中国现代企业并购效应实证研究——基于多项并购效应的综合得分模型检验分析  

An Empirical Study of Modern Enterprises' M&A Effects: A Synthetic Score Model Test Analysis

作　　者：蔡柏良[1] 

机构地区：[1]盐城师范学院商学院,江苏盐城224002

出　　处：《财经研究》2007年第7期124-133,共10页Journal of Finance and Economics

基　　金：江苏省教育厅高校哲学社会科学研究资助项目(05SJD630025)

摘　　要：企业并购是一种十分活跃的经济活动,由于存在着并购效应,结果应驱使企业通过企业并购以谋求不同的并购效应。西方学者普遍采用股票价格波动衡量并购效应的方法不适宜于我国企业。文章采取因子分析法,借助财务指标构建横向并购效应、纵向并购效应、混合并购效应的财务指标综合得分模型,选择相应的样本和时间段进行实证研究。实证结果是并购当年和并购后一年的效应是比较明显的,但并购后第二年、第三年的效应就不够明显。这充分说明企业并购后的整合尤其重要。Merger and acquisition is a very popular economic activity. Volatility of stock price has been widely used among western scholars to measure merger and acquisition effects, while this approach does not fit in our country＇s enterprises. Depending on financial indexes, the factor analysis approach should be used to frame a synthetic financial index score model, which reflects the transversal, longitudinal and compound merger and acquisition effects. Corresponding samples and time interval could be chosen to conduct empirical study. A typical result is that the merger and acquisition effects are relatively significant in the year the merger and acquisition taking place and the next year, while not so significant in the second and third years after the merger and acquisition, which sufficiently demonstrates the importance of integration after merger and acquisition.

关 键 词：并购 效应 实证 研究 

分 类 号：F275.5[经济管理—企业管理]