摘要
本文采用不变收益率模型,以2000年上海证券交易所发生购并的公司为对象,从购并方、目标方以及按购并方所处的行业划分为横向、纵向和混合购并的角度,考察了购并事件对公司绩效的影响。研究表明:购并事件的公布能提高目标公司的绩效,而对购并公司只能在短期内提高其绩效;横向购并和纵向购并对公司的绩效无影响,混合购并在公告当日为公司带来超常收益,长期来看也可提升公司的价值,提高公司的绩效。
By adopting the Fixed Return Model, we studied the efficiency of merge and acquisition cases of the companies listed in Shanghai Stock Exchange in 2000 from the horizontal, vertical and blend perspectives of the acquirer, acquired and the industries of the acquirers. The study shows; on the first day of the declaration, the merge & acquisition decision enhances the efficiency of the company to be acquired; but for the acquirer, the efficiency is limited in short term; there is no difference between horizontal or vertical merge & acquisition; the blend merge & acquisition will cause abnormal return for the company on the day of declaration and appreciate the value of the company in long term so as to enhance the efficiency of the company.
出处
《上海管理科学》
2002年第5期30-33,共4页
Shanghai Management Science
关键词
不变收益率模型
公司购并
购并绩效
累积超常收益率
Merge and Acquisition, Efficiency, Model of Fixed Return, Accumulated Abnormal Return
