战略性并购与财务选择中国上市公司1999～2004检验.pdfVIP

预测 Vo 1. 26 , No.2 FORECASTING 2007 年第 2 期 战略性并购与财务选择:中国上市公司 1朔--2刷检验 二巨大刚， 席ij 民 (西安交通大学管理学院中凶管理问题研究中心，陕西西安 710049) 摘 要:资源基础意义上的战略性并购是为了建立自身的竞争优势，收购公司进行的差异化资源的平衡。目标 公司拥有的某种核心资源或专属资源(firm-specific resource) 可以对收购公司的资源产生强化和弥补作用c 本文 的研究检验了 1999 至 2004 年近6 年中阁上市公司之间发生的并购事件，通过对比分析并购之前收购公司和目 标公司三年的财务特征发现，在并购目标的事前选择中，业务增长能力强的收购公司偏爱盈利性和财务流动性 好的公司，财务流动性强的收购公司追逐高业务增长的码标公司 ο 实证结果部分支持了战略性并购的观点，同 时也指出战略性并购应是公句未来并购的方向。 关键词:战略性并购:中阂J:.市公司;资源暴础;财务特征 中图分类寄:F832.S 文献标识码:A 文章编号: 1003-5192 (2007) 02-0052-06 Strategic 如fA and Financial Relationship: Testing 1999 时 2004 Listed Chinese Cornpany Behavior WANG Da-gang , XI You-min (School 01 Management ， 后an Jiαotong Universi钞，刀ω 710049 ， Chi川) Abstract: Seventy峪fíve MAs in China Stock Market from 1999 to 2004 are investigated in terms of primary business in唰 come growth rate , profit rate , and current ratio of the acquiring and acquired companies. The average characteristics of acquired companies , classifíed by the characterìstics of theìr acquìrìng companìes , are compared. Results ìndìcate no significant structural matches between the acquìred and acquìring companies to exploit strengths and avoìd weaknesses in growth , profitability , and liquidity. It appears that firms have no significant strategic intention to balance their business segments before the MAs although some hypotheses partly supported. And conclusions need us to further the research on strategic MAs. Key words: strategic MA; Chinese listed company; resource based; financial characteristic