中国钢铁企业并购重组绩效研究
|
摘要
本论文综合产业经济学、管理学、会计学等理论关于企业并购重组绩效评价的相关研究成果,并结合我国钢铁产业环境的客观实际情况,试图建立我国钢铁企业并购重组绩效评价的分析框架；先通过分析我国钢铁企业并购重组战略目标构成,考察和总结世界钢铁产业结构变动中的主要并购重组模式及其演进特征,吸收世界主要产钢大国(跨国集团)并购重组经验；再以我国钢铁企业并购重组战略目标为导向,构建并购重组绩效评价指标体系,并以近十年内我国发生并购重组的大型钢铁企业为样本,建立并购重组绩效因子分析模型,对样本企业并购重组绩效进行综合评价；然后对我国最大的四家钢铁行业主导企业(河北钢铁、宝钢、武钢、鞍本)的并购重组绩效进行微观层面的实证研究,归纳总结钢铁企业并购重组绩效的影响因素；尝试建立我国钢铁企业并购重组的系统动力学模型并进行反馈分析,并提出管理对策和建议。
本文主要分八章,主要研究结构如下：
第一章引言：主要论述了钢铁企业并购重组绩效研究的意义,提出问题,通过对相关理论研究进展的总结与述评,找出了当前研究的不足,提出了本文的研究框架、研究内容、研究方法和创新点。
第二章理论基础：本章分为三个层次,首先辨析了并购重组的内涵,综述了并购动因和效应理论；其次梳理了绩效评价的发展过程和相关理论；在此基础上提出了并购重组绩效的概念,明确了其内涵和外延,并总结了并购重组绩效的主要研究方法。
第三章钢铁企业并购重组战略目标分析：首先分析了钢铁产业特征和产业链结构,回顾了我国钢铁产业的发展过程,深入分析了我国钢铁产业组织、规模、布局和产业集中度变化情况；然后从三种不同理论角度出发,结合产业实际状况,分析了我国钢铁企业并购重组战略目标应包括的内涵；最后在产业环境分析和理论分析的基础上,揭示了我国钢铁企业并购重组战略目标的结构及其内在联系。
第四章钢铁企业并购重组模式比较分析：首先在考察全球钢铁产业结构变化的基础上归纳了国内外钢铁企业并购重组的三种主要模式,并分析了其并购动因、演进过程和内在特征；其次总结了美、欧、日、米塔尔等主要产钢国(跨国集团)的企业并购重组经验及对我国的借鉴；最后提出了制约我国钢铁企业并购重组推进的主要瓶颈问题。
第五章我国钢铁企业并购重组绩效评价指标体系的构建：首先明确钢铁企业并购重组绩效评价的主体、客体和评价目标,在此基础上建立了并购重组绩效评价体系初步框架；然后以近十年来发生并购重组的钢铁企业为样本建立了并购重组绩效因子分析模型,通过主成分分析筛选、剔除了初步框架中的弱相关指标,并用因子分析法在销售净利率、净资产收益率、成本费用利润率等13个原始变量中抽取出5个公共因子,根据因子得分、并购重组绩效总分与排名情况对样本企业的并购重组绩效进行了综合评价；最后对所建立的因子分析模型进行了客观评价,并讨论了可改进之处。
第六章行业主导企业并购重组绩效比较分析：以我国最大的四家行业主导企业(河北钢铁、宝钢、武钢、鞍本)的并购重组案例分析为基础,在第五章提取的五个公共因子上又增加了五个与并购重组绩效有密切关联的原始指标。从微观层面对四家主导企业及其子企业的并购重组绩效进行了横向比较和纵向比较。最后,归纳了钢铁企业并购重组绩效的影响因素,分析了其作用机理,并给出了相应的管理政策建议。
第七章我国钢铁企业并购重组系统结构模型及反馈分析：首先引入了系统动力学流率入树建模法和关联数字矩阵反馈环计算法的概念和定理,为构建系统反馈模型奠定了扎实的理论基础；然后遵循流率基本入树建模法基本步骤建立了钢铁企业并购重组系统流位流率系、定性二部分图和基本流率入树模型；接下来应用关联数字矩阵反馈环计算法实现了反馈环的运算,从结果中筛选出最能表达内部变量作用关系的8条10阶、11阶正负反馈环进行分析并提出了管理对策。
第八章结论与展望：对全文研究内容进行总结,归纳出基本结论,并对尚待解决的问题提出展望。
本论文围绕钢铁企业的并购重组绩效评价问题这一主线,在理论分析过程中充分吸收了现有的研究成果,并在此基础上通过归纳、梳理、凝炼、提升,主要做了如下工作和创新：
首先,结合国内外钢铁业并购重组发展模式和我国钢铁企业并购重组的战略目标分析,对影响我国钢铁企业并购重组绩效的关键因素进行了实证分析；
其次,建立了一个从我国钢铁产业实际情况出发的企业并购重组绩效评价指标体系,并对不同并购重组模式下的四个行业主导企业宝钢、武钢、鞍本、河北钢铁集团的并购重组绩效进行定量分析和比较研究；
再次,将系统动力学研究方法引入钢铁产业并购重组研究,构建了我国钢铁企业并购重组系统结构模型,根据反馈分析和比较研究结果提出了政策建议。
This dissertation has integrated much of the results of relative researches on Merger & Acquisition performance measurement that had been based on theories of industrial economy, science of management and accounting. Taking the realistic situation of Chinese steel industry as main consideration, this dissertation has tried to build up a research framework of the M&A performance measurement of Chinese iron and Steel corporations through analysing the structure of M&A strategic goals of Chinese iron and steel corporations, observing and summarizing the essential M&A patterns and their features of changing and learning the M&A experiences of western developed countries and Mittal Group. Then this dissertation has built up an indicator system of M&A performance measurement led by the strategic M&A goals of Chinese steel corporations; taking the main steel corporations involved in M&A during the past 10 years as research samples, a factor analysis model of M&A performance has thus been developed in order to make an objective assessment of the M&A performance of sample corporations. Afterwards, this dissertation has carried out empirical study on the M&A performance of Chinese biggest four steel corporations from a micro view, and has induced the key factors of Chinese steel corporations' M&A performance. Finally, a system dynamic model of Chinese steel corporations' merger and acquisition has also been developed in order that suggestions of management could be advanced through feedback analysis.
