《格林柯尔：演绎“龙”的传说――关于格林柯尔收购ST科龙的绩效分析》.pdf

格林柯尔：演绎“龙”的传说 ——关于格林柯尔收购 ST 科龙的绩效分析 Greencool: Creating the Legend of “Dragon” ——A Performance Analysis of Greencool’s merging Kelon （刘英，西安交通大学经济与金融学院，陕西省西安市，710061 ） (LiuYing, The Economic and Financial College of Xi’an JiaoTong University, Xi’an, 710061China) 摘要：格林柯尔式的收购事件是中国证券市场上并购现代版最好的素材之一，是一种真正以产业整合为基 础，提升企业核心竞争力的盈利模式，标志着证券市场正走向规范和成熟，也标志着庄股不败神话的破灭。 对此本文分别采用财务分析、二级市场股价表现及累计超额收益率(CAR) 的方法，对格林柯尔收购科龙后 的绩效从社会绩效、整合绩效、交易绩效三重涵义上进行了全面及时的跟踪分析，同时依据了截至 2003 年 3 季度的必威体育精装版统计资料，从而使研究既考虑了绩效产生所需的时间因素，又兼顾了并购在证券市场中的 短期效应。研究表明，此次并购获得了骄人的业绩，科龙的财务指标逐年上升，截至 2003 年 9 月底，总 资产较并购前增长 40.99% ，一举扭亏为盈，不仅成功摘去了“ST”帽子，而且经营效益稳步增长。最后， 本文对实证研究结果进行评论，以期为其他上市公司并购活动的成功实施提供一些可借鉴的思路。 关键词：产业整合；绩效分析；整合绩效；交易绩效；累计超额收益率 Abstracts: The Mergers Acquisitions Mode of Greencool Technology Holdings Ltd, one of the best materials of modern MA, is an earning mode promoting core competitive power of an enterprise, basing on the industrial integration. The merger signifies that the stock market of China is marching to normalization and maturity. Though analyzing financial ratios, stock price and Cumulative Abnormal Return (CAR) respectively, the paper has an overall performance analysis of Greencool’s merging Guangdong Kelon, from three angles of society performance, integration performance and trade performance. Meanwhile, the latest statistical data helps the study to considerate both the time needed by producing long-term performance and the short-period reaction in the stock market. And the study shows that the mergers gain rather fine performance, the financial ratios rising gradually. Last, the paper gives an aggregative commentary of the case and brings up some trains of thought to other MA actions of China. Keyword