不同模式下企业并购绩效的实证分析

The Empirical Analysis of Difference M&A'S Performances

本文对不同并购模式下上市公司的并购绩效进行了实证分析。首先回顾了一些相关理论与实证结论,接着对样本选择和数据来源做出说明,然后用累计非正常报酬率检验法对比了短期内市场对三种模式的并购活动的反应。其结论为:短期内纵向并购的CAR均值最高,与横向并购和混合并购的CAR值差异显著,但是横向并购和混合并购的差异并不显著。对于一个较长时期内企业并购绩效的变化,本文采用TOBIN'S q的变化加以衡量,相应结论为TOBIN'S q的变动由高到低依次为混合并购、纵向并购和横向并购,但是差异并不显著。最后针对研究的结果提出了一些解释和相关建议。

Firstly, some related theories and empirical conclusions are summarized, and then, we make some explanations on the choice of samples and the source of data. Secondly, short - term market reaction to three kinds of M&A are calculated by the method of CAR,. As to the relatively long period , the variation of TOBIN S q is made used of to measure changes of firms' performance. Finally, some explanations and suggestions concerned are proposed.