. The study shows that the average level of business performance of SDB was all better than that of other compared banks during the period of 5 years of Newbridge holding and 3 years after its withdrawal. Newbridge carried out a comprehensive integration after M&A, and really did something on tapping value-added potential of SDB. All aspects of SDB continued to develop well after New⁃bridge transferred SDB shares to Ping’an, which was closely related to the previous improvement of corporate governance structure made by Newbridge.