摘要
本研究选取了1998—2001年我国沪深两市的并购事件为样本(绩效期为1997—2003年),采用基于财务数据进行比较分析的方法,从并购双方的主业是否相关的角度对并购公司绩效进行了实证研究。研究结果表明:主业连续型并购的上市公司整体上稳定上升,非主业连续型并购的上市公司整体上有一个先升后降的过程。研究结果正好验证了“组织经验和组织资本”兼并转移的理论。
This paper makes an empirical analysis on industry -continuing M&A and M&A performance of the listed companies selecting the M&A events o f Shanghai and Shenzhen Stock Markets as the samples(the performance period of1997-2003)and adopting the comparative analysis method based on the financial data and from the angle of that whether or not the major works of the two sides of M&A are relevant.The result shows that on a whole,the performance of in-dustry -continuing M&A rises steadi ly,and the performance of non -industry -continuing M&A rises at first an d then declines,which accords with the M&A theory of'organization experience and organi zation capital'transference.
出处
《科技情报开发与经济》
2005年第4期207-208,共2页
Sci-Tech Information Development & Economy
关键词
主业连续
上市公司
并购绩效
industry -continuing M&A
listed companies
performance of M&A
