非现金支付方式并购效应优于现金支付方式。
Performance of non-cash-paying M&A is better than cash-paying M&A.
另一方面，为了完善公司治理结构以及谋求并购效应，同时考虑到自身的特点。
On the other hand, in order to perfect the corporate governance structure and seeking acquisitions, considering the effect of its own characteristics.
我国上市公司并购效应的实证大都使用单一的研究方法，缺乏从长期和短期角度的合并评价。
The empirical studies on China's listed companies' mergers and acquisitions generally use a single method, lacked of the combined evaluation from a long-term and short-term point of view.
我们公司一直在从事企业并购中的马太效应研究。
Our company has been studying the Matthew effect in merger and acquisition.
本文认为，企业并购价值识别的内容应当包括“资产型”、“协同效应型”和“实物期权型”价值源以及它们的性质状态。
We have found that the content of the discernment should contain assets type, synergy effect type, real options type source of value and their properties and status.
怀疑论者对于大并购价值的怀疑经常是对的：所承诺的协同增效效应从来没有实现，管理者陷入类似于整合it系统一样的乏味整合。
Sceptics about the value of big mergers often turn out to be right: promised synergies never materialise and managers get sucked into the tedium of integrating IT systems and the like.
并购是企业内外部资源融合的过程，是企业提升市场竞争力的重要途径，其竞争力的根源在于资源共享和整合所创造的协同效应。
It's the important approach of improving the market competitive power, which is rooted in the synergistic effect that created by resource share and integration.
第四部分是对外资跨国并购对我国产生负面效应进行分析。
The fourth part is the negative effect of Transnational mergers and acquisitions toward China.
本文基于不完全契约理论研究了股东—利益相关者博弈对并购方股东财富效应的影响。
This paper USES contract economics to investigate the impact of shareholder-stakeholder game on the shareholder wealth effect in merger and acquisition.
通过并购既可以实现资源的优化配置，又可以实现资本的低成本、高效率扩张，形成强大的规模效应。
The combination not only completes optimization allocation of resources, but also reducing production cost, increasing efficiency, then forms a large sale effect.
最后还分析了跨国并购的就业效应、产业结构优化效应以及经济竞争力提升效应等。
Also analyzed finally that employment effects, industrial structure of transnational merger optimize the effect and economic competitiveness and promote the effect etc.
接着，通过对各种外部技术获取方法的比较和技术寻求型跨国并购的优势分析，提出了技术要素服务效应的概念。
Then, by comparing various exterior technology acquiring ways and the advantage of acquisitions of seeking technology, it puts forwards a new concept calling technology factors' serving effect.
企业并购，协同效应，人力资源整合，人员调整，员工沟通，文化整合。
The amalgamation of enterprises, coordination effect, human resource conformity, personnel adjustment, staff communication, and culture conformity.
在公司并购理论中讨论最多、争论最激烈的问题之一就是公司并购的财富效应。
One of the most discussed and argued problems in annexation Theory is the Wealth Effect of enterprises annexation.
第二章我国企业并购的积极效应与存在的问题。
Chapter Two Positive effect and existing problem of consolidation and purchasing of enterprise in our country.
本文将考察1997- 2002年间银行和保险公司并购所产生的财富效应。
In this paper, we estimate wealth effects of mergers between banking and insurance firms in the period 1997-2002.
企业并购的主要动机是谋求协同效应，即获取“1+1> 2”的效果。
The mainspring that enterprises merge is to seek the cooperative effect, namely obtain the result of "1+1> 2".
协同效应是企业并购的核心内容。
本文在对并购协同效应概念界定的基础上，运用了两种企业价值评估模型对企业并购的协同效应进行了定量分析，并探讨了企业并购决策时应考虑的支付方式问题。
Based on the concept of synergy, this article USES two enterprise valuation models for the synergy's quantitative analysis, and elaborates the way of payment in mergers and acquisitions.
并购中真正的协同效应是通过无形资产的使用来实现的，而知识就是最为重要的隐形资产。
The synergy comes from the usage of immaterial assest, especial the knowledge is the most important assest.
该模型展示了并购所引起的出口竞争对手之间的国际溢出效应。
The model highlights international spillovers between rival exporters that result from mergers.
第三章，从理论及实例两方面分析欧盟银行业并购带来的效应；
Third chapter analyses the domino effect of EU banks M&A in theoretic and examples respects.
研究结果显示，并购绩效从整体上有一个先升后降的过程，并购后第一年绩效改善明显，但从并购后第二年开始业绩下降，并呈现负效应。
The result of study indicates that there is a process of up and down for performance as a whole. It is improved remarkably in the first year , but then it goes down as minus effect.
在过去的30多年里，西方学者对并购价值效应方面进行了大量的学术研究，但综合起来看，并购的价值效应存在很大的不确定性。
Over the past more than 30 years, the western scholar has carried on a large amount of academic research in the effect of M&A, but it exists very great uncertainty.
目前有大量关于并购绩效的理论和实证文献，综合来看，并购的价值效应存在很大的不确定性。
Nowadays there have been large amount of theoretical and empirical studies on M&A performance. However, comprehensively, there is great uncertainty concerning value effect of the M&A.
目前有大量关于并购绩效的理论和实证文献，综合来看，并购的价值效应存在很大的不确定性。
Nowadays there have been large amount of theoretical and empirical studies on M&A performance. However, comprehensively, there is great uncertainty concerning value effect of the M&A.
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