中国上市公司并购绩效的实证分析

西方经典企业并购理论可主要归结为使总价值增加的效率理论、自大理论、代理问题和再分配理论。为检验这些理论在中国的适用性，本文分别采用会计研究法和事件研究法，对中国上市公司1999年发生的85起控制权转让案和2002年55起重大资产重组案的并购绩效进行了全面分析，兼顾了并购绩效产生所需的时间因素和实证研究的实效性，从而揭示中国企业并购之动机及其绩效。研究表明，并购重组给目标企业带来了收益，其CAR为24．502％，超过20％的国际水平；而收购企业收益不大且缺乏持续性。同时本文结合个案分析补充大样本研究的不足，得出并购理论在中国具有一定适用性。最后，本文从并购动机、并购方式等不同角度分析了我国并购失败率高的原因。

An Empirical Analysis on M&A Performance of China's Listed Companies

Western classical M&A theories can be reduced to synergy theory, hubris hypothesis, agent problem and redistribution theory. In order to test their adaptability in China, this paper, using respectively the accounting research method and incident study method, does an overall analysis on the effect of China's 85 listed companies' M&A cases in 1999 and 55 in 2002, and thus reveals the motives of China's M&A and its performance. The study shows that the M&A brings benefit to target enterprises whose CAR is 24.502%, higher than the international level (20%), whereas to the acquiring enterprises little continuity and less benefit is gained. It concludes that the M&A theories are of certain adaptability in China. Lastly, the paper analyses the reasons for the high rate of failure in China's M&A.