并购的频繁程度意味着什么_来自我国上市公司并购绩效的证据

6420077()ChinaEconomicQuarterlyVol16,No14July,20073,,,U,U;,,,3:,,100083;:13676954432;E2mail:[e-mail].1993,,2003,(CSMAR),(),,,,,,,,,,,,,1186()6,:;;;;,,,,Goldberg(1983)1935198030,,,,,Bruner(2002)19712001130,,10%30%,,,(1998)198,(2001)201,,(2003)19932002,,29105%,20%,,-16176%,,,,,,(Jens2en,1986)Morketal1(1990),,FowlerandSchmidt(1989)CEO,,CEO(1998),BlissandRosen(2003),,,4:1187Lubatkin(1982),,,FlowerandSchmidt(1989)42,,,,,Brutonetal.(1994)5146,,,,Kusewitt(1985)138,,10,,,U,,Hale2blianandFrinkelstein(1999)19801992449,,,,,,,ElyandSong(2000)60,,2090,,,,,,,(),,,,,,,,1188()6BarnesElyandSong(2000),,,,,,:1,,HaleblianHit(,,,),,,:2,,,,Kusewitt(1985),,,U,,,,,,,,,,,,,,,,,,,(),,,:3,,U4:1189(),,,,Porrini(2004)(2004),,:4%;,20%,20%;;,,,:CSMAR;;;;;;,,20012003,141,200142200249200350,6774()1.,,,,,,(),,,,,(),,,,1190()62.,1999,:(1):;(2):;(3):;(4):,(),,83%,(1)Fi=ai1Yi1+ai2Yi2+ai3Yi3+ai4Yi4,(1),Fii,Yij,aijij(),,11(),,33,,1,2117911985,36178121486,55,1,0,,0182013954:1191()(),0147601253,,41242E20481713E2041,00164014831,0013801488,1,,0014801502,01188011591,,,0,8;,,4716%,2513%;,01042%,40%,,,1818%,,,(),,,,,:(1),,;(2),,1192()6(),:,12,:Fi,2-Fi,-1=+1frequencyi+2salaryi,2+3ownshipi+4outi+5topsharei+6categoryi+7negavationi+8asseti+9scalei,(2)Fi,1-Fi,-1=+1frequencyi+2salaryi,1+3ownshipi+4outi+5topsharei+6categoryi+7negavationi+8asseti+9scalei.(3)3,:Fi,2-Fi,-1=+1frequency2i+2frequencyi+3salaryi,2+4ownshipi+5outi+6topsharei+7categoryi+8negavationi+9asseti+10scalei,(4)Fi,1-Fi,-1=+1frequency2i+2frequencyi+3salaryi,1+4ownshipi+5outi+6topsharei+7categoryi+8negavationi+9asseti+10scalei,(5):Fi,-1,Fi,1,Fi,2i,;frequencyii;fre2quency2ii;salaryi,1,salaryi,2i,15,,0,;ownshipii,,1,0;outii;topshareii;negavationii,1,0;categoryii,1,0;assetii,1,0;scaleii,1,2,3,4,5,6,7,8,9,104:1193()(1),232(F-1)(F1)(F2)61899E203-11572E207-61427E204141141141395%tpF1-F-1-010068901678770105191-01109360109557-0110314001901F2-F-1-010075401648470104959-011054301092349-0112914001889F2-F1-010006401708010105414-0110752011062401000140110002,,,3p,,,,(),,,,4()(salary-1)(salary1)(salary2)871516051301874681441063661261261261194()6595%tpsalary1-salary-14313586384129883819356725160089611116374185112501000salary2-salary-15615476193123159918825336190816761187065172112501000salary2-salary113118898821535548174875-411973230157528114971250114223,45,,(p0),,,,,,,,,,,,,()111266122(Fi,2-Fi,-1)1(Fi,1-Fi,-1)0139301274(11015)[phone]-01078633(-21474)(-21013)-0100096-0100037(-11115)(-11332)-012613-013023(-11672)(-11874)0124633013823(21106