Impact of mergers on the corporate performance of acquirer and target companies in India  

作　　者：Murugesan Selvam Manivannan Babu Gunasekaran ＆dhumathi Bennet Ebenezer 

机构地区：[1]Department of Commerce and Financial Studies, Bharathidasan University, Tamil Nadu 620024, India

出　　处：《Journal of Modern Accounting and Auditing》2009年第11期55-64,共10页现代会计与审计（英文版）

摘　　要：Mergers and acquisitions become the major force in the changing environment. The policy of liberalization, decontrol and globalization of the economy has exposed the corporate sector to domestic and global competition. It is true that there is little scope for companies to learn from their past experience. Therefore, to determine the success of a merger, it is to be ascertained if there is financial gain from mergers. It is very important to study the liquidity performance of those companies to test whether those companies have sufficient liquid assets to meet its current obligations. The present study is limited to a sample of companies which underwent merger in the same industry during the period of 2002-2005 listed in one of the Indian stock exchange namely Bombay Stock Exchange. It is proposed to compare the liquidity performance of the thirteen sample acquirer and target companies before and after the period of mergers by using ratio analysis and t-test during the study period of three years. The study found that the shareholders of the acquirer companies increased their liquidity performance after the merger event.

关 键 词：MERGER acquirer TARGET financial performance 

分 类 号：F230[经济管理—会计学]