摘要
国内外学者对企业并购的绩效评价通常采用非正常收益法和会计指标法进行实证研究。研究结果表明,被并购方股东总是并购活动的绝对赢家,不同的仅是收益多少而已。并购方股东能不能从并购活动中获利则存在一定的争论。从指标因子分析、并购类型和股权结构等方面对企业并购绩效的实证研究则得出了一些有指导意义的结论。
Abnormal returns method and accounting indexes approach are widely used by scholars to conduct empirical study of the performance of corporate M&A. Study shows that the merged shareholders are always the absolute winners of these M&A activities. The differences only lie in the amount of returns. It is controversial that whether the merging shareholders can benefit from the M&A. The empirical study from the perspectives of index's factor analysis, types of M&A and share structures, draw instructive conclusions on the performance of corporate M&A.
出处
《华东经济管理》
2005年第3期118-120,共3页
East China Economic Management
关键词
并购
实证研究
非正常收益
会计指标法
绩效
M&A
empirical study
abnormal returns
accounting indexes approach
performance
