...成员:董正茂 杜术清 张蕾娣 唐慧琼 文章概要 考察对象:1979-1984年间美国最大的50 起公司兼并案例中兼并公司(acquiring firms)和目标公司(target firms)在 兼并后的现金流表现 要探讨的问题:这种兼并是否创造了真正 的经济回报以及这些回报的来源 文章概...
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Sample Selection of Acquiring Firms 主并企业样本选择
Taking 190 listed acquiring companies from 2003 to 2005 as the sample of research,we analyzed the performance fluctuation of acquiring firms 2 years before and after the acquiring event by means of the factor analysis model.
以2003—2005年190家上市公司收购行为作为分析样本,将因子分析模型作为综合评价方法,全面分析了主并企业从收购前两年到收购后第2年5个年度的绩效变动情况。
参考来源 - 基于现金流视角的主并企业收购绩效研究The result demonstrates: M&A can bring wealth to the shareholders of acquiring firms, and the motive relate to agent has a notable effect on M&A performance.
实证结果显示:并购能够给收购公司股东带来财富收益,而与管理者代理问题相联系的并购动机对收购公司的并购绩效有显著影响。
参考来源 - 企业并购动机分析以及基于管理动机的并购绩效检验·2,447,543篇论文数据,部分数据来源于NoteExpress
One study showed, for example, that acquiring firms were on average unable to maintain acquired firms' pre-merger levels of profitability.
例如,一项研究表明,平均来看,收购公司无法维持被收购公司合并前的盈利水平。
A second study concluded that post-acquisition gains to most acquiring firms were not adequate to cover the premiums paid to obtain acquired firms.
第二项研究得出结论,大多数收购公司的收购后收益不足以支付收购公司的溢价。
Hotels are also finding new partners or acquiring firms outright.
酒店也在需找新的合作伙伴或直接并购整个公司。
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