上市公司要约收购的绩效分析——以成商集团为例  

The Efficiency Analysis of Tender Offers:Taking the Chengshang Group as Example

作　　者：葛结根[1] 池仕霞[1] 

机构地区：[1]中南财经政法大学经济学院,湖北武汉430073

出　　处：《郑州航空工业管理学院学报》2009年第2期62-65,共4页Journal of Zhengzhou University of Aeronautics

基　　金：国家社会科学基金资助项目(07BFX048)

摘　　要：以成商集团的两次要约收购为例,采用财务指标研究方法,对并购前后的经营绩效进行实证分析,结果显示,第一次要约收购后上市公司的获利能力、资本运营能力、偿债能力和发展能力指标都有不同程度的下滑,而第二次要约收购后上述指标则都有所改善。因此可以认为,第一次要约收购以失败告终,第二次要约收购基本达到预期目的。进而可以引申地认为,水平并购的效果要好于混合式并购。Taking two tender offers of the Chengshang group as a example, this paper gives an empirical analysis of operating efficiency in financial index way, such as abilities of earning, paying and developing. It shows that the first tender offer ends in failure and the second tender offer on the whole achieves the desired results. The extending meaning of the case is that the horizontal merger and acquisition has better effects than the vertical merger and acquisition.

关 键 词：成商集团 要约收购 并购效率 水平并购 混合式并购 

分 类 号：F276.6[经济管理—企业管理]