摘要
本文分析了关联并购产生的原因和表现形式 ,结合绩效和风险评价对 2 0 0 0年上市公司的关联并购情况进行了分析 ,结合相关特征对研究结果进行解释。实证表明 :上市公司并购绩效就总体来讲正效应明显 ,但这种效应主要来自于关联并购 ,市场化的非关联并购的效应却不明显或者有负面作用。
Since about 50% M&As are related transactions, research on this issue is quite necessary. The article analyzes the reasons and types for related transaction and reviews literatures on this topic. It studies performance and risk for those M&A activities which had related transactions in 2000 and explains this results from the point of characters of related companies. It shows that positive performance of M&A comes largely from related transactions while non-related ones have negative influence. Related transactions took place mainly in the stated-owned companies. Horizontal M&A and non-cash payment are the primary means for the related transaction, this may result that related-transaction M&As have better performance and lower risk than non-related ones.
出处
《财经科学》
CSSCI
北大核心
2005年第1期88-94,共7页
Finance & Economics
基金
国家自然科学基金项目<我国企业兼并经济效果和社会效益实证研究> (70 372 0 5 7)
