摘要
按照并购双方行业的相互关系 ,并购可以分为横向、纵向和混合三种类型。本文认为 ,处于行业生命周期不同阶段的企业采用不同并购类型的并购 ,其绩效也不相同。根据这一关系 ,可以对我国的上市公司控制权市场进行检验。通过对 1999～ 2 0 0 2年我国上市公司控制权市场 2 98个样本的实证分析表明 ,中国上市公司控制权市场的效率仍然不高 ,并没有发挥其应有的作用。本文力图对这一现象给出解释 ,提出了几个可能的原因。
According to the industries relationships of both sides, we can divide the merger into three types, such as the horizontal, vertical and conglomerate. When the enterprises in the different stages of the industry life cycle taking the different types of the merger, their performances are different too. Through this relation, we can examine the efficiency of the Market for Corporate Control of the listed companies in China. Through analysing the empirical examples of 298 samples in 1999～2002 years that showed, we make the conclusion that the efficiency of the Market for Corporate Control of listed companies in China is still not high.. At last, this text tries hard to give an explanation to this phenomenon and puts forward several possible reasons.
出处
《北京交通大学学报（社会科学版）》
2004年第4期28-33,共6页
Journal of Beijing Jiaotong University(Social Sciences Edition)
基金
国家社会科学基金资助项目"国有企业兼并对国有经济战略性调整影响的实证分析"(0 1BJY0 0 9)
