摘要
横向关联方并购是我国上市公司并购中的一种重要的并购类型。本文采用事件研究方法分析了我国上市公司2000～2002年横向关联方并购的绩效。结果表明,横向关联方并购的宣布对收购公司股东收益有较显著的正影响。此外,本文还采用单因素方差分析法,研究收购类型和支付方式对横向关联方并购绩效的影响。结果发现,收购类型对并购绩效没有显著影响,而支付方式对并购绩效有显著影响。
Merger with related party is an important merger type of listed companies'mergers in China.We analyzed the performance of horizontal merger with related party of listed companies in China from the year 2000 to 2002,using event study method.The results showed that the declaration of horizontal merger with related party had a significant positive influence to stockholders'returns of acquiring companies.We also analyzed the influence of merger type and payment method to the perfor- mance of horizontal merger with related party,using one-way ANOVA method.We found that merger type did not have significant influence on merger performance,while payment method had significant influence on merger performance.
出处
《经济管理》
CSSCI
北大核心
2005年第14期28-33,共6页
Business and Management Journal ( BMJ )
基金
国家自然科学基金优秀创新研究群体基金项目(项目编号:7012001)
国家自然科学基金(项目编号:70473072)资助。
关键词
横向并购
关联方
事件研究
horizontal merger
related party
event study
