基于技术能力驱动的企业并购绩效实证研究

融内涵提升与外部成长于一体的技术能力驱动并购,在经济转型期日益受到企业的青睐。通过对2002～2004年我国沪深证券市场中以上市公司为主并方的185起并购事件的实证研究,文章得出以下结论:技术进入型并购短期内导致公司经营绩效下滑;而技术升级型和技术互补型并购将提高公司经营绩效;公司并购前非流通股比例、股权集中度、每股未分配利润以及公司规模与并购绩效之间存在显著关系。

A study on the enterprises performance of technology-motivated acquisition of listed corporations

Technology-motivated acquisition is a combination of connotation development with external growth,which becomes the focus of more an more enterprises.Taking 185 M&A events of Chinese listed companies from 2002 to 2004 as an example,the empirical research shows that the acquiring firms'performance for the technology entering M&A decreased in short-term,however technology upgrading M&A and technology complementary M&A emerge a prominent effect on operational performance of the firms.And the results also show ...