企业集团并购绩效与产业关联的实证研究

Study on the Result Verse the Co-Relation of Industrial in Merging Among Enterprises’Group

以上市公司为研究样本,用净资产收益率分析了并购绩效与产业前、后关联效应的相关关系,得到了产业关联对企业集团的形成和并购的绩效有重大影响,关联系数较大的企业集团沿着产业链方向进行纵向并购的成功概率较大。

Adopted the share-holding companies appear on the market as samples and net revenue of asset (NOAR)as the analysis criteria, co-inner relationship has been studied between the beneficial result of merge and the forward and backward co-relative coefficient. The conclusion proves that the relative degree of industrial can affect the beneficial result greatly. Those enterprise groups with bigger relative coefficient will have a bigger probability when they merge along the longitudinal direction.