我国企业并购重组市场价值效应研究

企业并购重组，是我国提高企业综合竞争力、调整产业结构、转变经济增长方式的重要途径。如何评价企业并购重组战略的市场价值，已经成为政府管理部门和企业共同面临的课题。本书以沪深股市的数据为基础，采用事件研究法，对并购重组战略的价值效应进行研究。研究发现，并购重组给业绩差的卖方带来少量正的价值效应。然而，无论是卖方还是买方，具有良好业绩的企业在并购重组后都出现了大幅度的利润率下降，价值效应显著为负。总体来看，我国股市1998～2011年并购重组行为总的价值效应为负，上市公司的并购重组行为实际上变成了大股东对上市公司的“抽血”行为，中小股东的利益受到损害，尤其是很多利益集团利用手中掌握的行政权力、资源及信息优势，并通过制造制度漏洞，从广大中小股民身上攫取了太多的利益，使股市呈现一种负和博弈。总之，我国股市的并购重组没能为股东创造价值，相反，却在某种程度上摧毁了价值。


本书分别详细研究了不同并购主体、不同并购方式以及不同行业并购事件所带来的市场价值效应，所得结论对于了解我国并购现况和进行决策都具有一定的参考价值。











Mergers and acquisitions is to improve the comprehensive competitiveness of enterprises in our country, adjusting the industrial structure and transformating the model of economic growth. How to evaluate the market value of the strategy has become a common topic faced by the government management departments and enterprises. This book is based on the Shanghai and Shenzhen stock data, and uses case studies to value the effects of mergers and acquisitions. The study found that mergers and acquisitions involving sellers which have a poor performance have brought a small amount of positive value effect. Both the sellers and the buyers which have a good performance will have a substantial profit margin decline after the mergers and acquisitions and the value effect is significantly negative. So overall, M&A’s value effects on Chinese stock market from 1998 to 2011 are negative, mergers and acquisitions damaged the interests of minority shareholders, in particular, many interest groups used their mastery of administrative power, resources and information superiority, and by manufacturing system vulnerabilities to exploit the masses of investors. The stock market presents a negative sum game. The facts show that the Chinese stock market didn’t create value for shareholders, mergers and acquisitions, on the contrary, have destroyed the value to some extent.


The book includes different subjects, different ways of mergers and acquisitions and value effects on M&A in different industries. The conclusions have certain reference value for studying M&A in our country and making decisions.