并购能增强大企业的竞争力吗?——基于上市公司并购案的一项实证研究  

Can M&A Enhance the Competitiveness of Big Enterprises? ——An Empirical Research Based on Listed Companies' M & A

作　　者：姚海鑫[1] 朱雅琴[2] 

机构地区：[1]辽宁大学商学院,辽宁沈阳110136 [2]沈阳工程学院管理学院,辽宁沈阳110136

出　　处：《辽宁大学学报（哲学社会科学版）》2014年第3期89-99,共11页Journal of Liaoning University(Philosophy and Social Sciences Edition)

基　　金：国家社会科学基金项目"新形势下企业并购问题研究--外资并购中的国有股权定价研究"(09BJY056)

摘　　要：本文以2008-2010年为研究窗口,选取2009年在上海和深圳两个证券交易所上市交易的并购成功的上市公司作为大企业的初始样本,运用因子分析法,构建了大企业竞争力综合评价模型,实证检验了并购价格、并购类型及并购关联属性等并购特征对大企业竞争力的影响。实证结果表明关联并购对并购当年的大企业竞争力具有显著正的影响;并购价格对并购后一年的大企业竞争力具有显著负的影响;而横向并购也显著地提高了并购后一年的大企业竞争力。实证研究结果支持了并购能够增强大企业竞争力这一理论观点。Based on empirical analysis, this paper selects forty-six listed companies from 2009 equity M＆A as the sample, building competitiveness＇ evaluation model of big enterprises by factor analysis, and analyzing the relationship among merger price, merger type, merger association attribution and big enterprise competitiveness by means of statistical analysis methods. The research shows that there was significantly positive relationship between related merger and big enterprise competitiveness of merge year, and there was significantly negative influence between merger price and big enterprise competitiveness in a year after merger, but horizontal merger also significantly improved big enterprise competitiveness in a year after merger. The research findings support this theory that M＆A can enhance the big enterprise competitiveness.

关 键 词：并购价格 横向并购 关联并购 大企业竞争力 

分 类 号：F271.4[经济管理—企业管理]