摘要
以2007年沪深两市的205家上市公司并购活动为研究样本,采用会计研究法分析了收购公司的长期并购绩效,并运用多元回归分析了收购公司的无形资产和实物资产对并购绩效的影响。结果表明,收购公司的无形资产对并购绩效产生显著的正向影响,收购公司的实物资产对并购绩效的正向效应不具有持续性,且在随后两年下降为负效应,然而在并购后第三年转为正效应。经此推断,无形资产对并购绩效的影响比实物资产更明显。
Taking 205 M＆As of listed companies in Shanghai and Shenzhen A share markets as the research samples, this paper evaluates the longterm performance of acquiring companies using factor analysis method and analyzes the effect of acquiring companies＇ intangible and physical assets on the M＆A performance using multiple regression method, the results show that M＆A can＇ t bring the acquiring companies improving longterm performance. The intangible assets of the acquiring companies have significant positive effect on M＆A performance, and with the improvement of M＆A performance, the posi- tive effect enhances in the first and next year, but fluctuates in the following two years. In general, the positive effect is obvi- ous. The effect of the acquirng companies＇ physical assets on M＆A performance doesn＇ t have continuity, and falls to negative effet in the next two years. However in the third year ,it converts to positive effect again. The effect of intangible assets on the M＆A performance is more obvious than physical assets.
出处
《天津大学学报（社会科学版）》
CSSCI
北大核心
2013年第3期214-218,共5页
Journal of Tianjin University：Social Sciences
关键词
并购绩效
无形资产
实物资产
上市公司
performance of merger and acquisition
intangible assets
physical assets
listed companies
