【摘要】 企业的并购是影响企业价值的重要经济活动,尤其是上市企业更是如此。研究以2006年发生的80起并购案例作为考察对象,首先通过计算差量来获取并购前一年、并购当年、并购后三年共计五年的财务时间序列数据;并采用差值分析方法分别对同业并购和混业并购所获得的财务协同效应进行比较,在通过有效性检验和主成分分析对财务协同效应的影响因素的基础上构建了主成分综合模型。研究得到的结论是:短期来看,我国上市企业并购的的财务协同存在着一种放大效应,但长期则显现出了财务协同的紧缩效应;长期看来同业并购资本使用效率上的放大效应更加能明显地持续下去;在偿债能力的放大效应上,短期内混业并购要优于同业并购,但在后期同业并购仍然要好于混业并购。所以我国企业在采取并购时,应该充分考虑自己的战略和并购目标,如果公司期望通过并购来提高自身的资本使用效率,采取混业并购战略更能达到这个目的;如果希望通过并购来进行业务的整合和扩张,那么企业应该采用同业并购的战略。更多还原

【Abstract】 Based on 80 cases in 2006,firstly the author obtains the time series data trough calculating the difference among the financial indicators of the pre-merger year(2005),the merger year (2006),and 3 years after merger(2007,2008,2009);then compares the differences of financial synergy effect of those data between mergers within the same industry and conglomerate mergers.Lastly the author builds a model after validity check and principal component analysis. The results show in the short term,there is a expansion effect in the financial synergy of listed companies in China,whereas in the long term,this effect is replaced by a contraction effect of financial synergy. The author’s conclusion and advice is a company aiming at improve capital utilizing efficiency could achieve this goal better through conglomerate mergers;while if expects business integration,it should adopt the strategy of merger within the same industry.更多还原