上市公司不同并购类型风险与绩效的实证研究  

Different M&A Kinds of Risks and the Relationship with M&A Performance:Empirical Analysis on China's Securities Market

作　　者：雷辉[1] 胡发基[1] 郝艳艳[1] SIT小组 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《财经理论与实践》2007年第2期66-70,共5页The Theory and Practice of Finance and Economics

基　　金：湖南省自然科学基金项目(06JJ20035);湖南省社会科学基金项目(06ZC04);湖南省哲学社会科学成果评审委员会2006~2007年度立项课题(0608025C);湖南大学SIT项目(060603)

摘　　要：从总体市场风险的VaR值的变化和经营业绩角度对三种并购类型的绩效进行了实证研究,得到的结论为:横向、纵向、混合并购总体市场风险并购后先逐年上升,后期与市场平均风险值趋于一致,且三种类型之间无显著区别。横向、纵向、混合并购样本公司业绩均先升后降,但从总体上看混合并购优于横向和纵向并购。We compare the difference of M＆A＇s performance from two aspects, the VAR and the integrated point function model. The results show that horizontal, vertical and conglomerate M＆A＇s total market risk raised in the first stages and then decline, and that the three types of M＆A tend to be equal to the average value of market risk. The performance of M＆A companies are likely to get better only in the first years. But as a whole, the performance of conglomerate M＆A is better than horizontal M＆A and vertical M＆A.

关 键 词：VAR值 横向并购 纵向并购 混合并购 并购绩效 

分 类 号：F830.593[经济管理—金融学]