Capital Liquidity,Merger & Acquisition Mode Choice and Performance——Study on M&A Decision Mechanism and Effect of Listed Companies from Perspective of Timing

ZHOU Yu-sheng; SONG Guang-hui; School of Management; South China University of Technology; School of Business; Guangdong University of Foreign Studies

doi:10.14134/j.cnki.cn33-1336/f.2015.07.008

2015, 07, No.285 76-86+97

资本流动性、并购模式选择与并购绩效——择时视角的上市公司并购决策机制与效应研究

周瑜胜^1,2 宋光辉¹

1.华南理工大学管理学院 2.广东外语外贸大学商学院

基金项目(Foundation): 国家社会科学基金项目(12CJY006);; 教育部人文社科基金规划项目(10YJA630131)

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DOI: 10.14134/j.cnki.cn33-1336/f.2015.07.008

发布时间： 2015-07-15

出版时间： 2015-07-15

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摘要：

流动性有多层次含义,分别是货币市场、股票市场、实体资产等主体特性的重要表征,也是公司并购择时决策的重要影响因素。文章采用2004-2012年中国上市公司股权收购样本,运用多层次流动性变量,以单变量分组差异检验与多变量回归分析相结合的方法,系统研究了多层次流动性对并购决策与并购绩效的影响机制与效应。研究发现不同层次流动性对并购特征与并购绩效产生了差异化影响:流动性差异化影响公司的并购模式决策,从而影响并购绩效;同时流动性也直接影响并购绩效,货币市场流动性以及股票市场流动性对并购绩效产生正向影响,而个股流动性程度对并购绩效产生负向影响。

关键词： 流动性; 并购模式; 并购绩效; 并购择时;

Abstract：

Liquidity has multi-levels meanings,which are important characteristics of money market,stock market and physical asset respectively,and is also an important influencing factor of timing decision of merger and acquisition of companies. The paper takes China listing corporation share acquisition in 2004-2012 as samples,uses multi-levels liquidity variables,combines the single variable differences-in-group analysis and multivariate regression research together to systematically analyze the mechanism and effect of liquidity on M&A mode and performance. The Study revealed that different liquidity levels have differentiated impacts on the characteristics of M&A and the performance; liquidity difference affects the decision of companies' M&A mode and further influence the performance of M&A; at the same time,liquidity directly influence the performance of M&A; the liquidity of monetary market and stock market have positive effect on the performance of M&A,while the liquidity of individual shares has a negative effect on M&A performance.

KeyWords： liquidity; M&A mode; M&A performance; M&A timing;

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基本信息:

DOI：10.14134/j.cnki.cn33-1336/f.2015.07.008

中图分类号:F832.51;F271

引用信息:

[1]周瑜胜,宋光辉.资本流动性、并购模式选择与并购绩效——择时视角的上市公司并购决策机制与效应研究[J].商业经济与管理,2015,No.285(07):76-86+97.DOI:10.14134/j.cnki.cn33-1336/f.2015.07.008.

基金信息:

国家社会科学基金项目(12CJY006);; 教育部人文社科基金规划项目(10YJA630131)

发布时间：

2015-07-15

出版时间：

2015-07-15

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