市场控制权争夺下的成功善意战略并购——太太药业收购丽珠集团的分析  

Friendly,Strategic and Successful Takeover under Market Control Contest—the Empirical and Theoretical Analysis of Taitai Medical Company Bids Lizhu Group

作　　者：李善民[1] 胡朝晖[1] 夏芸[1] 

机构地区：[1]中山大学管理学院,广东广州510275

出　　处：《经济管理》2007年第23期38-43,共6页Business and Management Journal ( BMJ )

摘　　要：本文认为,通过对我国首起多家上市公司争夺第三家上市公司控制权的实证研究表明,太太药业对丽珠集团的并购是一起完全市场化、战略型的善意并购,并购给交易双方股东创造了显著的财富。According to CAR, BHAR and the financial research analysis, they all indicate that Taitai Medical Company acquiring Lizhu Group are successful friendly takeover, which created the remarkable wealth both for the bidder and target shareholders. From the takeover theory analysis, we think the value creation come from below： First, the bidder company have enough money for merger and small agency cost; Second, this is the strategy merger with the bidder in good intentions goals; Third, the ultimately controller change, also the balanced shareholders are created; Finally, the bidder is in good condition before the takeover.

关 键 词：太太药业 并购 丽珠集团 价值创造 战略 

分 类 号：F271[经济管理—企业管理]