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Title: Performance of acquiring firms and corporate governance : an empirical study between stock A and H/R enterprises
Other Titles: 企业收购绩效与公司治理 - 内地和香港上市的中国企业实证分析
Authors: Wang, X
Yu, W
Issue Date: 2007
Publisher: 中国会计学会秘书处
Source: 会计研究 (Accounting research), Aug. 2007, no. 8, p. 51-59, 96 How to cite?
Journal: 会计研究 (Accounting Research) 
Abstract: 本文以A股和H/R股上市公司为样本,采用事件分析法、Pearson相关分析和回归分析,对企业收购绩效与公司治理结构进行了实证研究,结果表明目前A股市场的收购活动对企业绩效的影响是负面的,而H/R股的收购对绩效的影响并不显著。主要原因在于投资者法律保护环境及公司内外部治理等方面存在差异,据此认为上市企业要慎重对待收购行为,并提出了完善公司治理机制的相关建议。
Event-Study Analysis,Pearson relevant analytical method and regression analytical method are employed in this paper to analyze acquisition performance of Chinese mainland enterprises,which are publicly listed in Hong Kong and mainland capital markets.The result shows that the current acquisition activity is negative to the enterprise performance,and it has more negative effect on acquisition activity of stock A rather than stock H/R.This is mainly due to the difference of investors’ legal protection environment and internal & external governance mechanism between stock A and H/R enterprises.So it concludes that we must adopt a cautious attitude towards the acquisition activity of enterprises and put forth relevant polices and suggestions.
ISSN: 1003-2886
Rights: © 2007 中国学术期刊电子杂志出版社。本内容的使用仅限于教育、科研之目的。
© 2007 China Academic Journal Electronic Publishing House. It is to be used strictly for educational and research purposes.
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