| Author: | 郑平 Zheng, Ping |
| Title: | 外部融资环境对上市公司并购绩效的影响 Wai bu rong zi huan jing dui shang shi gong si bing gou ji xiao de ying xiang |
| Advisors: | 唐宪生 (AF) |
| Degree: | D.Mgt. |
| Year: | 2017 |
| Subject: | Hong Kong Polytechnic University -- Dissertations Consolidation and merger of corporations Joint ventures |
| Department: | Faculty of Business |
| Pages: | 115 pages : color charts |
| Language: | Chinese |
| Abstract: | 在我国，企业并购行为对外部融资的依赖性普遍较高，但是融资渠道有限，加上外部经济环境和政策环境变动频繁，企业的融资决策更易受到宏观供给面因素的冲击。这意味着，外部融资环境的变化不仅直接影响着并购发生的概率，而且与并购动机等因素结合在一起最终影响着并购绩效。本文探讨了外部融资环境对上市公司并购绩效的作用机制。利用我国上市公司2006-2011 年并购重组数据和相关财务数据以及股票市场数据，以主并方为研究对象，本文计算了主并方的短期收益和长期收益，对并购交易的特征、并购绩效的变化趋势进行统计描述，并实证分析了外部融资环境和其他因素对主并上市公司并购绩效的影响。对比主并上市公司短期和长期并购绩效的变化趋势，本文发现外部融资环境对上市公司并购绩效的影响仅仅是短期推高累计超额收益率，对长期经营绩效没有产生实质影响。而全样本和分组样本多元回归分析的结果表明，外部融资环境的确通过不同途径影响了并购的短期和长期绩效。 |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 991022020029503411.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 976.11 kB | Adobe PDF | View/Open |
Copyright Undertaking
As a bona fide Library user, I declare that:
- I will abide by the rules and legal ordinances governing copyright regarding the use of the Database.
- I will use the Database for the purpose of my research or private study only and not for circulation or further reproduction or any other purpose.
- I agree to indemnify and hold the University harmless from and against any loss, damage, cost, liability or expenses arising from copyright infringement or unauthorized usage.
By downloading any item(s) listed above, you acknowledge that you have read and understood the copyright undertaking as stated above, and agree to be bound by all of its terms.
Please use this identifier to cite or link to this item:
https://theses.lib.polyu.edu.hk/handle/200/9232