资源获取型海外并购绩效及其影响因素的实证研究  

Empirical Study on Performance and Influencing Factors of Overseas Resource Obtaining M&A

作　　者：杜群阳[1] 项丹[1] 

机构地区：[1]浙江工业大学经贸管理学院,310000

出　　处：《国际贸易问题》2013年第10期159-166,共8页Journal of International Trade

基　　金：国家自然科学基金项目"全球价值链中我国企业创新型市场势力提升研究"(批准号71073143);国家自然科学基金项目"跨国创业导向与国际化绩效:影响机理和实证研究"(批准号71173195);浙江省哲学社会科学重点研究基地技术创新与企业国际化研究中心资助

摘　　要：本文基于2001-2011年沪深两市上市公司数据,运用因子分析法和数据包络法建立资源获取型海外并购绩效的二次相对评价模型,富有新意地分别考察主并公司并购前后的业绩和效率,再通过多元回归分析方法分析和检验影响资源获取型海外并购事件的影响因素。分析结果表明,资源获取型并购的发生降低了企业经营业绩、提高了企业经营效率,两者的波动趋势完全相反。其中,高层人员持股比例、流通股占比、并购规模、管理成本占比四个指标在不同程度共同影响资源获取型海外并购业绩和效率。文章为提升中国企业海外资源获取型并购绩效提供了有一定现实意义的研究结论。Based on data of listed companies both in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2001 to 2011, this paper establishes a binary relative evaluation model of overseas resource obtaining M＆A with Factor Analysis and Data Envelopment Analysis. This paper then creatively examines the performance and efficiency of the enterprise both before and after the M＆A, and then analyzes and inspects the factors affecting the M＆A by multi linear regression method. The results indicate the overseas resource obtaining M＆A can reduce the operation performance of the enterprise but improve its operation efficiency. The senior leaders＇ share holding ratio, the percentage of floating stock, the scale of M＆A and the cost of supervision all exert influence on the - mance and efficiency of overseas resource obtaining M＆A. Conclusions in this paper are practically referable for obtaining M＆A overseas.

关 键 词：海外并购 资源获取 业绩 效率 影响因素 

分 类 号：F276.3[经济管理—企业管理]