摘要
以控股股东特质等理论为基础,将2008年进行了并购的556家样本上市公司分为国有控股上市公司和民营控股上市公司,并对这两大类上市公司的并购绩效用Tobin’s Q值法进行了对比分析。分析结果表明:民营公司比国有公司的并购绩效更明显。对实证结果的原因进行了总结,并提出了相应的对策。
Based on such theories as the characteristics of share-holders, this paper divides the 556 sample listed companies which were acquired in 2008 into two kinds （namely state-owned share-holding companies and private ones） and makes a comparative analysis of the M＆A （merger and acquisition） performance of these two types of compa- nies by adopting Tobin＇s Q value. Results show that private share-holding companies per- form better than state-owned ones. The authors sum up the reasons and put forward some countermeasures.
出处
《广西民族大学学报（哲学社会科学版）》
CSSCI
北大核心
2012年第5期146-150,共5页
JOURNAL OF GUANGXI MINZU UNIVERSITY:PHILOSOPHY AND SOCIAL SCIENCE EDITION
基金
广西教育厅科研项目"广西上市公司融资结构与公司治理结构的相关性研究"(项目编号:200911MS79)
关键词
控股股东特质
并购绩效
Tobin’sQ值
并购整合
内部人控制
内部治理
characteristics of share-holders
M＆A performance
Tobin＇s Q value
post-merger integration
insider control
internal management