The full text is composed of eight chapters, the main structure and content of which is as follows:
The first chapter is the introductory. This chapter includes the background and significance of the research topics, research state, the basic ideas and methods, the main content and structure, the major innovation points.
Chapter II is the theoretical foundation of M&A performance measurement, which is composed of three parts, the first part has included the definition of merger, acquisition, recombination and takeover, theories of M&A motivations and effects. The second part has specified process of performance measurement development and relative theories. Based on the former two parts, concept of M&A performance has been advanced including its meaning and extension, as well as the main research methods in the third part.
Chapter III has mainly analysed the characteristics, industrial chain of steel industry, and then reviewed the history of Chinese steel industry, following which is a detailed analysis on the industrial system, scale, organization and degree of concentration of Chinese steel industry. Then the content of M&A strategic goals has been treated through research views of three different theories, as well as the logic relations of the strategic goals.
Chapter IV has induced three essential M&A patterns of international steel corporations as well as their motivations based on observation of changes of industrial structure in global steel industry, and then summed the M&A experiences of America, Europe, Japan and Mittal Group. Finally it has revealed the bottle-neck of processing M&A in China.
Chapter V firstly discriminated the subject, object and objectives of steel corporations' M&A performance measurement, based on which an original indicator system of M&A performance measurement has been set up. Taking the main steel corporations involved in M&A during the past 10 years as research samples, a factor analysis model of M&A performance has thus been developed in order to make an objective assessment of the M&A performance of sample corporations. Seven weak correlation indicators were picked out after principal component analysis, and then the rest thirteen indicators including NPTS, ROE, ratio of profit to cost, etc were processed through factor analysis and finally 5 public factors were extracted. The M&A performance of sample companies has been measured and listed by scores of performance & public factors. In the end, deficiency of this model was discussed.
Chapter VI, this chapter has carried out an empirical study on M&A performance of Chinese biggest four steel corporations (including Bao Steel, WISCO, Anben and Hebei steel) from a micro view, based on their M&A cases, factors extracted in Chapter V and five additional financial indicators. M&A performances of the four corporations were compared in two ways and finally the key factors of Chinese steel corporations' M&A performance were induced before their motivations were analysed. Management suggestions have been provided according to the key factors.
Chapter VII firstly introduces the methodology of flow rate in-tree modelling and related digit matrix feedback ring computing of system dynamics. Then following the basic steps of flow rate in-tree modelling, the flow rate in-tree model of steel corporations' M&A is set up. After computing all the feedback rings, eight of the 10-order and 11-order feedback rings are chosen because of their effectiveness of reflecting the relationship between flow rates, and then analysed to obtain management suggestions.
Chapter VIII is the conclusion of this study and follow-up research prospects. Based on the analysis of previous chapters, this chapter gives the main summarized conclusions of papers, the shortage of the study, and the indicated direction of the follow-up study.
This dissertatioin uses the main line around the M&A performance of steel corporations; it has been fully absorbed the research results in the analysis process, and on this basis, by induction, carding, pithiness and improvement, the innovation points of this paper are as follows:
Firstly, an empirical study upon the key factors of the M&A performance of Chinese steel corporations has been carried out based on analysis of the strategic goals and essential M&A patterns of Chinese steel corporations.
Secondly, an M&A performance measurement indicator system has been built up based on the realistic situation of Chinese iron&steel industry, and the M&A performances of four biggest steel corporations has been put into a quantitative comparative research.
Finally, this study has introduced methodology of system dynamics into the field of M&A of steel industry, and a system dynamic model of Chinese steel corporations' Merger&Acquisition has been developed. Management suggestions have been provided based upon results of feedback analysis and comparative research.
