摘要
本文基于后股权分置时代中国资本市场的制度背景,选取以上市公司为并购主体的并购交易为样本,研究了并购交易特征对企业并购短期绩效的影响。研究结论表明,采取现金支付的并购绩效高于股票支付的并购绩效;股权收购的并购绩效高于资产收购的并购绩效;并购交易相对规模与并购绩效负相关;同行业并购有利于并购绩效的提升。本文的研究结论既可以为证券市场提高资源配置效率提供重要依据,也可以为规范我国上市公司的并购行为提供重要参考,同时还可以为投资者和并购参与者提供经验认识。
Based on the system background of China＇s capital market in the age of post-split equity,this paper selects the mergers and acquisition transactions accomplished by listed corporations as samples,and studies the effects of transaction characteristics on short-term performance of mergers and acquisitions.The results indicate that that the performance of mergers and acquisitions with cash payment is higher than that with stock payment;the performance of mergers and acquisitions with purchasing stocks is higher than that with purchasing assets;the relative scale of mergers and acquisitions transaction has a negative correlation;and the mergers and acquisitions between the same industries benefit the improvement of mergers and acquisitions performances.This article＇s conclusions could offer important references for the stock markets to improve their efficiency of resource allocation,and for China＇s listed corporations to standardize their mergers and acquisition behaviors,they could also offer empirical knowledge for investors and participators of mergers and acquisitions.
出处
《企业经济》
CSSCI
北大核心
2011年第6期20-23,共4页
Enterprise Economy
关键词
并购
交易特征
绩效
mergers ＆acquisitions
transaction characteristics
performance
