公司并购中长期价值效应的管辖属性分析

Analysis on the Domination Feature of Middle-long Time Wealth Effect in Company's M&A

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1999—2004年并购事件样本，利用改进的DEA模型结果指数度量公司并购的中长期价值效应。系统地研究了并购双方的管辖属性对并购价值效应的影响。研究结果表明，同属管辖并购、异属管辖并购都会在中期给相关上市公司带来显著的正价值效应，同时异属管辖并购还会带来显著的长期的正价值效应。独立均值T检验表明异属管辖并购在中长期价值效应方面均明显好于同属管辖并购。

DEA method was used in this paper to measure from 1999 -2004 in Shanghai and Shenzheng Stock market. wealth effect by calculating index of developed DEA mode. the performance of Chinese public company This paper measured the middle -long term This paper also researched how the domination features of the two sides in M＆A impact the wealth effect of M＆A. The results indicated that the same domination and different domination M＆A will all have remarkable feature effect on relative companies in middle term; at the same time the different domination M＆A will have remarkable positive feature effect.