本文主要分八章,主要研究结构如下：
第一章引言：主要论述了钢铁企业并购重组绩效研究的意义,提出问题,通过对相关理论研究进展的总结与述评,找出了当前研究的不足,提出了本文的研究框架、研究内容、研究方法和创新点。
第二章理论基础：本章分为三个层次,首先辨析了并购重组的内涵,综述了并购动因和效应理论；其次梳理了绩效评价的发展过程和相关理论；在此基础上提出了并购重组绩效的概念,明确了其内涵和外延,并总结了并购重组绩效的主要研究方法。
第三章钢铁企业并购重组战略目标分析：首先分析了钢铁产业特征和产业链结构,回顾了我国钢铁产业的发展过程,深入分析了我国钢铁产业组织、规模、布局和产业集中度变化情况；然后从三种不同理论角度出发,结合产业实际状况,分析了我国钢铁企业并购重组战略目标应包括的内涵；最后在产业环境分析和理论分析的基础上,揭示了我国钢铁企业并购重组战略目标的结构及其内在联系。
第四章钢铁企业并购重组模式比较分析：首先在考察全球钢铁产业结构变化的基础上归纳了国内外钢铁企业并购重组的三种主要模式,并分析了其并购动因、演进过程和内在特征；其次总结了美、欧、日、米塔尔等主要产钢国(跨国集团)的企业并购重组经验及对我国的借鉴；最后提出了制约我国钢铁企业并购重组推进的主要瓶颈问题。
第五章我国钢铁企业并购重组绩效评价指标体系的构建：首先明确钢铁企业并购重组绩效评价的主体、客体和评价目标,在此基础上建立了并购重组绩效评价体系初步框架；然后以近十年来发生并购重组的钢铁企业为样本建立了并购重组绩效因子分析模型,通过主成分分析筛选、剔除了初步框架中的弱相关指标,并用因子分析法在销售净利率、净资产收益率、成本费用利润率等13个原始变量中抽取出5个公共因子,根据因子得分、并购重组绩效总分与排名情况对样本企业的并购重组绩效进行了综合评价；最后对所建立的因子分析模型进行了客观评价,并讨论了可改进之处。
第六章行业主导企业并购重组绩效比较分析：以我国最大的四家行业主导企业(河北钢铁、宝钢、武钢、鞍本)的并购重组案例分析为基础,在第五章提取的五个公共因子上又增加了五个与并购重组绩效有密切关联的原始指标。从微观层面对四家主导企业及其子企业的并购重组绩效进行了横向比较和纵向比较。最后,归纳了钢铁企业并购重组绩效的影响因素,分析了其作用机理,并给出了相应的管理政策建议。
第七章我国钢铁企业并购重组系统结构模型及反馈分析：首先引入了系统动力学流率入树建模法和关联数字矩阵反馈环计算法的概念和定理,为构建系统反馈模型奠定了扎实的理论基础；然后遵循流率基本入树建模法基本步骤建立了钢铁企业并购重组系统流位流率系、定性二部分图和基本流率入树模型；接下来应用关联数字矩阵反馈环计算法实现了反馈环的运算,从结果中筛选出最能表达内部变量作用关系的8条10阶、11阶正负反馈环进行分析并提出了管理对策。
第八章结论与展望：对全文研究内容进行总结,归纳出基本结论,并对尚待解决的问题提出展望。
本论文围绕钢铁企业的并购重组绩效评价问题这一主线,在理论分析过程中充分吸收了现有的研究成果,并在此基础上通过归纳、梳理、凝炼、提升,主要做了如下工作和创新：
首先,结合国内外钢铁业并购重组发展模式和我国钢铁企业并购重组的战略目标分析,对影响我国钢铁企业并购重组绩效的关键因素进行了实证分析；
其次,建立了一个从我国钢铁产业实际情况出发的企业并购重组绩效评价指标体系,并对不同并购重组模式下的四个行业主导企业宝钢、武钢、鞍本、河北钢铁集团的并购重组绩效进行定量分析和比较研究；
再次,将系统动力学研究方法引入钢铁产业并购重组研究,构建了我国钢铁企业并购重组系统结构模型,根据反馈分析和比较研究结果提出了政策建议。
This dissertation has integrated much of the results of relative researches on Merger & Acquisition performance measurement that had been based on theories of industrial economy, science of management and accounting. Taking the realistic situation of Chinese steel industry as main consideration, this dissertation has tried to build up a research framework of the M&A performance measurement of Chinese iron and Steel corporations through analysing the structure of M&A strategic goals of Chinese iron and steel corporations, observing and summarizing the essential M&A patterns and their features of changing and learning the M&A experiences of western developed countries and Mittal Group. Then this dissertation has built up an indicator system of M&A performance measurement led by the strategic M&A goals of Chinese steel corporations; taking the main steel corporations involved in M&A during the past 10 years as research samples, a factor analysis model of M&A performance has thus been developed in order to make an objective assessment of the M&A performance of sample corporations. Afterwards, this dissertation has carried out empirical study on the M&A performance of Chinese biggest four steel corporations from a micro view, and has induced the key factors of Chinese steel corporations' M&A performance. Finally, a system dynamic model of Chinese steel corporations' merger and acquisition has also been developed in order that suggestions of management could be advanced through feedback analysis.
The full text is composed of eight chapters, the main structure and content of which is as follows:
The first chapter is the introductory. This chapter includes the background and significance of the research topics, research state, the basic ideas and methods, the main content and structure, the major innovation points.
Chapter II is the theoretical foundation of M&A performance measurement, which is composed of three parts, the first part has included the definition of merger, acquisition, recombination and takeover, theories of M&A motivations and effects. The second part has specified process of performance measurement development and relative theories. Based on the former two parts, concept of M&A performance has been advanced including its meaning and extension, as well as the main research methods in the third part.
Chapter III has mainly analysed the characteristics, industrial chain of steel industry, and then reviewed the history of Chinese steel industry, following which is a detailed analysis on the industrial system, scale, organization and degree of concentration of Chinese steel industry. Then the content of M&A strategic goals has been treated through research views of three different theories, as well as the logic relations of the strategic goals.
Chapter IV has induced three essential M&A patterns of international steel corporations as well as their motivations based on observation of changes of industrial structure in global steel industry, and then summed the M&A experiences of America, Europe, Japan and Mittal Group. Finally it has revealed the bottle-neck of processing M&A in China.
Chapter V firstly discriminated the subject, object and objectives of steel corporations' M&A performance measurement, based on which an original indicator system of M&A performance measurement has been set up. Taking the main steel corporations involved in M&A during the past 10 years as research samples, a factor analysis model of M&A performance has thus been developed in order to make an objective assessment of the M&A performance of sample corporations. Seven weak correlation indicators were picked out after principal component analysis, and then the rest thirteen indicators including NPTS, ROE, ratio of profit to cost, etc were processed through factor analysis and finally 5 public factors were extracted. The M&A performance of sample companies has been measured and listed by scores of performance & public factors. In the end, deficiency of this model was discussed.
Chapter VI, this chapter has carried out an empirical study on M&A performance of Chinese biggest four steel corporations (including Bao Steel, WISCO, Anben and Hebei steel) from a micro view, based on their M&A cases, factors extracted in Chapter V and five additional financial indicators. M&A performances of the four corporations were compared in two ways and finally the key factors of Chinese steel corporations' M&A performance were induced before their motivations were analysed. Management suggestions have been provided according to the key factors.
