主业连续型与上市公司并购绩效的实证分析

本研究选取了1998—2001年我国沪深两市的并购事件为样本(绩效期为1997—2003年),采用基于财务数据进行比较分析的方法,从并购双方的主业是否相关的角度对并购公司绩效进行了实证研究。研究结果表明：主业连续型并购的上市公司整体上稳定上升,非主业连续型并购的上市公司整体上有一个先升后降的过程。研究结果正好验证了“组织经验和组织资本”兼并转移的理论。

An Empirical Analysis on Industry- continuing M&A and M&A Performance of the Listed Companies

This paper makes an empirical analysis on industry -continuing M&A and M&A performance of the listed companies selecting the M&A events o f Shanghai and Shenzhen Stock Markets as the samples(the performance period of1997-2003)and adopting the comparative analysis method based on the financial data and from the angle of that whether or not the major works of the two sides of M&A are relevant.The result shows that on a whole,the performance of in-dustry -continuing M&A rises steadi ly,and the performance of non -industry -continuing M&A rises at first an d then declines,which accords with the M&A theory of"organization experience and organi zation capital"transference.