摘要
随着近年来国内并购交易的快速发展,并购活动能否提升企业价值创造能力、给股东带来利益,成为学术界与企业界共同关注的焦点问题。在检验优化指标每股经济增加值EVAPS有效性的基础上,对103家发生并购业务的国有企业2008-2012年的并购绩效进行实证研究,发现并购不能给企业带来确定的价值增长。站在行业竞争度这一全新视角下,通过比较不同行业的并购绩效表现,提出并购活动对保护性行业的绩效影响大于对竞争性行业绩效影响这一创新性结论。
Whether mergers and acquisitions can help improve companies＇ creativity and bring shareholders benefits has become the focus in both corporate and academic domain. Based on tests of efficiency for EVAPS （Economic Value Added Per Share）, this paper conducts an empirical research on 103 state-owned enterprises that had mergers and acquisi- tions from 2008 to 2012. We find that mergers and acquisitions cannot generate certain value increase. In addition, this paper makes a comparison between companies under different competitive level in terms of performances in the wake of mergers and acquisitions, conclu- ding that mergers and acquisitions have more impact on performances of protective industry than competitive industry.
出处
《沈阳理工大学学报》
CAS
2015年第5期82-87,共6页
Journal of Shenyang Ligong University
关键词
每股经济增加值
并购绩效
行业竞争度
国有企业
保护性行业
竞争性行业
EVAPS
performances of mergers and acquisitions
competitive level of indus-try
state-owned enterprises
protection sector
competitive sector
