旅游上市公司治理对并购绩效的影响研究

The influence research of tourism listed companies government in M&A performance

公司治理在理论上对并购绩效存在着积极的促进作用,但由于市场规范性的缺失,致使公司治理的功能受到抑制。基于我国A股旅游上市公司并购的公司治理数据,借助于多元回归分析方法,实证性的研究发现:董事会治理和经理层治理对并购绩效存在着正向的促进作用,监事会治理和社会监督对并购绩效缺乏促进功能,而信息披露对并购绩效的促进功能存在着不确定性。本研究结论为我国旅游上市公司并购的深化和完善提供了理论借鉴。

Corporate governance in theory plays a positive role in promoting the performance of M＆A, but because of the lack of normative market, the function of corporate governance is restrained. Based on the merger and acquisition data of China＇s a-share corporate governance of listed company, and by means of multiple regression analysis method, empirical study finds that： the board governance and managers play a positive role in promoting the M＆A performance, while the board of supervisors governance and social supervision are shorting of the promoting function to the M＆A performance. and the promoting function of informative disclosure on M＆A performance is uncertain. The conclusion of this study provides a theoretical reference for the deepening and perfect of merger and acquisition of China＇s tourism listed company.