我国上市公司跨国并购的财务绩效研究

本文以发生于2000—2007年的36起我国上市公司跨国并购事件为样本,运用单一指标法和综合指标法,实证检验了我国企业跨国并购的财务绩效。基于单一指标法的研究结果表明:我国上市公司跨国并购后,其盈利能力有所下降;基于综合指标法的研究结果表明,我国上市公司实施跨国并购后,虽然其短期综合绩效未能得到改善,但并购后2～3年的综合绩效有一定提高,但绩效改善并不显著。分行业的检验结果表明,我国机械行业上市公司跨国并购后的财务绩效要好于信息业和家电业的企业。

Empirical Study on Financial Performance of Chinese Listed Companies in Cross-border M&A

Taking 36 cross-border acquisitions undertaken by Chinese listed companies during 2000--2007 as the examples,this paper examines the financial performance with the single index method and the comprehensive index model. The result based on the single index method shows that the profit-making capability of Chinese listed companies have slided down. The result based on the comprehensive index model reveals that, the financial performance of Chinese listed companies has been improved insignificantly in the second and third year after the acquisition though it has not been improved in a short time. It also finds that the financial performance of listed companies in mechanical industry after the crossborder M＆A is better than that of listed companies in information industry and household electrical appliances industry.