公司并购绩效评价研究方法述评

The Research Methods Review of Corporate Merger and Acquisition Performance Evaluation

基于国内外学者研究文献,论文归纳出公司并购绩效评价的主要研究方法是包括事件研究法、财务指标法和案例研究法等实证研究方法。研究指出,每种绩效评价方法都有优劣之处,采用超额累计收益率的事件研究法有"事件期"长短的选择之分,财务指标法存在财务指标的操纵性等方面的问题,案例研究法更适宜于个案深入研究。随着中国股票市场有效性不断增强,这些研究方法在并购绩效评价方面将获得更广泛的应用。

Studies of M＆A performance evaluation mainly concentrated on empirical research respectively with event study method, accounting -based method and case study method. Each method has its advantages and disadvantages. Event study method using CAR as an index divides into short -term and long -term studstudy methods will be used more extensive in future.