技术并购的创值效应及影响因素分析被引量：13

A Study of Impact of Technology-Oriented M&As on Firms Value Creation

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摘要集内涵提升与外部成长于一身的技术并购,在经济转型发展期愈来愈受到相关企业的青睐,成为资本市场一道靓丽的风景线。本文通过对1999-2004年发生技术并购事件的沪深A股上市公司创值能力的实证研究,得出以下结论:技术并购对并购公司的创值能力产生了积极效应;业务开拓型技术并购的创值能力低于行业巩固型技术并购的创值能力;同属管辖内的关联交易增加技术并购的创值能力;代理成本对技术并购的创值能力有抑制作用。研究结果为公司技术并购决策及相关政策的制定提供了实证依据。 Tecnology - oriented M＆A is a combination of connotation development with external growth, which receiving increasing attention from enterprises and relatives. Taking technology -oriented M＆As of Chinese listed companies ranging from 1999 to 2004, the empirical research shows that technology M＆A has a positive effect on the value added of the acquiring firm; The extensive technology - oriented M＆A is worse than the intensive technology - acquisition in the viewpoint of value added, related transactions within identical administrative division has a positive effect on the value added of the acquiring firm; Agent cost has a negative effect on the value added of the acquiring firm.

作者胥朝阳刘睿智唐寅

机构地区武汉纺织大学会计学院武汉纺织大学管理学院

出处《南方经济》 CSSCI 2013年第3期48-61,共14页 South China Journal of Economics

基金国家自然科学基金项目"基于隐性知识补缺的企业并购模式及优化研究"(70772116) 湖北省教育厅重点项目"湖北制造业竞争力提升的技术并购路径与对策研究"(D20111607)的资助

关键词技术并购创值影响因素 Technology- Oriented M＆A Value Added Effective Factors.

分类号 F272.3 [经济管理—企业管理]

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