›› 2019, Vol. 31 ›› Issue (1): 27-38.

• 经济与金融管理 • 上一篇    下一篇

私募股权投资与企业并购——基于创业板市场的证据

王磊, 刘海邻, 贺学会   

  1. 上海对外经贸大学金融管理学院, 上海 201620
  • 收稿日期:2016-10-25 出版日期:2019-01-28 发布日期:2019-01-22
  • 作者简介:王磊,上海对外经贸大学金融管理学院副教授,硕士生导师,博士;刘海邻,上海对外经贸大学金融管理学院硕士研究生;贺学会,上海对外经贸大学金融管理学院教授,硕士生导师,博士。
  • 基金资助:

    国家自然科学基金项目(71203139;71672059);教育部人文社会科学研究规划基金项目(17YJA790071);上海市浦江人才计划(16PJC020)。

Private Equity and M&As——Evidence from the GEM

Wang Lei, Liu Hailin, He Xuehui   

  1. School of Finance, Shanghai University of International Business and Economics, Shanghai 201620
  • Received:2016-10-25 Online:2019-01-28 Published:2019-01-22

摘要:

本文以创业板公司2009年至2014年间发生的并购事件为样本,考察私募股权投资对企业并购行为和并购绩效的影响。研究发现:私募股权投资参与的企业并购在支付方式上存在明显的偏好,具体为混合支付 > 现金支付 > 股票支付;虽然私募股权投资积极介入企业并购,但并没有使收购方企业在并购后显著提高经营绩效,而且,有私募参与的并购在公告日期间的股东财富显著低于无私募介入的并购,反映出市场对有私募股权投资参与的并购事件反应消极。上述结果表明,在创业板市场上,私募股权投资能影响企业并购支付方式的选择,但未发现私募股权投资提高公司并购绩效的直接证据。

关键词: 私募股权投资, 公司并购, 经营绩效

Abstract:

This paper investigates the impact of Private Equity (PE) on M&A performance in China GEM from 2009 to 2014. It is found that there are obvious preferences in the payment methods of M&A in which the PEs participate, which shows mixed payment > cash payment > stock payment. Although PEs are actively involved in M&A, they fail to improve the operating performance of acquirer after M&A. In addition, the wealth of shareholders during the announcement is significantly lower when the PEs participate in the M&A which reflects that the market reacts negatively to the events. These findings indicate that in China GEM, PEs have certain influence on M&A payment choices, but we do not find direct evidence that PEs can improve corporate performance.

Key words: private equity, mergers and acquisitions (M&A), operating performance