摘要
纵览世界各国资本市场的发展,公司并购重组是一个永恒的热点。经过并购重组后这些公司经营绩效表现究竟如何呢?本文首先全面总结了20世纪80年代以来国内外学者对公司并购绩效的最新实证研究,证明了两大公司并购悖论的存在;其次从公司并购绩效的研究方法、计量指标以及研究思路三方面来探讨公司并购悖论的实证释疑与不足;最后重点评论我国学者实证研究公司并购绩效的缺陷。
M&A is always a heavily discussed topic relating to world capital market. How are the companies doing as a result of mergers and acquisitions? This paper reviews the latest case studies conducted by domestic and international scholars since 1980s and proves the existence of two merger paradoxes. Surrounding merger results research method, measuring index and research mentality, the author clarifies merger paradox and points out the problems of empirical research by the Chinese scholars.
出处
《证券市场导报》
CSSCI
北大核心
2007年第1期45-55,共11页
Securities Market Herald
关键词
公司并购重组
成功悖论
协同效应悖论
公司并购绩效
mergers and reorganization
success paradox
coordination effect paradox
post M&A corporate performance