Chapter VII firstly introduces the methodology of flow rate in-tree modelling and related digit matrix feedback ring computing of system dynamics. Then following the basic steps of flow rate in-tree modelling, the flow rate in-tree model of steel corporations' M&A is set up. After computing all the feedback rings, eight of the 10-order and 11-order feedback rings are chosen because of their effectiveness of reflecting the relationship between flow rates, and then analysed to obtain management suggestions.
Chapter VIII is the conclusion of this study and follow-up research prospects. Based on the analysis of previous chapters, this chapter gives the main summarized conclusions of papers, the shortage of the study, and the indicated direction of the follow-up study.
This dissertatioin uses the main line around the M&A performance of steel corporations; it has been fully absorbed the research results in the analysis process, and on this basis, by induction, carding, pithiness and improvement, the innovation points of this paper are as follows:
Firstly, an empirical study upon the key factors of the M&A performance of Chinese steel corporations has been carried out based on analysis of the strategic goals and essential M&A patterns of Chinese steel corporations.
Secondly, an M&A performance measurement indicator system has been built up based on the realistic situation of Chinese iron&steel industry, and the M&A performances of four biggest steel corporations has been put into a quantitative comparative research.
Finally, this study has introduced methodology of system dynamics into the field of M&A of steel industry, and a system dynamic model of Chinese steel corporations' Merger&Acquisition has been developed. Management suggestions have been provided based upon results of feedback analysis and comparative research.
引文
[1]Reppelin-Hill,Valerie.Trade and Environmen:An Empirical Analysis of the Technology Effect in Steel Industry[J].Journal of Environmental Economics and Management,1999,(38).
[2]Wu,Yunrui.The Chinese Steel Industry:Recent Development and Prospects[J].Resource Policy,2000,(26).
[3]Tansey,Michael.Price Control,Trade Protectionism and Political Business Cycles in the U.S.Steel Industry[J] Journal of Policy Modeling,2005,(27).
[4]Ohashi,Hiroshi.Learning by Doing,Export Subsidies,and Industry Growth:Japanese Steel in the 1950'and 1960'[J] Journal of International Economics,2005, (66).
[5]数据来自World Steel In Figures(世界钢铁数据)2000-2007.IISI统计资料.
[6]田书华.产业集中度低：中国钢铁业的顽疾[J].中国投资,2005(7)：90-92.
[7]徐康宁,韩剑.中国钢铁产业的集中度、布局与结构优化研究[J].中国工业经济,2006(2)：37-44.
[8]蒋昭侠.产业结构问题研究[M].北京：中国经济出版社,2005.
[9]中国钢铁业协会.中国行业分析报告——钢铁工业[R].北京：中国经济出版社,2005.
[10]廖永松,蒋玲,阮安甫.国际钢铁企业并购重组的近期变化及特点[J].冶金信息导刊,2007(2)：1-4.
[11]于凯,杨婷,赵辉.并购与反并购之策略研究[J].冶金信息导刊,2006(5)：1-5
[12]郑东.迎接钢铁并购整合时代的到来.国信证券研究报告[R].2006年3月31日
[13]王忠诚.钢铁推荐联合重组和结构调整[J].中国投资,2007(1)：76-77.
[14]李拥军,武森.中国钢铁产业集中度相关产业环境的解析[J].冶金管理,2008(8)：11-14
[15]潘玮杰.区域整合——中国钢铁业的并购新动力[J].董事会,2009(3)：65-67
[16]张吉军,孔令琪.我国钢铁产业并购重组的实施途径及政策建议初探[J].企业改革与发展理论月刊.2010(4)：153-156
[17]王晓燕,王宏剑.对区域钢铁产业整合的再思考——产业链纵向整合视角[J].冶金经济与管理.2010(3)：38-42
[18]数据源自Steel Business Briefing咨询机构提供的Global Investment and M&A data.
[19]招冀,蒋印南,王文瑾.日本钢铁工业重组将加快[J].钢铁科技信息.2000(7)：2-5
[20]张寿荣.21世纪中国钢铁工业结构的调整.中国冶金网.2001-12-08
[21]昭瑾.伊斯帕特公司通过合并和收购的发展及其对世界钢铁工业兼并形势的认识[J].钢铁科技信息.2001(7)：32-36
[22]董志洪.抓紧组建中国钢铁工业航母[J].冶金管理,2002(4)：7-8
[23]京文.国外人士谈中国钢铁工业大集团战略[J].冶金管理,2002(6)：10-13
[24]高宏伟.当代西方国家企业并购分析与启示[J].经济师.2003(9)：49-54
[25]杨德泽,杨婷,马继香.国外钢铁企业结构调整及其启示[J].2003(1),Vol.38 No.1：64-70
[26]李中东.米塔尔联姻华菱管线：一个百分点的争持故事[N].世界经济导报.2004-7-17(3)
[27]张红卫.‘米塔尔经验’对我国企业发展的启示[J].华北航天工业学院院报,2006(4),Vol.16 No.2：31-32
[28]张志勤,等.安塞乐米塔尔技术创新体系.冶金信息导刊,2007(4)：33-35,25
[29]马飞.米塔尔的并购想象力[J].商学院,2007(7)：51-57
[30]项兵.宝钢要向米塔尔学习什么?[J].管理与财富,2007(5)：42-44
[31]潘秀兰,郭艳玲,梁慧智.米塔尔钢铁集团的全球并购发展战略[J].冶金信息导刊,2006(3)：4-8,16
