后危机时代规模经济对网络型产业并购绩效的影响——基于信息技术业的实证描述

The Effect of Economy of Sale on the Mergers and Acquisitions Performance of Network-based Industry in Post-crisis era:Empirical Evidence from Information Technology Sectors

虚拟经济对实体经济的影响,在后危机时代表现得尤为突出。本研究以信息技术业为例,分别采用事件研究法与因子分析法对网络型产业并购前后的市场预期与经营绩效进行测度。研究表明,并购会引起投资者的提前或滞后反应,市场属于非半强式有效;市场预期绩效为正,投资者对于并购扩大规模并实现规模经济的正向预期较显著;从统计显著性角度,经营绩效改善并不显著,但绩效提高企业所占比例逐年上升,说明并购后的整合及规模经济效应发挥可能需较长时间。因此,规范证券市场信息披露与网络型产业并购制度,加大并购后的整合力度,对于网络型产业提高并购绩效具有重要意义。

The impact of virtual economy to real economy becomes significant in post-crisis era.Taking information technology for example,event study and factor analysis are utilized to investigate the changes of market expectation and operation performance before and after the mergers and acquisitions（MA） of network-based industry.The results indicate that the MA would lead to investors＇ response in advance or lagged,and the market is of Semistrong efficiency;secondly,the market expectation performance is positive,and the investors＇ positive expectation for MA to increase the scale to implement economy of scale is significant;form the perspective of statistics,the improvement of operation performance is not significant,but the quantities of the performance improving companies increase year by year,which implies that the integration and the economy effect of scale would be implemented in longer periods.Therefore,regulating the institution of Chinese security market and MA of network-based industry and instructing and strengthening the integration level are significance for its MA performance to be improved.