股权结构对并购绩效的影响——基于中国上市公司实证分析

本文在理论分析基础上,以沪深两市40家上市公司2002年到2008年年报数据为样本,首先利用因子分析法对财务比率指标体系综合打分以衡量并购绩效,然后使用多元线性回归法实证检验了股权结构与并购绩效二者间关系。研究发现：中国上市公司并购前后绩效总体而言是先降后升的;国有股东属性与公司并购绩效负相关;管理层持股与公司并购绩效负相关,但并不显著;上市公司的股权集中度与并购绩效负相关;流通股比例与并购绩效正相关。最后针对本文研究结果提出一些建议。

Impact of Shareholding Structure on Performance of M&A——Empirical Analysis based on Listed Companies in China

Based on the principal-agent theory,the paper analyzed the major stakeholders＇ acquisition motive and focused on illustrating the impact of shareholding structure on the performance of MA from the quality of controlling shareholder,the management shares,stock concentration and proportion of shares in circulation.The paper chose part of representative samples from the Shanghai exchange and the Shenzhen exchanges in 03,04 to test shareholding structure＇s impact on performance of MA with the multiple linear regression analysis.In order to objectively reflect the financial performance of MA,the paper selected 12 financial rates to constitute a comprehensive evaluation index system,and used factor analysis to calculate the comprehensive score.The results showed that： In generally speaking,the financial performance of the MA of the listed companies in China experience from drop to rise;The quality of state-owned shareholders has a negative correlation with performance of MA owing to the ＂the principal vacancy＂;shareholding of management has a negative correlation with performance of MA,but not significantly.Stock concentration has a negative correlation with the performance of MA,the controlling shareholder who undermine the interests of small and medium-sized shareholders is the main reason which impair the performance of MA;shares in circulation has a positive correlation with performance of MA proving that with the increasing in the proportion of shareholding,＂free-rider＂ problem has been reduced in some extent.Finally,this paper make some recommendations according to the conclusion.