摘要
本文以2014―2016年深市发生重大资产重组的上市公司为样本,分析了重组前后上市公司财务指标变化情况。研究发现,并购重组能在短期内帮助企业迅速扩大规模、提升盈利能力,但其效果在并购重组完成后的三年内逐年下降,并购重组对公司偿债能力也会造成一定压力。此外,本文发现重组上市后上市公司业绩下滑最为明显,资产剥离类重组难以扭转公司经营困境,国有企业重组后盈利表现相对稳健,海外并购导致上市公司资产负债率短期大幅提升。
Based on a sample of listed companies which have conducted mergers and acquisitions in Shenzhen stock market from 2014 to 2016,the paper analyzes the changes of their financial indicators.The result shows that M&A help enterprises rapidly expand and improve profitability in the short term.However,the effects decrease year by year during three consecutive years after the M&A,and more pressure will be imposed on the company's solvency.In addition,it shows that companies that are listed through backdoor listing face a more evident decline when compared with other types of M&A,and it is hard for those companies to turn around through asset-stripping restructuring.The state-owned enterprises usually perform well after restructuring.Overseas M&A may lead to a substantial short-term increase in the debt ratio.
作者
郑嘉义
王建伟
Zheng Jiayi;Wang Jianwei
出处
《证券市场导报》
CSSCI
北大核心
2020年第11期62-67,共6页
Securities Market Herald
关键词
上市公司
并购重组
绩效分析
证券监管
listed companies
mergers and acquisitions
performance analysis
securities supervision
