1998年中国上市公司并购实践的效应分析

对上市公司的收购是中国股市近些年出现的新现象 ,本文以 1 998年深沪两市发生的全部 67家公司的并购为样本 ,以公司净资产收益率 (NROA)和主业利润率(CROA)为指标 ,将所有样本根据并购原因划分为 6类 ,以并购前 2年和并购后 3年的数据为基础 ,系统分析了并购的效应与得失。在此基础上 ,还讨论了国有企业与民营企业作为收购方的并购效应和并购的有偿转让与无偿划拨方式的不同结果。文章的结论是 :业绩较差的公司较愿出让控股权 ;多数并购是战略性的 ,获上市地位是主要的并购动力 ;并购后主业得到明显加强 ;市场化的战略性并购效果较好 ,有偿并购的效果也较好。

Analysis of Chinese Corporation Merger and Acquisition in 1998

Purchasing a listed corporation is a new phenomenon in Chinese stock market in recent years. According to the index of ANOA and CROA, this paper divides all 67 sample corporations in Shenzhen and Shanghai stock market in 1998 into 6 different types, each one has its own reason for M & A. Calculated on the data 2 years before M & A and 3 years after M & A, the paper also points out the effect, gain and loss in a M & A process. Then the paper analyzes different buyers' position (state owned or privately owned), and different methods of transfer accounts (paid or without paid), and different results reached respectively in M & A. The conclusions are: Companies with bad performance are more willing to sell share than those with good performance. Most of the M &A are strategic, and the main motive force to M & A is to be on the list. The main businesses of the corporations are strengthened after M &A. Compared with other forms, marketed and strategic M & A, and compensated M & A can have better effects.