[32]冯爱华.实施资产重组优化产品结构——克虏伯与梯森钢铁公司资产重组简析[J].冶金经济与管理,1997(4)：40-41
[33]胡俊鸽,周文涛,毛艳丽.克鲁斯集团的成立与整合措施[J].冶金信息导刊,2006(3)：11-13
[34]杜锋,袁丰平,戚水仙.美国钢铁企业的并购浪潮及特点分析.中国冶金[M].2003(71),10：36-39
[35]毛艳丽,胡俊鸽,陈妍.美国钢铁业的并购与发展.冶金丛刊,2008-Oct Sum(177) No.(5):35-38
[36]United States SteelCorporation.2003 AnnualReport. http://www. uss. com /corp/investors/annual_reports/2004_AR. pdf
[37]United States SteelCorporation. U. S. SteelCompletesPurchase ofLone StarTechnologies. 2007-6-14. http://uss.mediaroom. com/index.php? s=43&item=46
[38]United States SteelCorporation. U. S. SteelAgrees toAcquire Stelco. PressReleases.2007.8. 26. http://uss.mediaroom. com/index. php? s=43&item=481
[39]NucorCorporation.2007 AnnualReport. http://media. corporate-ir. net/media_files/irol/10 /107115/2007AnnualReport. pdf
[40]ArcelorMittal Stee.l Mittal SteelAnnualReport 2005. http://www. arcelormitta.l com /rls/data/upl/601-1-0-2005LOWRESAnnualReport.pdf
[41]SeverSta.l SeverStal Reinforces Commitment to the US Steel Market as SeverCorr Begins Production.2007-10-23. http://www. seversta.l com/eng/press center/news/document2126. shtml
[42]Essar. EssarGlobal to acquireMinnesota Stee;l investUSD 1.65 billion to build an integrated steel plant.2007-04-18. http://www. essar.com/media/pr/2007_04_18. html
[43]ThessenKrupp Stee.l ThyssenKruppAwardsContract forConstruction ofMajorFacility Components.2007-10-16. hhttp://www. thyssenkrupp-stee.l com/en/presse/pressrelease. jsp? cid=277581
[44]The Economic Times. Steel dea:l JSW acquires threeUS firms.2007-08-22. http: //ecoriomictimes. indiatimes. com/News/News_By_Com-panies_A-Z/Steel_deal_JSW_acquires_ three_ US_firms/rssarticleshow/2299564. Cms
[45]潘秀兰,王艳红,梁慧智.新日铁的生产经营及其发展战略[J].冶金信息导刊,2006(2)：4-8
[46]周文涛,胡俊鸽,毛艳丽.韩国钢铁工业的现状及发展趋势[J].冶金丛刊,2008-Jun Sum(177)No.(3)：46-50
[47]张巍柏.行政主导下的鞍本合并[J].中国投资,2005(10)：62-63
[48]对河北钢铁产业重组的再认识.2007-4-7.http://bbs.yn56.com/board/dis.asp?id=49
[49]汪峰.钢铁企业利用资本市场再融资问题研究[J].冶金经济与管理,2006(1)：34-36
[50]李荣.宝钢马钢结成战略联盟钢铁业迎业重组新局[N].中国证券报,2006-01-19
[51]窦彬.宝钢式并购——对宝钢与马钢联盟的战略分析[J].华东经济管理,2007(1)Vol.21No.1：105-106
[52]王翔.浅析宝钢集团并购八一钢铁集团[J].中国冶金,2008(7)Vol.18 No.7：35-37
[53]李景云.钢铁企业并购重组整合的选择与思考[J].冶金经济与管理,2006(3)：9-11
[54]黄陆军.跨国并购与我国钢铁企业发展[J].冶金经济与管理,2006(5)23-24
[55]李拥军,高学东.关于中国钢铁企业兼并重组的流程分析[J].冶金经济与管理,2007(2)：13-16
[56]于淞楠.中国重点钢铁企业的规模经济分析[J].哈尔滨商业大学学报(自然科学版),2004(10)Vol.20 No.5：624-628
[57]何维达,吴玉萍,刘春波.区域产业素质评价的实证分析——兼评河南省的区域产业素质[J].科技进步与对策,2006(10)：156-159
[58]陶魄.战略性并购目标钢铁企业的评估模型研究[J].冶金信息导刊,2007(6)：1-5
[59]薛恒新,陶魄.中国钢铁业并购发展趋势与对策研究[D].南京理工大学.[博士学位论文],2007：56-63,65
[60]何维达,何丹.我国钢铁产业发展预测及安全度估算[J].经济理论与经济管理,2007(9)：21-25
[61]戴魁早.中国钢铁业市场绩效的实证研究[J].河北经贸大学学报,2008(1)Vol.29 No.1：40-46
[62]李丽,楚湘华.基于因子分析钢铁行业上市公司绩效评价[J].深圳大学学报理工版.2009(4),Vol.26 No.2：217-220
[63]Jenson, EI., Ruback, F. The Prediction of Corporate Bankruptcy:A Discriminant Analysis[J]. Journal of Finance,1983(3) Vol.23 No.l:193～194
[64]Anup J., Jeffery A. Miles, and J. Randall Woolridge.'Restructuring Through Spinoffs'[J]. Journal of Financial Economics,2000(33):293～311
[65]Mayo, A.'The Timing and Substance of Divestiture Announcerments:Individual, Simultaneous and Cumulative Effects'[J]. Journal of Finance,1996(41):685～697
[66]Weston, R. W.'Stock Repurchase by Tender Offer:An Analysis of the Cause of Common Stock Price Changes'[J]. Journal of Finance,1997(35):305～319
[67]Vermaelen, Theo.'Common Stock Repurchases and Market Signaling:An Empirical Study'[J]. Journal of Financial Economics,1981(9):139～183
[68]Asquith, P. Merger Bids, Uncertainty and Stockholder Returns[J]. Journal of Financial Economics,1983(11):51～83
[69]Bagwell, Laurie Simon. Dutch Aution Repurchases:An Analysis of Shareholder Heterogeneity [J]. Journal of Finance,1992(47):71～105
[70]Bradley, M.and Jarrell,G.,'Comment',In:Coffee, J., Lowenstein, L., and Rose, S. (Ed.), Knights, Raiders and Targets",Oxford University Press,1988.
