我国兼并重组政策的实施效果——以上市公司为例

以2005—2016年沪深A股上市公司以及2005—2019年沪深A股上市公司并购绩效数据为样本,以我国2010年出台的促进企业兼并重组的政策为切入点,综合运用面板二值选择模型、泊松模型、动态面板模型等方法,从企业并购微观层面考察兼并重组政策的实施效果。研究发现,从数量上来看,兼并重组政策颁布后激励了企业并购,提高了企业并购的概率和并购数量;从质量上来看,虽然企业并购后短期绩效提高,但从长期绩效来看,企业并购后民营企业和地方国有企业长期财务绩效下降,中央企业长期财务绩效提高。进一步研究发现,兼并重组政策通过缓解融资约束的途径弱化了兼并重组政策和并购绩效的负相关关系,提高了并购企业的长期财务绩效;但通过政府补贴手段强化了兼并重组政策和并购绩效的负相关关系,进一步降低了并购企业的长期财务绩效。研究结论意味着兼并重组政策的颁布对不同所有权性质的企业实施效果不同,中央企业在兼并重组政策颁布后企业并购的概率和数量增多,并购绩效提高;而民营企业和地方国有企业在兼并重组政策颁布后虽然并购的概率和数量增多,但是从质量来看长期财务绩效下降。

Policy Effect of Mergers and Acquisitions——the Empirical Evidence of Chinese Listed Companies

Taking the companies listed in Shanghai and Shenzhen in 2005-2016 and the mergers and acquisitions(M&A)data of Shanghai and Shenzhen A stock listed companies from 2005 to 2019 as the sample,based on the M&A policy introduced by China in 2010,using the methods of panel binary selection model,poisson model and dynamic panel model,the authors study the implementation effect of M&A policy from the micro level of enterprises.It is found that,in terms of quantity,the probability and quantity of M&A is improved significantly after the M&A policy;but in terms of quality,though,after the M&A policy,the short-term financial performance of all these enterprises is improved,the long-term financial performance of private enterprises and local state-owned enterprises is decreased,and the long-term financial performance of central enterprises is improved.Further research shows that the M&A policy improves the long-term performance of M&A companies by alleviating the financing constraints,and reduces the long-term performance of M&A companies by means of government subsidies.The conclusion means that the promulgation of M&A policy has different effect on different ownership enterprises:for the central companies,the probability and quantity of M&A is increased,and the performance of M&A is improved;for the private enterprises and local state-owned enterprises,although the probability and number of M&A is increased,the long-term financial performance is decreased.