)(11874)581548741081(01213)(01316)4:1195()2(Fi,2-Fi,-1)1(Fi,1-Fi,-1)-01142-01056(-11228)(-01432)-012863-012593(-11902)(-11661)0111301165(01554)(01854)-01323-01369(-01849)(-11162)R20131301307141141:t,310%,,,1,2,,;,,,,(,,),,1,,,,,,,,,,,,,,,,,,,,,,,1196()62.37732(Fi,2-Fi,-1)1(Fi,1-Fi,-1)0157501469(11481)(11293)-01041833-01059433(-21101)(-21386)011753012693(11659)(11914)-0100068-0100028(-11117)(-11273)-012393-012853(-11661)(-11763)0124533013783(21055)(11813)451574621003(01151)(01225)-01116-01083(-11074)(-01975)-013223-012663(-11918)(-11668)01052401173(01282)(11014)-01286-01348(-01812)(-11156)R20132501318141141:t,3,3310%5%7,,,,3,U;;,;;;,;,6,,,4:1197,,(),U,(4)(5):Fi,2-Fi,-1=+1(frequencyi-A)2+2salaryi,2+3ownshipi+4outi+5topsharei+6categoryi+7negavationi+8asseti+9scalei,(6)Fi,1-Fi,-1=+1(frequencyi-A)2+2salaryi,1+3ownshipi+4outi+5topsharei+6categoryi+7negavationi+8asseti+9scalei,(7)A,0A,0125012501501758A(6)(7),:A2,(6)1(p=01005);A2125,(7)1(p=01005)2125,2,,U,:1.,,,2.,,,3.,,,,1198()64.,U,,,,,,,,,,,,5.,:1.,,,,,,,,;;,,,2.,,,3.,,,,[1]Barnes,P.,WhydoBiddersSoBadlyoutofMergers?SomeUKEvidence,JournalofBusinessFinance&Accounting,1998,25(6),571594.[2]Bliss,R.,andR.Rosen,CEOCompensationandBankMergers,JournalofFinancialEconom2ics,2003,61(1),107138.[3]Bruner,R.,DoesM&APay?ASurveyofEvidencefortheDecision2maker,JournalofAp2pliedFinance,2002,12(1),4868.4:1199[4]Bruton,G.,B.Oviatt,andM.White,PerformanceofAcquisitionsofDistressedFirms,Acad2emyofManagementJournal,1994,37(4),972989.[5],,,19999,8190[6],,,20044,4956[7]Ely,D.,andM.Song,AcquisitionActivityofLargeDepositoryInstitutionsinthe1990s:AnEmpiricalAnalysisofMotives,QuarterlyReviewofEconomicsandFinance,2000,40(4),467484.[8],,,20011,3242[9],,:,1998[10]Fowler,K.,andD.Schmidt,DeterminantsofTenderOfferPost2acquisitionFinancialPerform2ance,StrategicManagementJournal,1989,10(4),339350.[11]Fowler,K.,andM.Ronald,Post2acquisitionFinancialPerformanceandExecutiveCompensa2tion,StrategicManagementJournal,1990,11(7),559569.[12]Goldberg,W.(ed.),Mergers:Motives,Modes,Methods.London:Gower,Aldershot,1983.[13],::,2002[14]Ghemawatt,P.,andA.Spence,LearningCurveSpilloversandMarketPerformance,QuarterlyJournalofEconomics,1985,100(5),839852.[15]Haleblian,J.,andS.Finlelstein,TheInfluenceofOrganizationalAcquisitionExperienceonAc2quisitionPerformance:ABehavioralLearningPerspective,AdministrativeScienceQuarterly,1999,44(1),2958.[16]Harrison,J.,M.Hitt,R.Hoskisson,andR.Ireland,SynergiesandPost2acquisitionPerform2ance:DifferencesversusSimilaritiesinResourceAllocations