| 上市公司并购整合效率的影响因素新探 |
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| 引用本文： | 王菁,田满文.上市公司并购整合效率的影响因素新探[J].四川大学学报(哲学社会科学版),2010(1). |
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| 作者姓名： | 王菁 田满文 |
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| 作者单位： | 1. 东北大学工商管理学院,辽宁,沈阳,110004
2. 东北大学工商管理学院,辽宁,沈阳,110004;广东技术师范学院,广东广州 510400 |
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| 摘 要： | 已有研究并购效率的文献大多局限于并购交易效率,而忽略了并购整合效率,实际上两者的性质是不一样的.本文首次区分并购交易效率与并购整合效率,并分析了影响并购整合效率的因素,重点讨论了政府干预、代理成本对并购整合效率的影响.实证发现:并购后不同阶段的整合具有不同的重点和难点,整合必须分清主次、循序渐进;并购活动中的代理成本显著降低了并购整合效率,但国有上市公司与民营上市公司的表现形式因代理成本差异而有所不同;政府干预始终是影响并购整合效率的重要因素.政府出于政策性负担或政治目标通过并购活动来支持或掠夺其控制的企业,对盈利国有上市公司的并购整合产生负面影响.对亏损国企产生正面影响,而对民企的并购整合影响不显著.
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| 关 键 词： | 上市公司 政府干预 代理成本 并购整合效率 |
A New Analysis on the Influencing Factors of Listed Companies Integration of Performance |
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| WANG Jing,TIAN Manwen.A New Analysis on the Influencing Factors of Listed Companies Integration of Performance[J].Journal of Sichuan University(Social Science Edition),2010(1). |
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| Authors: | WANG Jing TIAN Manwen |
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| Institution: | WANG Jing1,TIAN Manwen1,2(1.School of Business Administration,Northeastern University,Shenyang,Liaoning 110004,2.Guangdong Polytechnic Normal University,Guangzhou,Guangdong 510400) |
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| Abstract: | Most literatures analyze the M&A performance,and do not distinguish between the M&A performance and its integration performance.In fact,the nature of the two is not the same.This paper differentiates the M&A transaction efficiency and the M&A integration efficiency,and has empirically analyzed the influence factor of M&A integration efficiency,and focused on government intervention agency costs on the impact of M&A integration performance.we find: a.merger integration at different stages has the different c... |
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| Keywords: | Listed Companies Government Intervention Agency Cost M&A Integration Performance |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
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