摘要
以2000～2007年我国上市公司的36起跨国并购事件为样本,运用事件研究法和会计指标研究法,从财富效应和经营绩效两方面考察了我国上市公司跨国并购的微观绩效。实证结果表明,我国上市公司的跨国并购给股东带来了一定的财富损失,但不显著;在经营绩效方面,我国企业跨国并购后虽然短期综合绩效未能改善,但并购后2、3年绩效有一定的提高。
36 cross-border acquisitions undertaken by Chinese listed companies between 2000 and 2007 were taken as examples to examine the wealth effect and financial performance with event-study approach and accounting-study approach.The empirical results revealed that these cross-border acquisitions destroyed shareholder wealth insignificantly.However,the integrated performance of Chinese companies had been improved in the second and third year after acquisition compared with the year before acquisition.
出处
《武汉理工大学学报（信息与管理工程版）》
CAS
2010年第2期329-332,共4页
Journal of Wuhan University of Technology：Information & Management Engineering
基金
国家自然科学基金资助项目(70973089)
武汉大学人文社会科学研究青年基金资助项目(08QNXM06)
关键词
跨国并购
财富效应
经营绩效
cross-border M＆A
wealth effect
financial performance
