不同动机导向下的公司并购行为及其绩效研究  

Different Motivation-oriented Merger and Acquisition Behaviors and Performance Study

作　　者：章新蓉[1] 唐敏[1] 

机构地区：[1]重庆工商大学会计学院,重庆400067

出　　处：《经济问题》2010年第9期83-87,共5页On Economic Problems

摘　　要：围绕"并购动机—并购行为—并购绩效"的研究思路,采用因子分析法、非参数检验及回归分析,研究不同动机导向下上市公司的并购行为,以及对并购绩效的影响。研究结果表明,以政策导向为主的国有控股上市公司和以市场导向为主的非国有控股上市公司在并购行为选择上存在差异,最终导致其并购绩效也存在差异,据此提出要提高上市公司的并购绩效,需从并购动因导向和行为上进行引导,即鼓励市场主导并购,转变政府行为方式和引导企业合理选择并购方式。This paper follows the route of ＂M＆A driven motive - corporate M＆A behavior- M＆A performance＂, using factor analysis, non - parametric test and regression analysis to study the listed companies＇ behavior on M＆A from the different motive and its impact on M＆A performance. The results show that there are some differences in the choice of M＆A mode between the government policy-oriented companies and market - oriented companies, therewith their gains are also different. Thus, several measures should be adopted in order to improve the M＆A performance. First, the enterprises should be guided to M＆A orientation, namely the market-driven M＆A should be reinforced and the behavior of government should be changed. Secondly, choice of M＆A behavior of enterprises should be optimized reasonably.

关 键 词：政策导向 市场导向 并购 并购绩效 

分 类 号：F276.6[经济管理—企业管理]