并购重组对深市上市公司绩效的影响及实证分析

文章以2001年深市发生并购重组的A股上市公司为样本，采用主成分分析方法，对发生并购重组的上市公司并购前后共5年的绩效分别进行评估，并对年度间的绩效变化进行Wilcoxon检验。实证研究表明，收购兼并类上市公司的绩效在并购当年显著改善；股权转让类上市公司绩效总体呈下滑趋势；资产剥离类在并购当年来改善公司绩效；收购公司的绩效比目标公司的好；其他类型的并购重组并未使上市公司绩效发生显著性变化。

Effect of M&A Reorganization Upon the Performance of Listed Companies in Shenzhen Stock Market

This paper evaluates the five-year performance of the listed company with the method of principle component analysis respectively,by selecting a sample of A-shares with M&A regrouping in Shenzhen Stock Exchanges in 2001,then use the method of Wilcoxon to test the performance year by year.The study documents that there is an obvious improvement in the performance of M&A in the merged-year;stock right transfer comes down generally;assets separation cann't improve the performance of listed company in the merged-year;the performance of the listed company as acquiring firms,is better than the targeted company;however,the other M&A regrouping hasn't made the performance of the listed company change obviously.