石油行业海外并购对企业绩效的影响——基于中石油、中石化和中海油的实证研究

摘要

This paper analyzes the CNPC, Sinopec and CNOOC' s M & A performance by choosing a list of their overseas mergers and acquisitions events. For corporate' s short-term performance, we use event study analysis and find that most part of the M & A extraordinary income of these three major oil com- panies was negative. After that, based on the M & A periods divided, we find that as the time over flows, the M & A performance shows the downward trend. For the long-term performance, we use factor analysis to make an empirical re- search. It shows that SNP' s M & A performance is best, however the CNOOC is the worst.%本文选取中石油、中石化以及中海油从上市后的海外并购事件进行并购绩效分析。对于企业短期绩效我们运用事件研究法分析后发现三大石油公司大部分海外并购的超常收益率为负。之后，我们对并购时间段划分发现，随着时间的推移，并购绩效呈下滑趋势。对于长期绩效我们运用因子分析法进行实证研究，发现中石化的并购绩效最好，最差的为中海油。