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对企业并购长期市场绩效与影响因素的研究是目前理论界关注的焦点。以中国上市公司1998~2004年发生并购的公司为样本,研究并购公司在并购后三年的市场绩效,结果表明:并购后三年内并购公司的市场绩效都小于对照组的市场绩效;虽然管理者有高估自己能力的可能,但是对绩效推断假说的检验表明,无法用管理者是否过度自信解释价值型公司和成长型公司在并购后长期市场绩效的差异。
The research on long-term market performance and influencing factors of M & A is the focus of attention of theorists. Taking the listed companies in China from 1998 to 2004 as a sample, this paper studies the market performance of the M & A companies in the three years after M & A. The results show that the market performance of the M & A firms in the three years after M & A is less than that of the control group. Although the managers There is possibility of overestimating their own abilities, but tests of the performance inference hypothesis show that it is not possible to explain with managers’ overconfidence over the long-term differences in market performance of value and growth firms after M & A.