| 中国并购市场的动态计量分析——基于宏观经济视角 |
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| 引用本文： | 张飞雁,吴楠.中国并购市场的动态计量分析——基于宏观经济视角[J].贵州商业高等专科学校学报,2012,25(3):27-33. |
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| 作者姓名： | 张飞雁 吴楠 |
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| 作者单位： | 广西师范大学经济管理学院,广西,541006 |
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| 摘 要： | 依据1998年1季度至2011年2季度的季度时序数据,利用计量经济学的协整分析、Granger因果检验,对中国并购数量与宏观经济因素之间的关系进行动态计量分析。实证研究结果表明宏观经济因素与并购数量之间存在协整关系,同时还发现经济增长是并购数量提高的格兰杰原因,并且实际GDP增长、通货膨胀率和股票收益率与并购数量存在单向因果关系。
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| 关 键 词： | 并购 格兰杰 宏观经济 |
A dynamic econometric analysis of Mergers and Acquisitions in the China:A Macroeconomic Perspective |
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| Zhang Fei -yan,Wu Nan.A dynamic econometric analysis of Mergers and Acquisitions in the China:A Macroeconomic Perspective[J].Journal of Guizhou Commercial College,2012,25(3):27-33. |
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| Authors: | Zhang Fei -yan Wu Nan |
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| Institution: | (School of Economics and Management, Guangxi Normal University, Guilin, 541006) |
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| Abstract: | The article studied the data from the first quarter of 1998 year to the second quarter of2011 year to discuss the macroeconomic factors to influence on Mergers and Acquisitions in the China~ We adopted some econometrics process such as the cointegration test and the Granger Causality test to carry on a dynamic econometric research between the number of mergers and acquisitions and the macroecon0mic factors in the China. Our empirical results show that the macroeconomic factors have appeared to be cointegrated. It has also been found that economic growth is the Granger cau- ses for improving the number of mergers and acquisitions. There exists unidirectional causality from the GDP growth and rate of inflation and stock yield to the number of the mergers and acquisitions. |
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| Keywords: | mergers and acquisitions Granger macroeconomic factors |
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