产业周期、并购类型与并购绩效的实证研究

The Empirical Study of Industry Life Cycle,the Types of M&A and the Performance of M&A

本文旨在运用产业周期理论解释多样化并购溢价之谜。企业多样化并购是否能为公司创造更多的价值,一直是国内外学术界争论不一的问题。本文选取上海证券交易所和深圳证券交易所的上市公司从1998年到2004年发生的749个并购样本,运用多变量线性回归方法检验了处于不同产业周期阶段、不同并购类型的并购绩效。研究结果支持了我们的理论假说,即企业并购绩效的优劣不仅取决于并购类型,而且还与并购双方的产业周期有关,从而部分解答了企业多样化并购溢价之谜。

This paper aims at providing an explanation to the premium puzzle of Diversifying M＆A by using the theory of Industry Life Cycle （ILC）. Whether Diversifying M＆A can create more value for companies or not has become a controversial issue for domestic academia. Thus, 749 M＆A samples were chosen from Shanghai Stock Exchange and Shenzhen Stock Exchange with the sample period from 1998 to 2004. By applying Multivariate Linear Regression method on these data, the paper studies the performance of different type of M＆A at different stage of ILC. The conclusion of this paper can support author＇s assumption, namely, besides M＆A types, the performance of M＆A has something to do with ILC, which can partly provide an explanation to the premium puzzle.