企业并购绩效的研究

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1、AbstractFrommacroscopicview,enterprisemergerandacquisition(M&A)isproceedreorganizationofanindustry,inreasonofallocationresourceFrommicroccopicview,enterprisemergerandacquisition(M&A)isthecertaintypathinconditionofmarketeconomy,itisefficientpathtootogovernmentfacilityp

2、ropertyrightsystemtransitionalAllSOrtSofeconomicsschoolattemptusetheiowntheoryframetoanalysestheagentofmergerandacquisition．Owingtodifferenceoftheeconomictheoryfoundation，theyhaveformedvarioushypothesesofagent，whereasthesehypothesismostandleasthadnomeansofworkouttheco

3、mprehensiveinterpretationofmergerandacquisitionThisthesisfirstlygivesageneralviewofenterprisemergerandacquisition，M&Aagentandtheformsofenterpriseme唱erandacquisition．Thenbasingonthemarketmodel，wedetectthelong-runabnormalstockreturnsenterpriseafterM&A．Theresultisthesign

4、ificantlynegativestockpriceresponsetoM&ATherearesomefactorsinfluentthelong·runabnormalstockreturnsTheempiricalstudyprovesthathorizontalme唱erandacquisitiongainsthehighestthelong-runabnormalreturns，whiletheconglomerateM&AgainstheleastAndtheownershipstructurehaveeffecton

5、thelong·runabnormalstockreturns．Atthesametime，westudytheenterpriseevaluationafterenterpriseM&A．ThestudyshowsthecorrelationbetweenownershipstructureandenterpriseevaluationTherelationshipbetweentheratioofstate·ownedstockandtheenterpriseevaluationissignificantlynegativec

6、orrelation．Thecorrelationbetweenratioofcorporatestockandtheenterpriseevaluationissignificantlypositivecorrelation．ThestudyalsoshowsthattheformsofmergerandacquisitioncaninfluenttheenterpriseevaluationafterM&AThehorizontalme唱erandacquisitionhavethebestinfluenceontheente

7、rpriseevaluationIntheabstractview,enterpriseme唱erandacquisitionhasactivecontributioninregardtooptimizedallocationofresourses，realizedeffectofscaleeconomics，depressedtransactioncost，decentralizedoperationventure，andpromotedindustrialⅡstructuretransitionandupgradeHoweve

8、r,realevidencewiththeresultshowsthat，actualeffectofmergerandacquisitionnotlargerthanweexpected．Thereasonisthatthebehaviorofe