科研管理

科研管理 ›› 2010, Vol. 31 ›› Issue (6): 19-27 .

• 论文 • 上一篇    下一篇

基于技术能力驱动的企业并购绩效实证研究

胥朝阳，黄晶   


  1. 武汉纺织大学经济管理学院，湖北 武汉430073
  • 收稿日期:2009-01-04 修回日期:2010-01-27 出版日期:2010-11-24 发布日期:2010-11-24

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

Xu Chaoyang, Huang Jing   


  1. School of Economics and Management, Wuhan Textile University , Wuhan 430073, China
  • Received:2009-01-04 Revised:2010-01-27 Online:2010-11-24 Published:2010-11-24

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摘要： 摘要：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。

关键词: 技术并购, 绩效, 并购类型

Abstract: Abstract: 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 that there is a significant relation among non-tradable shares proportion, ownership concentration, undistributed profit per share, firm size before M&A, and M&A performance.

Key words: technology-motivated acquisition, M&A performance, merger types

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