[71]Chatterjee, S., Types of synergy and economic value:the impact of acquisitions on merging and rival firms, Strategic Management Journal,1990(7),119-140.
[72]Healy, PM., Palepu, KG. and Rubeack RS. Does Corporate Performance Improve after Mergers?[J]. Journal of Financial Economics,1992(31)-2:135～176
[73]Agrawal, A., Jeffery, FJ. and Gershon NM. The post-Merger Performance of Aquir.ing Firms: A Re-examination of An Anomaly[J]. Journal of Finance,1992(47):1605～1621
[74]李曜.公司并购与重组导论[M].上海财经大学出版社.2006：404-406
[75]Loughran, T., Vijh, A. Do Long-term Shareholders Benefit from Corporate Acquisitions?[J]. Journal of Finance,1997(52):1765～1790
[76]Mark L. Sirower.协同陷阱：企业在收购博弈中是如何失败的[M].上海远东出版社,1997
[77]Bruner, R.F. Does M&A Pay? A Survey of Evidence for the Decision-maker[P]. Darden Graduate School of Business Administration, University of Virginia, Working paper 2002 March.
[78]檀向球.沪市上市公司资产重组绩效实证研究[J].中国证券报,1998(9)：5
[79]朱朝华.企业并购绩效研究现状分析[J].学习与探索,2002(6)：40-42
[80]冯根福,吴林江.我国上市公司并购绩效的实证研究[J].经济研究,2001(1)：53-58
[81]方芳,闫晓彤.中国上市公司并购绩效与思考[J].经济理论与经济管理,2002(8)：43-47
[82]张俊瑞,李婉丽,周瑾.中国证券市场并购行为绩效的实证分析[J].南开管理评论.2002(6).
[83]厉宏斌.基于DEA的上市公司并购绩效研究[J].特区经济,2006(11)：151-152
[84]丁志良.中国上市公司控制权并购绩效实证研究[D].同济大学[博士学位论文],2006
[85]田波平等,沪深并购上市公司绩效评估的二次相对效益法[J].哈尔滨工业大学学报.2006(2)：231-233
[86]Homburg, et.al.Is Speed of Integration really a Success Factor of Merger and Acquisition? An Analysis of the Role of Internal and External Relatedness[J]. Strategic Management Journal,2006,27:347-367.
[87]梁云,左小德.企业集团并购绩效与产业关联的实证研究[J].系统工程理论方法应用,2005-6 Vo1.14 No.3：211-213
[88]郭立恂,王晖蓉.我国企业并购整合绩效研究[J].统计与决策,2005(2)：122-123
[89]李善民,刘永新.并购整合对并购公司绩效的影响——基于中国液化气行业的研究.2010(4),Vol.13：154-160
[90]郭丽华.我国上市公司财务性并购绩效与战略性并购绩效比较研究[D].厦门大学[硕士学位论文],2007：25-40
[91]张慧云.不同动因驱动下的上市公司并购绩效研究[D].上海交通大学[硕士学位论文],2008：28-47
[92]王宏利.企业并购绩效研究方法的分类探讨[J].当代经济科学,2005(1)：23-24
[93]张巧良.企业并购绩效研究述评[J].商业时代,2007(7)：37-38
[94]施军,徐维兰.并购理论及其绩效评估方法的比较[J].现代企业,2008(7)：52-53
[95]刘平.国外企业并购绩效理论及实证研究述评[J].外国经济与管理,2003(1)：19-21
[96]《大不列颠百科全书(The New EncycloPedia Britannia)》国际中文版第11卷,中国大百 科全书出版社1999年版,P111
[97]《牛津金融与银行词典》,上海外语教育出版社2001年版.
[98]《大美百科全书(Encyclopedia American)》,外文出版社1994年版.
[99]帕特里克.A.高根著,朱宝宪、吴亚君译.《兼并、收购与公司重组》.机械工业出版社2004年版,P5-6
[100](美)纽曼,米尔盖特,伊特韦尔编.胡坚等译.《新帕尔格雷夫货币金融大词典》.经济科学出版社.2000年版.
[101]我国《上市公司收购管理办法》第2条.
[102]陶魄.中国钢铁业并购发展趋势与对策研究[D].南京理工大学博士论文.2007.
[103][美]J.弗雷德.威斯通,苏珊.S.侯格,[韩]S.郑光.兼并、重组与公司控制[M].经济科学出版社,1988
[104]Wenston, J.F. M&As as Adjustment Process[J]. Journal of Industry, Competition and Trade. 2002 (3):46～53
[105]Mueller, D.C, A theory of conglomerate mergers[J], Quarterly journal of economics. 1969(8):643～659
[106]Roll, Richard, The hubris hypothesis of corporate takeovers[J], Journal of business,59, 1986(4):197～216
[107]Jensen, M. C., Agency cost of free cash flow, corporate finance and takeovers[J], American economic review,76, May 1986:323～329
[108]赵洪江,陈学华.并购资本——资本运动的新形式[J].四川经济管理学院院报2004(1)：52-54
[109]谢企华.战略并购——中国企业发展的必要选择[J].中国钢铁业,2004(3)：8-11
[110]尹杰.知识经济对企业并购行为的影响[J].企业管理,2003(12)：7
[111]浙江大学课题组.中国上海斯公司并购动机、治理因素分析[N],上证联合研究课题成果,中国证券报2003-4-29
[112]安迪.尼利等著,李剑锋等译.战略绩效管理——超平衡计分卡[M],电子工业出版社2004：6-8
[113]财政部统计评价司：企业效绩评价问答[M],经济科学出版社1999年版：12
[114]冯丽霞.企业财务分析与业绩评价[M],湖南人民出版社2002：216
[115]孟建民.中国企业效绩评价[M].中国财政经济出版社2002：2-3
[116]罗伯特.西蒙斯著,张文贤主译.战略实施中的极限评估和控制系统——教程与案例[M].东北财经大学出版社2002：23-24
[117]李晓梅.企业战略业绩评价研究[M].中国财政经济出版社,2008：116
[118]陆庆平.企业绩效评价论——基于利益相关者视角[M].中国财政经济出版社,2006：62-65
[119]Lynch, R.L., Cross, K.F. Measures Up! Yardsticks for Continuous Improvement,2nd edition, 1995:63～80
[120]Kaplan, R.S., Norton, D.P. The balanced scorecard-Measures that drive performance[J]. Harvard Business Review.1992 January-February:71～79
[121]财政部统计评价司.《企业绩效评价工作指南》,经济科学出版社.2002
[122]中国钢铁工业协会.纪念新中国钢铁工业60年[J].中国钢铁业,2009(10)：5-9
[123]徐向春.中国钢铁消费峰值探讨http://www.sina.com.cn2007年3月7日新浪财经.
