我国房地产业上市公司并购绩效及其影响因素研究
(1.沈阳化工大学经济与管理学院,辽宁 沈阳 110142;2.东北大学工商管理学院,辽宁 沈阳 110004)
- 文献要素
-
摘要:以我国房地产业上市公司的并购事件为样本,通过构建财务评价指标体系,综合运用因子分析法和多元回归分析方法,研究房地产业上市公司的并购绩效及其影响因素。研究结果表明,总体来看并购公司当年绩效有所降低,并购后一年及并购后三年公司绩效逐步提升;在影响公司并购绩效的因素中,每股收益、流动资金规模及总资产具有显著的正向影响。关键词:房地产业;上市公司;并购绩效;因子分析法;多元回归;影响因素Abstract:Taking the merger and acquisitions(M&A)among listed companies in Chinese real estate industry as the research sample,constructs the finance evaluation index system,and analyzes the M&A performance and its influence factors by using factor analysis method and multiple regression model. The empirical results show that the company performances generally decrease in the year of M&A,and then gradually increase one to three years after the M&A;the earnings per share(EPS),liquid money amount and total assets have positive effects on the company performances.Keywords:real estate industry;listed company;merger and acquisition performance;factor analysis method;multiple regression;influence factor参考文献[1] Rhéaume L H S,Bhabra. Value creation in information-based industries through convergence:A study of U.S. mergers and acquisitions between 1993 and 2005[J]. Information & Management,2008,45(5):304-311.[2] Bruner R F. Does M&A pay:A survey of evidenee for the decision-maker[J]. Journal of Applied Finance,2002(1):130-131.[3] Sharma D S,Ho J. The impact of acquisitions on operating performance:Some Australian evidence[J].Journal of Business Finance & Accounting,2002,29(1/2):155-200.[4] Meeks G. A disappointing marriage,a study of the gains from merger[M]. Cambridge:Cambridge University Press,1977.[5] Ravenscraf D,Scherer F M. Mergers,sell-offs and economic efficiency[M]. Washington D C:The Brookings Institution,1987.[6] 高笑霜.论中国建筑企业的第三次结构调整及价值再造——以中国建筑股份有限公司为例[J].建筑经济,2013(5):6-10.[7] 余鹏翼,王满四.国内上市公司跨国并购绩效影响因素的实证研究[J].会计研究,2014(3):64-70,96.[8] 王倩.我国房地产企业并购绩效实证研究[D].北京:中国地质大学,2011.[9] 李斗,杜治平.我国房地产上市公司并购绩效问题及对策研究[J].特区经济,2010(12):223-224.[10] 魏长宽.上市公司并购绩效研究[J].江淮论坛,2014(4):111-115.[11] 陈德强,侯杰.基于因子分析法的房地产上市公司并购绩效研究[J].建筑经济,2012(7):74-78.建筑经济,2015(03):83-87