资源与产业 ›› 2016, Vol. 18 ›› Issue (2): 103-110.DOI: 10.13776/j.cnki.resourcesindustries.20160315.001

• 资源经济 • 上一篇    下一篇

基于A股的中国油气行业上市公司并购绩效实证研究

陈黎琴1,2,3,陈鹏飞1   

  1. (1中国地质大学人文经管学院,北京100083;2中国社会科学院财经战略研究院,北京100037;3中国地质大学资源环境管理实验室,北京100083)
  • 出版日期:2016-04-20 发布日期:2016-04-20
  • 基金资助:
    中国地质大学(北京)中央高校基本科研业务费专项资金项目(2-9-2012-126)

AN EMPIRICAL STUDY OF M&A PERFORMANCES OF CHINA'S ASTOCK LISTED PETROLEUM COMPANIES

CHEN Li-qin1,2,3, CHEN Peng-fei1   

  1. (1School of Humanities and Economic Management, China University of Geosciences, Beijing 100083, China;2National Academy of Economic Strategy, CASS, Beijing 100037, China; 3Lab of Resources and Environment Management, China University of Geosciences, Beijing 100083, China)
  • Online:2016-04-20 Published:2016-04-20

摘要: 选取2007—2013年披露并购事件的A股17家石油行业上市公司,根据多元统计分析中的因子分析法,建立基于财务数据反映企业综合得分模型,对这17家上市公司2007—2013年度财务指标进行实证分析。在此基础上,依据并购频率、并购规模、与主营业务相关性等因素对各公司短期和长期并购绩效做出分析与评价。研究发现:通常并购的短期绩效并不理想,但是获得被并购公司100%股权的事件例外;并购的长期绩效依不同的公司和不同的并购事件有较大区别;与主营业务不相关的并购事件绩效不佳。

关键词: 油气行业, 并购, 绩效评价, 因子分析, 财务指标

Abstract: This paper selects 17 AStock listed petroleum companies who disclosed M&A events during 20072003, uses component analysis to establish a comprehensive scoring model based on financial data, which is employed to study their financial indexes and their short and longterm M&A performances based on their M&A frequency, scale and major business. The short term M&A performances are not as good as expected with the exception of 100% M&A. The long term M&A performances vary with companies and M&A events. The M&A performances irrelevant to major business are not good.

Key words: petroleum industry, M&A, performance evaluation, component analysis, financial index

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