摘要
在前人研究的基础上,利用DEA-SFA二次相对效益模型评价中国上市公司的关联并购绩效及估计影响因素对关联并购绩效的作用。实证结果表明,关联并购无论对企业短期绩效还是长期绩效均具有显著的提升作用,而并非传统观点所谓的会表现出"先升后降"的特征。事实上,真正"先升后降"的是关联并购对企业绩效的提升程度。现阶段关联并购对上市公司绩效主要是发挥"支持之手"的作用,不过这种提升作用会随着时间推移而逐渐减弱。
This paper makes an empirical study creatively and estimate the performance of influence factors associated with connected party M&A using DEA-SFA binary relative evaluation model and finds that the connected party M&A would have significantly positive effect on either short-term performance or long-term performance,rather than traditional viewpoints indicated.In fact,the trend of decline really exists in the margin of effect of connected party M&A.At present stage the connected party M&A plays'a hand of support'role in listed companies performance,but the power of this improvement will be weaker and weaker over time.
出处
《金融经济学研究》
CSSCI
北大核心
2013年第3期55-67,共13页
Financial Economics Research
基金
教育部哲学社会科学研究重大课题攻关项目(11JZD020)
广东省软科学研究项目(2012B080701001)
