| 中国上市公司兼并与收购的绩效与风险评估 |
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| 引用本文： | 田波平,冯英浚.中国上市公司兼并与收购的绩效与风险评估[J].哈尔滨工业大学学报(社会科学版),2004,6(1):100-105. |
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| 作者姓名： | 田波平 冯英浚 |
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| 作者单位： | 哈尔滨工业大学,黑龙江,哈尔滨,150001 |
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| 基金项目： | 国家自然科学基金重点资助项目(70131010) |
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| 摘 要： | 采用中国企业并购绩效及风险研究所常用的方法,对2000年、2001年、2002年所抽取的70家样本公司,由选取的4项指标,采用因子分析方法得到指标的综合得分,对上市公司并购前后几年内的绩效进行比较分析,得出近三年来并购对上市公司业绩所产生的影响。同时,对并购前后的风险变化进行实证分析。抽取2000年到2002年发生并购的上市公司样本,对并购前后的月收益率变化进行比较分析,得到有关并购前后风险变化的结论。
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| 关 键 词： | 兼并收购 业绩 投资风险 因子分析 投资组合理论 |
| 文章编号： | 1009-1971(2004)01-0100-06 |
| 修稿时间： | 2003年10月20 |
Operating performance and risk evaluation of M&A in listed companies in China |
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| TIAN Bo-ping,FENG Ying-jun.Operating performance and risk evaluation of M&A in listed companies in China[J].Journal of Harbin Institute of Technology(Social Sciences Edition),2004,6(1):100-105. |
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| Authors: | TIAN Bo-ping FENG Ying-jun |
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| Abstract: | This paper introduces a study of operating performance and risks of the M&A in listed companies in China. 70 corporations selected in 2000, 2001 and 2002 were chosen as samples, and analyzed according to the four selected indexes by factorization method to obtain the comprehensive score. Then the operating performance of listed companies before and after M&A was compared, and some factors affecting the operating performance were discussed. Risks caused by the M&A were also discussed. Some conclusions were reached after comparing the changes of monthly earning ratio before and after the M&A. |
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| Keywords: | Mergers & Acquisitions performance investment risk listed companies |
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