中文摘要：

选取1997~2000年我国285个国有企业首次公开发行后3年发生的312起并购重组事件作为研究样本,考察了我国上市公司发生关联并购重组的根源与后果。研究发现,影响我国上市公司发生关联并购重组的根源是股份制改造模式;关联并购重组并不为股东创造财富,为股东创造财富的是非关联并购重组的样本;在完整改造的公司中,非关联并购重组的财富效应好于关联并购重组的。

英文摘要：

Using a sample of 285 Chinese State-owned Enterprises（SOEs） that went public between 1997 and 2000,we study 312 post-IPO merger and acquisition（MA） cases to identify the root and the effects of relative MA of Chinese listed companies and find that the mode of restructuring is the root of the problem.A research on the effects of relative MA reveals that MA in China has created value for shareholders as a whole,but this wealth-effect only exists in non-relative transaction samples while relative MA really could not add shareholder value.Empirical studies also indicate that in completely restructured SOEs,the non-relative MA have more abnormal returns than relative MA.