中国上市公司中主并公司的特征识别

Characteristics Identification of Acquiring Companies in Chinese Listed Companies

本文以2003年A股上市公司中122家只发生一次并购的公司和489家未发生任何重组的公司为样本,采用因子分析法和Logistic回归建立了主并公司的特征识别模型,发现主并公司进行并购后提高了盈利能力、营运能力和股本扩张能力。

This paper sets up a characteristics identification model of acquiring companies based on the M＆A data of 122 acquiring companies and 489 non - restructuring companies in 2003, using factor analysis and logistic model. The authors find out those companies with lower capability of profitability and operating capability attempt to increase the financial performance by M＆A. After M＆A, the acquiring companies raise the profitability, the capability of operating, and the capability of equity expanding.