并购协同效应的计算

Computation of Synergy in Mergers

协同效应是企业并购的核心内容。本文综述了国内外关于协同效应的实证研究 ,并总结出并购协同效应的计算方法。这些方法从不同的角度出发衡量协同效应 ,其中发展得比较成熟的是在异常收益的基础上计算协同效应 ,以及从业绩改变角度着手衡量协同效应。评价新模型和国内的两种方法在计算的合理性以及准确性上则需要做进一步的探讨。

Synergy is the core of corporations' mergers. This article introduces the empirical study about synergy in mergers, and summarizes methods that can be used to compute the synergy. These methods focus on different emphases. The two pre vailing methods are the method based on abnormal return and the method based on performance improvement following mergers. However, the new model and the other two methods are in need of further study to improve their rationality and exacti tude.