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| 关联并购重组:根源与后果 | |
| 引用本文： | 邓建平,曾勇,何佳.关联并购重组:根源与后果[J].管理学报,2011,8(8):1238-1246. |
| 作者姓名： | 邓建平 曾勇 何佳 |
| 作者单位： | 1. 厦门国家会计学院;电子科技大学经济与管理学院 2. 电子科技大学经济与管理学院 3. 香港中文大学工商管理学院 |
| 基金项目： | 国家自然科学基金资助青年项目(70802011); 福建省社会科学规划资助项目(2009B2018) |
| 摘 要： | 选取1997~2000年我国285个国有企业首次公开发行后3年发生的312起并购重组事件作为研究样本,考察了我国上市公司发生关联并购重组的根源与后果。研究发现,影响我国上市公司发生关联并购重组的根源是股份制改造模式;关联并购重组并不为股东创造财富,为股东创造财富的是非关联并购重组的样本;在完整改造的公司中,非关联并购重组的财富效应好于关联并购重组的。 |
| 关 键 词： | 股份制改造 并购重组 上市公司 |
The Root and the Effects of Relative Merger and Acquisition |
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| DENG Jianping,ZENG Yong,HE Jia.The Root and the Effects of Relative Merger and Acquisition[J].Chinese JOurnal of Management,2011,8(8):1238-1246. | |
| Authors: | DENG Jianping ZENG Yong HE Jia |
| Institution: | DENG Jianping1,2 ZENG Yong2 HE Jia3(1.Xiamen National Accounting Institute,Xiamen,Fujian,China,2.Univiersity of Electronic Science and Technology of China,Chengdu,3.The Chinese University of Hong Kong,Hong Kong,China) |
| Abstract: | Using a sample of 285 Chinese State-owned Enterprises(SOEs) that went public between 1997 and 2000,we study 312 post-IPO merger and acquisition(M&A) cases to identify the root and the effects of relative M&A of Chinese listed companies and find that the mode of restructuring is the root of the problem.A research on the effects of relative M&A reveals that M&A in China has created value for shareholders as a whole,but this wealth-effect only exists in non-relative transaction samples while relative M&A reall... |
| Keywords: | shareholding reform merger and acquisition(M&A) listed companies |
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