外资并购国有企业股权定价财务影响因素的实证分析  

The Empirical Analysis of Financial Effect Factors Upon Pricing State-owned Equity in Foreign Investors' M&As

作　　者：姚海鑫[1] 刘志杰[2] 

机构地区：[1]辽宁大学工商管理学院,辽宁沈阳110034 [2]辽宁大学新华国际商学院,辽宁沈阳110034

出　　处：《中国软科学》2009年第10期133-141,共9页China Soft Science

基　　金：国家社科基金2009年度项目(09BJY056);辽宁省社科基金2007年度项目(L07BJY027)

摘　　要：本文以发生在我国的48个外资并购上市公司国有股权事件为样本,通过因子分析和多元线性回归分析,得到对外资并购国有企业股权定价有显著影响的3个因子,即市场评价因子、成长因子和负债因子,进而构建了外资并购国有企业股权定价的多元线性回归模型,并对模型做出了解释。Based on 48 state - owned listed companies which were merged and acquired by foreign investors, the paper conducted factor analysis and multiple linear regression analysis, and found out three significant factors that effect the transfer price of the state - owned equity in foreigners＇ M＆As, namely, market evaluation factors, the growth of factor and the liability factor. It formulated a multiple linear regression model, and then explained it.

关 键 词：外资并购 股权定价 影响因素 实证分析 

分 类 号：F270[经济管理—企业管理]