基于SFA的我国煤炭企业横向并购效率研究  

Study on the coal enterprises' efficiency of horizontal M&A with SFA

作　　者：朱芳华[1] 唐安宝[1] 

机构地区：[1]中国矿业大学管理学院,江苏徐州221116

出　　处：《中国矿业》2013年第6期33-36,65,共5页China Mining Magazine

基　　金：中央高校基本科研业务费专项资金资助:煤炭企业横向并购效率研究--以煤炭上市公司为例(编号:2012DXS02)

摘　　要：本文运用随机前沿分析法(SFA),选取2007～2011年间发生横向并购行为的18家煤炭上市公司的面板数据,实证分析我国煤炭企业横向并购的效率及其影响因素。首先得出煤炭上市公司的并购效率并进行评价分析与比较,其次实证分析煤炭企业并购效率的影响因素,得出产权性质、股权集中度与其显著正相关,企业规模与其显著负相关,经济增长率与效率则不显著相关,基于此本文最后提出了提高煤炭企业横向并购效率的建议。By using SFA, this study selected the panel data of 18 coal listed companies which had horizontal M＆A during 2007--2011 to analyze the efficiency of horizontal M＆A and influencing factors. Firstly, evaluating ancl comparing the efficiency of these listed companies,and then analyzing the influencing factors of coal enterprises＇ horizontal M＆A. The results indicate that the nature of property rights and ownership concentration have a significant positive correlation with efficiency, scale of enterprises has a negative correlation with efficiency, and the rate of economic growth has no significant correlation with efficiency. Finally, this study put forward some recommendations to improve the coal enterprises＇ efficiency nf hnriznntnl M＆A

关 键 词：横向并购 效率 SFA 

分 类 号：F426.21[经济管理—产业经济] F271