[124]王岳平,开放条件下的工业结构升级[M],经济管理出版社.2004：P29
[125]汪丽,全球价值链视角下的产品内分工和国际外包[D].上海财经大学博士论文.2009：11
[126]赵黎黎,黄新建.国内外钢铁产业整合重组模式比较分析[J].求实,2010(10)：40-43
[127]廖永松等.国际钢铁企业并购重组的近期变化及特点[J].冶金信息导刊,2007(2)：7-9
[128]邢国均.欧美钢铁业的重组与我国钢铁业的整合[J].经济管理2006(15)：22-25
[129]杜立辉,佘元冠.战后日本钢铁工业的发展特点及启示[J].经济纵横,2006(10)：34-37
[130]干春晖.大并购：30个世界著名企业并购经典案例[M].上海人民出版社.49-50
[131]干春晖.并购之路：20个世界500强企业的并购历程[M].上海人民出版社：342
[132]冯根福,李德志.西方企业并购理论：属性、动机与影响[J].经济管理,2002(16)：19-22
[133]罗伯特·西蒙斯著,张文贤主译.战略实施中的绩效评估和控制系统——教程与案例[M].东北财经大学出版社,2002.P6
[134]何晓群.多元统计分析(第二版)[M].人民大学出版社,2008：192
[135]赵黎黎,黄新建.产能过剩条件下的中国钢铁企业并购绩效分析[J].江西社会科学,2010(10)：40-43
[136]干春晖.并购经济学[M].清华大学出版社,2004：67-68
[137]贾仁安,丁荣华.系统动力学——反馈动态性复杂分析[M].高等教育出版社,2002：65-68
[138]肖教燎,贾仁安.因果关系图系统基模计算方法及其应用[J].南昌大学学报(理科版),2010,34(2)：131-136.
[2]Wu,Yunrui.The Chinese Steel Industry:Recent Development and Prospects[J].Resource Policy,2000,(26).
[3]Tansey,Michael.Price Control,Trade Protectionism and Political Business Cycles in the U.S.Steel Industry[J] Journal of Policy Modeling,2005,(27).
[4]Ohashi,Hiroshi.Learning by Doing,Export Subsidies,and Industry Growth:Japanese Steel in the 1950'and 1960'[J] Journal of International Economics,2005, (66).
[5]数据来自World Steel In Figures(世界钢铁数据)2000-2007.IISI统计资料.
[6]田书华.产业集中度低：中国钢铁业的顽疾[J].中国投资,2005(7)：90-92.
[7]徐康宁,韩剑.中国钢铁产业的集中度、布局与结构优化研究[J].中国工业经济,2006(2)：37-44.
[8]蒋昭侠.产业结构问题研究[M].北京：中国经济出版社,2005.
[9]中国钢铁业协会.中国行业分析报告——钢铁工业[R].北京：中国经济出版社,2005.
[10]廖永松,蒋玲,阮安甫.国际钢铁企业并购重组的近期变化及特点[J].冶金信息导刊,2007(2)：1-4.
[11]于凯,杨婷,赵辉.并购与反并购之策略研究[J].冶金信息导刊,2006(5)：1-5
[12]郑东.迎接钢铁并购整合时代的到来.国信证券研究报告[R].2006年3月31日
[13]王忠诚.钢铁推荐联合重组和结构调整[J].中国投资,2007(1)：76-77.
[14]李拥军,武森.中国钢铁产业集中度相关产业环境的解析[J].冶金管理,2008(8)：11-14
[15]潘玮杰.区域整合——中国钢铁业的并购新动力[J].董事会,2009(3)：65-67
[16]张吉军,孔令琪.我国钢铁产业并购重组的实施途径及政策建议初探[J].企业改革与发展理论月刊.2010(4)：153-156
[17]王晓燕,王宏剑.对区域钢铁产业整合的再思考——产业链纵向整合视角[J].冶金经济与管理.2010(3)：38-42
[18]数据源自Steel Business Briefing咨询机构提供的Global Investment and M&A data.
