中国上市公司兼并与收购的绩效与风险评估

6120041()JOURNALOFHIT(SOCIALSCIENCESEDITION)Vol16No11Jan.,2004:100921971(2004)01-0100-06(,150001):,20002001200270,4,,,,20002002,,:;;;;:F224.0:AOperatingperformanceandriskevaluationofM&AinlistedcompaniesinChinaTIANBo-ping,FENGYing-jun(HarbinInstituteofTechnology,HeilongjiangHarbin150001,China)Abstract:ThispaperintroducesastudyofoperatingperformanceandrisksoftheM&AinlistedcompaniesinChina.70corporationsselectedin2000,2001and2002werechosenassamples,andanalyzedaccordingtothefourselectedindexesbyfactorizationmethodtoobtainthecomprehensivescore.ThentheoperatingperformanceoflistedcompaniesbeforeandafterM&Awascompared,andsomefactorsaffectingtheoperatingperformanceweredis2cussed.RiskscausedbytheM&Awerealsodiscussed.SomeconclusionswerereachedaftercomparingthechangesofmonthlyearningratiobeforeandaftertheM&A.Keywords:Mergers&Acquisitions,performance,investmentrisk,listedcompanies,,,[1-10],,,,,,,,,,1(1),2000103,2001119,2002168:2003-10-20:(70131010):,,;,,.©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:G1/;G2/;G3;G4,:Gji(j=-1,0,1,2;i=1,2,3,4)ji(j=-1;j=0;j=1,;j=2)(2),,[11],,,:Fi=i1Yi1+i2Yi2+i3Yi3+i4Yi4Fii,ijij,YijijG1G2G3G4,,,,,(,70,50,30)::F-1i=0.05806Yi1+0.550Yi2+0.49188Yi3-0.06801Yi4:F0i=0.23373Yi1-0.10090Yi2+0.62879Yi3+0.62079Yi4:F1i=0.20516Yi1-0.35180Yi2+0.35863Yi3+0.35958Yi4:F2i=0.24668Yi1+0.32868Yi2+0.35221Yi3+0.37136Yi420002002,,,:F0-F-1i,70,70;F1i-F0iF1i-F-1i,50,50;,F2i-F1iF2i-F-1i,30,30,,:F0-F-1-17070i=1(F0i-F-1i),F1-F-1=15050i=1(F1i-F-1i),F2-F-1=13030i=1,F1-F0=15050i=1(F1i-F0i),F2-F1=13030i=1(F2i-F1i),,,11FF0-F-1F1-F0F1-F-1F2-F1F2-F-170505030300.077870.228960.01009-0.13261-0.226660.2570.56-0.520.300.433(:F-1F0F1F2)1011,:©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(3)25.7%,,,,,,,,,,,,56%,;44%,,,26%,,,,,2000,2000,70%,30%,,2002,,,50%,,,,,,,,,,,,,2000,,,-0.22666,50%,2(1),,,,,,,200012,20019,200212222000200120021600002600703600275260006200050460089236002120004080005134600608000567ST0009275600615600763ST0007196600620900935B0006087600634600137ST6002958600645000065000711960072400081060036110600828000586ST11000429A00097512000014000657,,,,,,,,1120002002201()6©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:Rit=Pit-Pi(t-1Pi(t-1)(i=1,2,3,,12;t=-5,-4,-3,,5):Ritit,t,t;Pitit;Pi(t-1it-120002002[12](2),::R-1i=-1t=-5Rit5,Ritit,t;:R1i=5t=15,t;:-1=-1t=-5(Rit-R-1i)25;:1i=5t=1(Rit-R1i)5;20002002,,3320002001200210.346769-0.54077-0.1376920.2539180.1499640.71157130.1637850.30345-0.502154-0.228080.597931-0.7885250.0129140.314480.12942460.1656440.7796830.5683170.0641560.449730.539738-0.056860.4790270.1299379-0.031580.6285610.672045100.4660040.78191411-0.396750.667077120.6865390.6334811),:ŠRt=RitN:ŠRtt;Ritti;N,2000N=12;2001N=9;2002N=12200020022),ŠRt;,ŠRm3),:=(ŠRt-ŠR)25:,;ŠRs,ŠRmsm44200020012002ŠRt0.0539-0.01230.0032ŠRm0.0075-0.0045-0.0045s0.03870.02660.0170m0.02850.01970.0215(1)200012,9,8,2000,,,,,20013011,:©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:2000200120020.416.7%,55.6%,58.3%,,,(2)20002002,2000,,,2001,,2001,2002,:20002002,2001,,20002001,2002,,199719992000,,199820012002,,,,31993,,1997,,,,,:,,,,,:,,,,;,,,,,,,,,401()6©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:20002002,,,,2002,2001,,,,,,,,,,[1],.[M].:,2001.[2].[M].,2002.1-20.[3].(1)[M].:,2003.3-45.[4],.[J].,2001,(1).[5],.[J].,2000,(4).[6],.[J].,2003,(1).[7],.[J].,1999,(12).[8]Houston,J.F.andM.D.Ryngaert.Theoverallgainsfromlargebankingmergers[J].JournalofBankingandFinance,1994,(18).[9]Vennet,R.V.Theeffectofmergersandacqui-sitionsontheefficiencyandprofitabilityofECcreditInsti-tu2tions[J].JournalofBankingandFinance,1996,20(9).[10]Francois,J.F.andLutger.Tradeinfinancialservices:Procompetitiveeffectsandgrowthperformance[J].CentreforEconomicPolicyResearch,1999,(5).[11],.[M].:,1999.120-137.[12].SAS[M].:,2002.201-207.[]5011,:©1994-2009ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.