旅游上市公司治理对并购绩效的影响研究  

The Impact of Tourism Listed Company Governance on Performance of Mergers and Acquisitions

作　　者：谢艳[1] 左莉[1] 张同健[1] 

机构地区：[1]乐山师范学院旅游与经济管理学院,四川乐山614004

出　　处：《无锡商业职业技术学院学报》2014年第2期21-24,共4页Journal of Wuxi Vocational Institute of Commerce

基　　金：国家社会科学基金(11BJL074)

摘　　要：公司治理在理论上对并购绩效存在着积极的促进作用,但由于市场规范性的缺失,致使公司治理的功能受到抑制。基于我国A股旅游上市公司并购的公司治理数据,借助于多元回归分析方法,实证性的研究发现:董事会治理和经理层治理对并购绩效存在着正向的促进作用,监事会治理和社会监督对并购绩效缺乏促进功能,而信息披露对并购绩效的促进功能存在着不确定性。该结论为我国旅游上市公司并购的深化和完善提供了理论借鉴。Corporate governance in theory plays a positive role in promoting the performance of M＆A, however, because of the lack of normative market, the function of corporate governance is restrained. Based on the merg- ers and acquisitions data of China＇s A-share corporate governance of tourism listed companies, and by means of multiple regression analysis, this paper does an empirical study finding that the board and managers＇ gover- nance plays a positive role in promoting the performance of M＆A, but the board of supervisors＇ governance and social supervision a negative one, and that the function of information disclosure on the performance of M＆A is uncertain. The conclusion of this study provides China＇s tourism listed companies with a theoretical reference for their practice of deepening and improving mergers and acquisitions.

关 键 词：公司治理 旅游上市公司 公司并购 信息披露 多元回归分析 

分 类 号：F590.6[经济管理—旅游管理]