摘要
对传统的数据包络分析模型(DEA)进行改进,建立适合公司并购绩效评价的DEA评价模型.采用沪深证券市场的5133个并购事件样本,利用改进的DEA模型结果指数θ*度量公司并购前后4年的绩效,并通过分析并购前后公司绩效指数θ*变化情况,来分析公司并购活动对公司价值提升的影响.研究结果表明,在我国,并购对公司绩效确实具有较强的提升作用,并购对改善公司的业绩是有效的,尤其是最近几年,并购的业绩提升作用具有加强的趋势.
DEA method was use in this paper to measure the performance of Chinese Public Company 4years before and after it＇s Merger and Acquisition. 5133 M＆A events happended in Shanghai and Senzheng securities market between 1998 and 2003 was used in this research, and very company＇s performance index θ was caculated, The effect of M＆.A to company＇s performance was analyzed through the change of the company＇s θ 4 years before and after the M＆A. The result of research shows that M＆A have positive effect for eompany＇s performance and this effect was strengthened in recent years.
出处
《数学的实践与认识》
CSCD
北大核心
2007年第19期25-30,共6页
Mathematics in Practice and Theory
关键词
数据包络
DEA
并购
价值效应
投资价值
DEA merger and acquisition fortune effect
investment value effect
