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自然科学版 英文版
自然科学版 英文版
 

中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2008年02月第14卷第1期
   
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文章编号:1672-3104(2008)01−0089−06
 
我国民营上市公司并购行为对财务绩效影响的实证研究
 
赵红英,戚啸艳,李晶,胡汉辉
 
(东南大学经济管理学院,江苏南京,210096)
 
摘  要: 并购是企业扩张过程中常用的手段,民营上市公司亦然。并购行为对企业绩效的影响一直是理论界与实务界关注的热点问题。基于企业并购理论,结合民营上市公司的特征,以我国民营上市公司的数据为研究样本,运用因子分析、多元线性回归等方法研究民营上市公司并购扩张行为对企业财务绩效的影响,研究结果表明:我国民营上市公司的并购行为为股东创造价值的效果不明显,对公司财务绩效亦未体现正向的影响。因此,民营上市(或非上市)公司在扩张过程中不仅应关注扩张的量,更应关注扩张的质,应着力于公司核心能力的提升、公司治理的规范等。
 
关键词: 民营上市公司,并购,财务绩效
 
 
An empirical research on the impact of Chinese private listed companies’merger and acquisition on their financial performance
 
ZHAO Hongying, QI Xiaoyan, LI Jing, HU Hanhui
 
(College of Economics & management, Southeast University, Nanjing 210096, China)
 
Abstract: Merger and Acquisition (M&A) often occurs in enterprises’ expansion process, including private listed companies. The effect on enterprises’ performance of M&A has always been a crucial proportion of M&A research fields. Based on the M&A theory and the character of private company, this essay studies the finance performance effect of Chinese private listed companies’ merger and acquisition with factor analytical method and multiple linearity regression method. According to the data of listed companies, the M&A of Chinese private listed companies hasn’t created value of their stockholders nor has it produced enough active effect on this companies’ financial performance. This essay pointed out that private listed (or unlisted) companies should focus not only on the quantity of their expansion, but also on the quality of their expansion, and should concentrate themselves on the advance of their core competence as well as corporate governance.
 
Key words: private listed companies, merger and acquisition (M&A), finance performance
 
 
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