摘要
公司治理对并购绩效存在着必然的影响,但公司治理要素对并购整合的微观影响机制仍处于黑箱认识状态。基于我国旅游上市公司并购的样本数据,借助于多元回归分析方法,实证性的研究检验了公司治理要素对并购绩效的影响路径,发现独立董事人数和董事会次数对并购绩效存在着正向的影响,第一大股东持股比例和管理层收购的积极性对并购绩效存在着负向影响,而监事会人数对公司并购不存在影响。本检验结果为旅游上市公司并购机制的优化提供了现实性的理论借鉴。
Corporate governance inevitably influences the performance of M＆A, but the micro influencing mechanism of corporate governance factors on the merger integration still keeps in the status of the black box. Based on the sample data of mergers and acquisitions of tourism listed companies in China, with the help of muhiple re- gressive analytic method, empirical studies examine the influencing path of corporate governance elements on m＆a performance, and finds that the number of independent directors and the board number have the positive influence on M＆A performance, and the proportion of the first largest shareholder and the enthusiasm of management buy - out have negative influences on m＆a performance, and the number of the board of supervisors has no influence on acquisitions. The test resuhs provide realism theory reference for the optimization of merger and acquisition mecha- nism of tourism listed company.
出处
《山东商业职业技术学院学报》
2014年第1期16-19,104,共5页
Journal of Shandong Institute of Commerce and Technology
基金
国家社会科学基金(11BJL074):服务嵌入
创新驱动与产业网络协同演进实证研究
关键词
公司治理
公司并购
旅游上市公司
并购绩效
独立董事
corporate governance
company merger and acquisition
tourism listed compsny
M＆A per-formsnce
the independent director
