上市公司换股并购的绩效及影响因素研究

摘要

The arrival of merger wave and the diversification of merger methods urgently require the academic community to expl-ore the law of merger value creation. This paper first summarizes the performance of domestic and foreign merger and its influencing factors. Based on the hand-sorted 1999-2011 years complete convertible mergers and acquisitions of listed companies as a sample , the paper study on the new convertible merger merger impact on shareholder wealth. Empirical studies show that convertible merger and acquisition reduce the survival of the company's shareholders' wealth, earnings per share from 0.63 to reduce to 0.47, net assets per share from 4.52 reduced to 4.23. Further studies revealed that the merger of horizontal mergers and acquisitions and multiple acquisitions in the acquisition of the year and a year later did not produce synergistic effect. By acquiring firm relative to the acquiring firm size , the greater the surviving company earnings per share and net assets per share after the merger will increase. The above study is not only conducive to a thorough understanding of the factors affecting the performance of mergers and acquisitions , the strategic decision-making and investment efficiency of enterprises have a certain theoretical significance and practical value.%并购浪潮的到来及并购方式的多元化迫切需要学术界探索并购价值创造的规律。文章首先对国内外并购绩效及其影响因素进行了梳理，采用手工整理的我国沪深A股上市公司1999-2011年发生并完成换股并购的上市公司数据，实证检验了并购公司规模特征及并购行业关联属性对并购绩效的影响，结果发现：总体而言，换股并购使存续公司的绩效下降。换股并购前后每股收益从0.63减少至0.47，每股净资产从4.52减少至4.23；被并购方相对规模越大，越有利于增加并购绩效；横向并购或纵向并购有利于增加并购绩效，而多元并购不利于增加并购绩效，这支持了并购的协同效应假说。研究结果不仅有利于透彻理解并购绩效的影响因素，而且也对我国企业战略决策和投资效率的提高具有一定的理论意义和实践价值。