| 中国上市公司并购动机与绩效：从产业效应角度的分析 |
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| 引用本文： | 游春.中国上市公司并购动机与绩效：从产业效应角度的分析[J].山东科技大学学报(社会科学版),2009,11(1):76-83. |
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| 作者姓名： | 游春 |
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| 作者单位： | 中国平安保险(集团)股份有限公司集团发展改革中心综合开拓部,上海,201201 |
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| 摘 要： | 研究2005年中国上市公司开展的并购事件，产业效应对公司并购动机和并购绩效的影响是多方面的。在对整体样本的并购绩效进行研究的基础上，进一步对横向、纵向、混合三种不同类型并购的绩效进行了分析比较，并对产业创新型并购和非产业创新型并购的产业效应差别进行了分析。从整体来看，产业效应对公司并购的影响可以忽略。同时产业效应对不同类型并购的影响是不同的，其中对混舍并购具有积极的、显著的影响，而对横向并购的影响最小。
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| 关 键 词： | 产业效应 横向并购 纵向并购 混合并购 产业创新 |
The Incentive and Performance of M&A of Listed Companies: A Perspective of Industry Effect |
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| YOU Chun.The Incentive and Performance of M&A of Listed Companies: A Perspective of Industry Effect[J].Journal of Shandong University of Sciences & Technology(Social Science),2009,11(1):76-83. |
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| Authors: | YOU Chun |
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| Institution: | YOU Chun ( Pingan Insurance (Group) Company of China, Ltd, Shanghai 201201, China) |
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| Abstract: | Based on the samples of listed companies in China in 2005, the present paper examines industry effect on the incentive and performance of M＆A. The result shows that industry-innovative M＆.A gains more industry effect compared with non-industry＇innovative M＆A. A conclusion is reached that it is far from enough to judge whether an M＆A is really successful by only using financial variables, and that alternative factors that have an effect on an M＆A should be taken seriously. |
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| Keywords: | industry effect horizontal M＆A vertical M＆A conglomerate M＆A industry innovation |
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