中国制造业并购重组的动态演变路径及变异性分析——来自上市公司的经验证据  

Dynamic Evolution Path and Variability Analysis of Chinese Manufacturing M&A and Reorganizations——Empirical Evidence from Listed Companies

作　　者：张倩肖[1] 李纪华[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《当代经济科学》2013年第3期44-53,125,共10页Modern Economic Science

基　　金：国家社会科学基金项目(编号:07BJY074));西安交通大学基本科研业务费专项科研项目(编号:SK2013037);中央高校基本科研业务费专项资金

摘　　要：本文利用1998-2011年我国制造业上市公司的经验数据,采用函数性数据分析方法,对我国制造业并购重组的动态演变路径及变异性进行研究。结果显示:我国制造业并购重组的动态演变路径呈"发散式螺旋"的变化特征;不同制造业子行业及制造业总体的并购重组按动态演变能量的大小分别处于低潮期、活跃期和高潮期;不同制造业子行业在考察期中间阶段的变化及周期性、循环性的变化是并购重组动态演变路径变异的两个主要方式;不同制造业子行业之间并购重组的动态演变具有显著差异,未来制造业上市公司的并购重组仍会沿着"发散式螺旋"的演变路径发展。Based on the empirical data of M&A and reorganizations of Chinese listed companies in manufacturing industry from 1999 to 2008,this paper studies the dynamic evolution path and variability of Chinese manufacturing M&A and reorganizations by using function data analysis methods.The results show that the dynamic evolution paths of Chinese manufacturing M&A and reorganizations have the change feature 'divergent spirals'.According to the differences of the dynamic evolution energy,the dynamic evolution of M&A and reorganizations of manufacturing sub-industry and itself are respectively in low tide period,active period and high tide period.There are two principal methods of variability of the dynamic evolution paths about manufacturing industry and its sub-industry' M&A and reorganizations: changes in the intermediate stage and periodic and circulative changes in the inspection period.There are significant differences among different manufacturing sub-industries dynamic evolution paths.In the future,the M&A and reorganizations of Chinese listed companies in manufacturing industry will still follow the dynamic evolution paths 'divergent spirals' to develop.

关 键 词：并购重组 函数性数据分析 动态演变 变异性 

分 类 号：F425[经济管理—产业经济] F224F271