摘要
从总体市场风险的VaR值的变化和经营业绩角度对三种并购类型的绩效进行了实证研究,得到的结论为:横向、纵向、混合并购总体市场风险并购后先逐年上升,后期与市场平均风险值趋于一致,且三种类型之间无显著区别。横向、纵向、混合并购样本公司业绩均先升后降,但从总体上看混合并购优于横向和纵向并购。
We compare the difference of M＆A＇s performance from two aspects, the VAR and the integrated point function model. The results show that horizontal, vertical and conglomerate M＆A＇s total market risk raised in the first stages and then decline, and that the three types of M＆A tend to be equal to the average value of market risk. The performance of M＆A companies are likely to get better only in the first years. But as a whole, the performance of conglomerate M＆A is better than horizontal M＆A and vertical M＆A.
出处
《财经理论与实践》
CSSCI
北大核心
2007年第2期66-70,共5页
The Theory and Practice of Finance and Economics
基金
湖南省自然科学基金项目(06JJ20035)
湖南省社会科学基金项目(06ZC04)
湖南省哲学社会科学成果评审委员会2006~2007年度立项课题(0608025C)
湖南大学SIT项目(060603)
关键词
VAR值
横向并购
纵向并购
混合并购
并购绩效
Value at Risk
Horizontal M＆A
Vertical M＆A
Conglomerate M＆A
M ＆ A Performance
