中国上市公司中主并公司的特征识别.PDF

山/ 西/ 财/ 经/ 大/ 学/ 学/ 报 2007 5 Journal of ShanXi Finance and Economics University May. ,2007 29 5 Vol.29 No.5 中国上市公司中主并公司的特征识别 陈玉罡, 王苏生 ( 哈尔滨工业大学 深圳研究生院, 广东 深圳 518055) [ ] 本文以2003年A 股上市公司中122家只发生 一次并购的公司和 489 家未发生任何重组的公司为样本, 采用因 子分析法和Logistic 回归建立了主并公司的特征识别模型, 发现主并公司进行并购后提高了盈利能力营运能力和股本扩张能 力 [] 并购; 主并公司; 特征识别 [] F276.6 [ ] A [ ] 1007- 9556(2007) 05- 0061- 05 Characteristics Identification of Acquiring Companies in Chinese Listed Companies CHEN u- gang,WANG Su- sheng (Shenzhen Graduate School, Harbin Institute of Technology, Shenzhen 518055, China) Abstract:This paper sets up a characteristics identificationmodel of acquiring companies based onthe MA data of 122 acquiring compa nies and 489 non- restructuring companies in 2003, using factor analysis and logistic model. The authors find out those companies with lower capability of profitability and operating capability attempt to increase thefinancial performance by MA. After MA,the acquiring companies raise the profitability, the capability of operating, and the capability of equity expanding. Key Words:MA; acquiring companies; characteristics indentification , , , ,, , , , ? ,() , , : , , , , ,, , , , , [] 2007- 04- 02 [] 本研究得到国家自然科学基金 和第39批中国博士后基金的资助( 20060390794) [] 陈玉罡( 1976- ) , 男, 湖南湘潭 ,哈尔滨工业大学深圳