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ID:32840841
大小:1.19 MB
页数:27页
时间:2019-02-16
《中国企业海外并购支付方式选择对绩效影响实证的研究》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、万方数据AbstractSinceChina。SaccessiontotheWI"O,Chineseenterprisesoverseamergersandacquisitionshassignificantgrowthbothonthenumberandvolumeoftransactions,especiallybytheglobaIeconomicdownturnsince2008,globaIM&Aactivitydeclined,thenumberofoverseasassetsisundervaluedvalueofthestage.SOthatChinese
2、enterprises’overseasM&Ahaveagoodopportunity.AlthoughearliercasesofM&Ahavesomefailurehistory,butdidnotreducetheenthusiasmofChineseenterprisesinoverseamergersandacquisitions.TherearemoreandmorethesubjectofdomesticM&Aresearch,butresearchonChineseenterprises’overseasM&Ahasjustbegun,mainlybeca
3、useofChineseenterprisesinoverseamergersandacquisitionsinrecentyearshavearapidincrease.Whetheritisdomesticmergersandacquisitionsoroverseamergersandacquisitions,M&AperformancewhichisacoreissueofmergersandacquisitionsisanimportantindicatortojudgetheM&ASuccessorfailure.Inmergersandacquisition
4、stransactions,thepaymentisaveryimportantpartandalsothelastpart,hasacrucialroleforthetransactionisultimatelythesuccess.Chinacurrentrapiddevelopmentofoverseasmergersandacquisitions,givethepaymentresearchfortheperformanceagreatpracticalsignificance.Inthispaper,usethetheoryofcapitalstructureu
5、nderasymmetricinformationtheory,signalingtheory,corporatecontroltheory,byusingtheeventstudymethod,theoperatingperformanceofComparative,fiveyearsdatafrom2006to2010,120casesofM&Aeventsforthesamplesstudiedinthecashpaymentandstockofpayment,thepaymentfortheperformanceofshort-termandlong—termef
6、fects.Bythetwomethodsofresearch,weconcludedthat:M&ApaymentmethodaffecttheperformanceoftheM&A,refercashandpayment,cashpaymentintheshorttermimpactonperformanceissuperiortostockpayment.However,theperformanceofthelong—term.stockpaymentperformbetterthancashpayment.Comparedwithpreviousstudies,t
7、heinnovationofthispaperisthefirstchoiceofsubjectisrelativelynew,first,therelativelynewresearchdirection,perspectiveonChina’SoverseasM&APerformanceStudy.Second,thespanofsampleselection,thedataisrelativelynew.ThedatapoolislargecoverChineseenterprisesinoverseamergersan
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