摘要
本文研究了两个逻辑相承的财务战略问题:(1)增长动机是不是并购战略的主要动机或者直接效率目标?(2)实施并购战略以后,企业能够实现什么样的财务效应?既有的研究对此讨论较少且多为规范研究或定性分析。本文运用Logistic回归分析法以及配对均值t检验法,基于我国上市公司样本1997～2003年资料的实证分析,可以发现:管理者制定并购战略的主要动机是提高企业增长速度;企业实施并购战略以后可以实现直接效率目标,即具有速度效应,但是不能实现间接效率目标,即具有不增加企业价值的价值效应。
There are two financial strategy problems researched in this paper： Firstly, what are the drives to M＆A strategy？ Whether the growth the main drive or direct efficiency objective to M＆A strategy or not？ Secondly, what is the financial effect when M＆A strategy has been carried out？ There is little discussion which could be regarded as normative research or qualitative analysis in existing researches. Based on sample from China＇ s listed companies （1997-2003） and by Logistic Regression Method and paired-samples mean comparison, it could be found： the main drive or direct efficiency objective to M＆A strategy is to improve company＇ s growth speed; the direct efficiency objective or growth speed could be reached while the indirect efficiency objective or company＇ s value would be lost when M＆A strategy has been carried out.
出处
《经济管理》
CSSCI
北大核心
2007年第20期44-49,共6页
Business and Management Journal ( BMJ )
关键词
并购战略
增长动机
财务效应
实证分析
M＆A strategy
drive of growth
financial effect
positive research
