中国企业并购行为差异性研究——基于函数性数据分析

Study on the Difference of M&A in China——Based on FDA Method

本文利用1999-2012年中国各个地区并购重组数据,在数据修匀的基础上,采用函数性主成分分析及函数性方差分析等手段,对全国各个地区公司并购重组的差异性进行了研究。结果表明:随着时间的推移和地区经济的发展,整个并购重组呈现上升趋势,全中国各个地区并购差异性逐渐增大;股权分置改革和金融危机对全国各个地区公司的并购重组有较大影响,但是对不同地区的影响具有很大差别,并且金融危机对全国各个地区公司的并购重组速度的影响持续时间比较长;近期地理和经济比较占优势的沿海地区的并购行为相对活跃。

Based on the data of M＆A from 1999 to 2008 in China,this paper studied the differences on all regions in China by using functional principal analysis and functional variance analysis methods. The results show that with the passage of time and the development of regional economy, the whole trend of M＆A and reorganization is rising; The differences of M＆A and reorganization was gradually increasing from region to region in China. Equity division reform and financial crisis had a great influence on M＆A and reorganization, but the influence was very different in different regions; Financial crisis had a long time influence on velocity of M＆A and reorganization. The M＆A and reorganization activities were more active than others in these coastal regions who had the advantage of geography and economy.