上市公司市值管理的有效性研究*--基于企业并购绩效的实证分析

摘要

在不完美市场和信息不对称的背景下，企业并购能否通过协同效应带来有效的市值管理？本文选取了在2007—2010年期间发生并购的A股上市公司，检验了并购的价值创造和市值管理有效性之间的联系，并做了分组检验。实证结果表明，对企业未来三年经营绩效有正协同效应的并购可以为上市公司带来更高的市值管理效用。分组检验结果进一步显示，投资者更为关注异地并购、同行业并购、民企并购以及股权分散型企业并购。这些并购类型的市值管理更为有效。%Due to the imperfect market and the existence of asymmetric information,this paper dis-cusses whether the merger and acquisition can bring effective market value management through the crea-tion of synergy effect. This paper selects the M&A cases during 2007—2010 of China�s listing Corporation as samples,and examines the relationship between the value creation of M&As and the efficiency of the market value management by using the event study and OLS empirical regression,and also the sample of different M&As�types and enterprise properties are grouped to test. The empirical results show that if the M&A has positive synergy effect on business performance in the next three years,it will bring a higher market value management to the listed companies. Moreover,in the group samples test,we find that in-vestors are more concerned about off-site acquisitions,M&A within the industry,private enterprises and enterprises with relatively dispersed ownership,and the synergistic effect from these M&A influence the market value management more significantly,which reflects there is a more significant effect in the market value management through these kinds of M&A.