On the Market Expectation of Performance of M&A of Listed Companies in China
研究了2002-2006年中国191起上市公司并购事件，发现并购能提升收购方股东价值，且市场预期与会计绩效一致，但产权保护弱化会降低两者一致性。
Using event study methodology and accounting ratio analysis respectively,the paper examines the performance implications for the largest 191 MAs of listed Chinese companies between 2002 and 2006.The authors also analyze whether market expectation of performance improvement from MA can be realized in postacquisition years.The results indicate that MA increases the value of shareholders of the acquiring firms,the underlying expectations of improved performance are also realized in the future.In other words,the market-based performance of MA is synchronized with the accounting-based performance.Further analysis shows that poor shareholder property rights protection weakens the consistency between market-based performance and accounting -based performance of MA.It is found that accounting-based performance of MA depend on whether the acquiring firm has controlling power and whether the MA is a related transaction.Specifically,MA has a negative effect on the performance when the acquirer has no controlling power and the transaction is not a related party transaction.In contrast,MA has a positive effect on performance when the acquirer has controlling power and the transaction is a related party transaction.These findings suggest that when the acquirer is the dominant player in MA transaction and encounters little resistance from relevant constituencies,greater benefits from MA transaction can be realized.