摘要
采用会计研究法分析中国上市公司的并购绩效,结果表明:上市公司并购不能提升盈利指标,但能提高企业的内在价值,并购在短期内具有协同效应,尤其对于相关并购,协同效应更为明显;对于第一股东绝对控股的企业,其并购往往能改善盈利指标,但实际上容易转移企业的现金流。此外,事件研究法和会计研究法的盈利指标不太适合分析我国上市公司并购绩效,自由现金流和EVA等价值指标相对适用。
This paper uses the method of accounting research to analyze the MA performance of China＇s listed companies.The results show that the MA of listed companies can not improve their indicator of profitability,but can improve their intrinsic value;in the short term,MA has a synergistic effect,and especially,the synergy effect of related MA is more obvious.It also finds that for the corporation with its shares absolutely held by the first shareholder,MA tends to improve the indicator of profitability,but in fact,its cash flow is likely to be transferred.Therefore,the profitability indicator of event study method and accounting research method is not yet suitable for analyzing the MA performance of listed companies while free cash flow and EVA indicator are relatively more applicable.
出处
《广东商学院学报》
CSSCI
北大核心
2012年第3期66-74,共9页
Journal of Guangdong University of Business Studies
基金
教育部人文社会科学研究规划基金(11YJA790163)
关键词
并购绩效
会计研究法
协同效应
自由现金流
EVA指标
acquisition performance
accounting research method
synergy effect
free cash flow
EVA indicator
