东北大学学报（社会科学版）

东北大学学报（社会科学版） ›› 2016, Vol. 18 ›› Issue (3): 255-261.DOI: 10.15936/j.cnki.1008-3758.2016.03.006

• 经济与管理研究 • 上一篇    下一篇

创业板上市公司股权结构对并购绩效的影响

赵息，陈佳琦   

  1. (天津大学管理与经济学部，天津300072)
  • 收稿日期:2015-10-13 修回日期:2015-10-13 出版日期:2016-05-25 发布日期:2016-07-29
  • 通讯作者: 赵息
  • 作者简介:赵息(1955-)，女，天津人，天津大学教授，博士生导师，主要从事公司治理、企业并购研究。
  • 基金资助:
    天津市社会科学规划重点资助项目(TJGL15-003)。

Impact of the Ownership Structure of Companies Listed on the GEM upon M & A Performance

ZHAO Xi， CHEN Jia-qi   

  1. (School of Management and Economics， Tianjin University， Tianjin 300072， China)
  • Received:2015-10-13 Revised:2015-10-13 Online:2016-05-25 Published:2016-07-29
  • Contact: -
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摘要： 结合创业板股权结构的特点，选取了创业板上市公司2011-2012年期间发生的50起具有代表性的并购事件作为研究样本，采用因子分析法衡量了样本的综合并购绩效，采用多元回归方法实证检验了我国创业板上市公司股权结构对并购绩效的影响。研究结果表明:从总体上看，我国创业板上市公司通过并购整合综合绩效并没有得到有效提升，创业板上市公司股权集中度与公司并购绩效负相关。因此，企业应适度合理地改变创业板上市公司的股权结构，形成股权制衡机制，并降低财务风险，强化并购后的有效整合。

关键词: 创业板, 并购绩效, 股权结构, 因子分析

Abstract: Taking into account the characteristics of GEM ownership structure and selecting 50 representative M & A events of the companies listed on the GEM as the research sample， the factor analysis method was used to measure the overall M & A performance of the sample and the multiple linear regression method was adopted to examine the impact of the ownership structure of the companies listed on the GEM upon the M & A performance. The results indicated that on the whole the M & A performance of the companies listed on the GEM didnt improve much and there existed a negative correlation between ownership concentration and M & A performance. Thus， Chinas listed companies should reasonably change their ownership structure， set up the ownership checks and balances mechanism， reduce the financial risks， and strengthen the effective integration after the merger.

Key words: GEM (growth enterprise market), M & A performance, ownership structure, factor analysis

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