| 企业性质、多元化内部市场与并购绩效 |
| |
| 引用本文： | 潘红波,邓婷,崔继红. 企业性质、多元化内部市场与并购绩效[J]. 财会通讯, 2011, 0(18) |
| |
| 作者姓名： | 潘红波 邓婷 崔继红 |
| |
| 作者单位： | 武汉大学经济与管理学院;广发证券股份有限公司兼并收购部; |
| |
| 基金项目： | 国家自然科学基金项目“集体户运营、银行贷款与资金配置效率”(项目编号:70902052); 教育部人文社科基金项目“政治关系与民营控股股东利益输送:基于公司透明度的视角”(项目编号:09YJC630179)的阶段性成果 |
| |
| 摘 要： | 本文以2003年至2007年所有A股上市公司的并购事件为样本,实证分析了我国不同类型企业多元化并购的市场反应。结果发现:我国民营企业多元化并购存在溢价现象,市场反应显著优于相关并购(累计超额收益率高出2.4);我国国有企业(地方国企和中央国企)多元化并购不存在溢价现象,市场反应与相关并购没有显著差异;我国民营企业相对于国有企业更易实施多元化并购。这些研究结果支持多元化的内部市场理论。
|
| 关 键 词： | 多元化 并购 民营企业 国有企业 内部市场 |
Type of Enterprise,Diversification Internal Market and Performance of M & As |
| |
| Pan Hongbo Deng Ting Cui Jihong. Type of Enterprise,Diversification Internal Market and Performance of M & As[J]. Communication of Finance and Accounting, 2011, 0(18) |
| |
| Authors: | Pan Hongbo Deng Ting Cui Jihong |
| |
| Affiliation: | Pan Hongbo Deng Ting Cui Jihong(School of Economics and Management,Wuhan University,Wuhan,Hubei 430072,Guangfa Securities,Guangzhou,Guangdong 510075) |
| |
| Abstract: | This paper studies the market performance of diversification M&As when different types of enterprise act as acquiring firms with the data of all the M&A events from 2003-2007 in Shenzhen and Shanghai stock market.The results show that higher CAR(2.4%)is acquired if private enterprises carry out diversification M&As rather than related M&As while the difference for state-owned enterprises(including central state-owned enterprises and local state-owned enterprises) is not significant;Private enterprises have ... |
| |
| Keywords: | Diversification M&A Private enterprises State-owned enterprises Internal Market |
| 本文献已被 CNKI 等数据库收录！ |
