我国上市公司并购绩效的实证研究——基于EVA模型

选取沪深上市公司2005年发生的37起并购案作为研究样本,利用会计数据,分别计算2004—2009年各个并购公司的EVA值并分析其变化趋势,发现大多数并购公司在并购后两年内经营绩效没有得到提升,反而损害了股东的利益,并购三年后,有些公司的绩效才有所改善。研究还发现:国有控股并购减少了股东财富,且国有控股并购对EVA的影响最为复杂,但横向并购增加了股东财富。

An Empirical Study on M & A Performance of Listed Companies in China:Based on the EVA Model

The paper selects the 37 listed companies’ M&A cases from the Shanghai and Shenzhen stock market in 2005 and calculates the each company’s EVA and its variety trends from 2004 to 2009.We find that most M&A companies didn’t improve their performance but reduced the wealth of shareholders within two years after M&A instead.And some companies improved their performance after three years.More studies show that vertical M&A added EVA while state-owned companies reduced EVA in M&As,and it is uncertain of EVA in the related M&As.