创造性资产寻求视角下跨国并购绩效分析——以联想并购摩托罗拉为案例  被引量:9

Research on the Performance Evaluation of Creative Asset-seeking Cross-border M&A——A Case Analysis based on Lenovo M&A Motorola Mobility

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作  者:张君[1] 

机构地区:[1]武汉大学经济与管理学院,武汉430072

出  处:《商业研究》2016年第7期129-137,共9页Commercial Research

摘  要:以2014年联想收购摩托罗拉为例,综合运用事件研究法和财务指标法考察中国企业开展创造性资产寻求跨国并购的财富效应和经营绩效。通过分析联想收购摩托罗拉获得的创造性资产,从市场绩效和财务绩效方面进行评估发现,收购未能为联想带来理想的市场绩效,公众对其未来的经营状况预期并不乐观;从主要财务指标来看,收购也没有显著改善联想的经营状况;联想能否从本次并购中获得长期的绩效提升,仍取决于其如何进一步整合并购所获得的创造性资产。This paper investigated the wealth effect and operational performance of creative asset- seeking cross- border MA undertaken by Chinese enterprises based on Lenovo MA Motorola Mobility in 2014 by using a combination of event study method and financial indicators. It first analyzed the creative assets which Lenovo got in acquisition,then evaluated the merger through market effect and financial performance,finding the acquisition didn't bring market wealth to Lenovo's shareholders and the public expectation on its future business status isn't optimistic; the favorable effect of acquisition on Lenovo financial performance is limited,for enterprise' s financial indexes haven' t significant improvement;whether Lenovo could gain better long- term performance after this MA still depends on how it further integrates creative assets acquired.

关 键 词:跨国并购 创造性资产 市场绩效 财务绩效 

分 类 号:F273[经济管理—企业管理]

 

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