西部论坛2017，Vol.27Issue(3)：117-124,8.DOI:10.3969/j.issn.1674-8131.2017.03.013
不同目标企业的并购绩效存在差异吗?——对我国2005-2015年制造业上市公司并购事件的分析
Does M & A Performance of Heterogeneous Objective Corporate Have Difference?-Analysis Based on China's Listed Companies of Manufacturing Industry in 2005-2015
摘要
Abstract
In the period of economic adjustment, listed companies choose mergers and acquisitions (M&A) to achieve the transformation and upgrading and improve performance.This paper choose M & A events during 2005-2015 in manufacturing listed companies,empirically tests whether corporate capital performance and financial performance change before and after the merger and acquisition, comparatively analyzes the difference between M&A technological-type companies and M&A non-technological-type companies, and further analyzes the main factors that may affect the performance change.The results show that M & A makes the corporate stock price (capital performance) rise in short term, but their net assets return rate and net profit rate (financial performance) decline.The main factors leading to changes in capital performance is stock market and investors motivation, and the main factors leading to changes in financial performance are M &A scale and enterprise financial leverage.The higher M &A scale is, the higher the financial leverage ratio is, both lead the performance decreased significantly.The difference between M&A technological-type enterprises and non-technological-type enterprises is mainly embodied in financial performance, the financial performance of M &A traditional enterprises declines obviously but that of M&A technological-type enterprises can make enterprise performance decline gently.M&A enterprises should choose those enterprises which can bring new technology and management experience and which can really produce scale.关键词
企业并购/并购绩效/企业资本绩效/企业财务绩效/目标企业/科技型企业/并购规模Key words
M&A behavior/M&A performance/corporate capital performance/corporate financial performance/target enterprise/technological-type enterprise/M&A scale分类
管理科学引用本文复制引用
曹玲,吴其静..不同目标企业的并购绩效存在差异吗?——对我国2005-2015年制造业上市公司并购事件的分析[J].西部论坛,2017,27(3):117-124,8.基金项目
国家社会科学基金资助项目(16BGL100) （16BGL100）
教育部人文社科青年基金项目(15YJC630004) （15YJC630004）
江苏高校品牌专业建设工程资助项目"信息管理与信息系统专业" （）
