整合协同效应视角下网络型产业并购绩效研究——来自信息技术业的经验证据

On the M&A Performance of Network Industry from the Perspective of Integration and Synergy Effect:Evidences from Information Technology Sector

以信息技术业为例,采用事件研究与因子分析模型对网络型产业企业并购的市场投资者预期绩效与经营绩效分别进行探讨。研究发现,中国证券市场存在信息非半强式有效;市场对网络型产业不同类型的并购均持较为肯定的态度,市场投资者预期绩效改善明显;企业关联度对企业并购经营绩效作用较大,横向和纵向并购绩效改善显著,混合并购很难提高甚至有可能降低企业经营绩效。

Taking the information technology sector as an example, this paper employs the event study and factor analysis model to investigate the market investor＇ s expected performance and operation performance of mergers and acquisitions in the network industry. The results indicate that Chinese security market is in a non-semi-strong-form efficiency, and the attitude of market to different types of mergers and acquisitions in the network industry is positive, which is reflected by the significant improvement of expected performance of market investors. Moreover, the relatedness of companies is significant to their post-performance, and the performance of horizontal and vertical mergers and acquisitions is significant, but conglomerate ones are difficult to improve or even decrease their operation performance. Finally, it proposes the suggestions for the improvement of M＆A performance.