[19]招冀,蒋印南,王文瑾.日本钢铁工业重组将加快[J].钢铁科技信息.2000(7)：2-5
[20]张寿荣.21世纪中国钢铁工业结构的调整.中国冶金网.2001-12-08
[21]昭瑾.伊斯帕特公司通过合并和收购的发展及其对世界钢铁工业兼并形势的认识[J].钢铁科技信息.2001(7)：32-36
[22]董志洪.抓紧组建中国钢铁工业航母[J].冶金管理,2002(4)：7-8
[23]京文.国外人士谈中国钢铁工业大集团战略[J].冶金管理,2002(6)：10-13
[24]高宏伟.当代西方国家企业并购分析与启示[J].经济师.2003(9)：49-54
[25]杨德泽,杨婷,马继香.国外钢铁企业结构调整及其启示[J].2003(1),Vol.38 No.1：64-70
[26]李中东.米塔尔联姻华菱管线：一个百分点的争持故事[N].世界经济导报.2004-7-17(3)
[27]张红卫.‘米塔尔经验’对我国企业发展的启示[J].华北航天工业学院院报,2006(4),Vol.16 No.2：31-32
[28]张志勤,等.安塞乐米塔尔技术创新体系.冶金信息导刊,2007(4)：33-35,25
[29]马飞.米塔尔的并购想象力[J].商学院,2007(7)：51-57
[30]项兵.宝钢要向米塔尔学习什么?[J].管理与财富,2007(5)：42-44
[31]潘秀兰,郭艳玲,梁慧智.米塔尔钢铁集团的全球并购发展战略[J].冶金信息导刊,2006(3)：4-8,16
[32]冯爱华.实施资产重组优化产品结构——克虏伯与梯森钢铁公司资产重组简析[J].冶金经济与管理,1997(4)：40-41
[33]胡俊鸽,周文涛,毛艳丽.克鲁斯集团的成立与整合措施[J].冶金信息导刊,2006(3)：11-13
[34]杜锋,袁丰平,戚水仙.美国钢铁企业的并购浪潮及特点分析.中国冶金[M].2003(71),10：36-39
[35]毛艳丽,胡俊鸽,陈妍.美国钢铁业的并购与发展.冶金丛刊,2008-Oct Sum(177) No.(5):35-38
[36]United States SteelCorporation.2003 AnnualReport. http://www. uss. com /corp/investors/annual_reports/2004_AR. pdf
[37]United States SteelCorporation. U. S. SteelCompletesPurchase ofLone StarTechnologies. 2007-6-14. http://uss.mediaroom. com/index.php? s=43&item=46
[38]United States SteelCorporation. U. S. SteelAgrees toAcquire Stelco. PressReleases.2007.8. 26. http://uss.mediaroom. com/index. php? s=43&item=481
[39]NucorCorporation.2007 AnnualReport. http://media. corporate-ir. net/media_files/irol/10 /107115/2007AnnualReport. pdf
[40]ArcelorMittal Stee.l Mittal SteelAnnualReport 2005. http://www. arcelormitta.l com /rls/data/upl/601-1-0-2005LOWRESAnnualReport.pdf
[41]SeverSta.l SeverStal Reinforces Commitment to the US Steel Market as SeverCorr Begins Production.2007-10-23. http://www. seversta.l com/eng/press center/news/document2126. shtml
[42]Essar. EssarGlobal to acquireMinnesota Stee;l investUSD 1.65 billion to build an integrated steel plant.2007-04-18. http://www. essar.com/media/pr/2007_04_18. html
[43]ThessenKrupp Stee.l ThyssenKruppAwardsContract forConstruction ofMajorFacility Components.2007-10-16. hhttp://www. thyssenkrupp-stee.l com/en/presse/pressrelease. jsp? cid=277581
[44]The Economic Times. Steel dea:l JSW acquires threeUS firms.2007-08-22. http: //ecoriomictimes. indiatimes. com/News/News_By_Com-panies_A-Z/Steel_deal_JSW_acquires_ three_ US_firms/rssarticleshow/2299564. Cms
[45]潘秀兰,王艳红,梁慧智.新日铁的生产经营及其发展战略[J].冶金信息导刊,2006(2)：4-8
[46]周文涛,胡俊鸽,毛艳丽.韩国钢铁工业的现状及发展趋势[J].冶金丛刊,2008-Jun Sum(177)No.(3)：46-50
[47]张巍柏.行政主导下的鞍本合并[J].中国投资,2005(10)：62-63
[48]对河北钢铁产业重组的再认识.2007-4-7.http://bbs.yn56.com/board/dis.asp?id=49
[49]汪峰.钢铁企业利用资本市场再融资问题研究[J].冶金经济与管理,2006(1)：34-36
[50]李荣.宝钢马钢结成战略联盟钢铁业迎业重组新局[N].中国证券报,2006-01-19
[51]窦彬.宝钢式并购——对宝钢与马钢联盟的战略分析[J].华东经济管理,2007(1)Vol.21No.1：105-106
[52]王翔.浅析宝钢集团并购八一钢铁集团[J].中国冶金,2008(7)Vol.18 No.7：35-37
[53]李景云.钢铁企业并购重组整合的选择与思考[J].冶金经济与管理,2006(3)：9-11
[54]黄陆军.跨国并购与我国钢铁企业发展[J].冶金经济与管理,2006(5)23-24
[55]李拥军,高学东.关于中国钢铁企业兼并重组的流程分析[J].冶金经济与管理,2007(2)：13-16
[56]于淞楠.中国重点钢铁企业的规模经济分析[J].哈尔滨商业大学学报(自然科学版),2004(10)Vol.20 No.5：624-628
[57]何维达,吴玉萍,刘春波.区域产业素质评价的实证分析——兼评河南省的区域产业素质[J].科技进步与对策,2006(10)：156-159
[58]陶魄.战略性并购目标钢铁企业的评估模型研究[J].冶金信息导刊,2007(6)：1-5
[59]薛恒新,陶魄.中国钢铁业并购发展趋势与对策研究[D].南京理工大学.[博士学位论文],2007：56-63,65
[60]何维达,何丹.我国钢铁产业发展预测及安全度估算[J].经济理论与经济管理,2007(9)：21-25
[61]戴魁早.中国钢铁业市场绩效的实证研究[J].河北经贸大学学报,2008(1)Vol.29 No.1：40-46
[62]李丽,楚湘华.基于因子分析钢铁行业上市公司绩效评价[J].深圳大学学报理工版.2009(4),Vol.26 No.2：217-220
[63]Jenson, EI., Ruback, F. The Prediction of Corporate Bankruptcy:A Discriminant Analysis[J]. Journal of Finance,1983(3) Vol.23 No.l:193～194
[64]Anup J., Jeffery A. Miles, and J. Randall Woolridge.'Restructuring Through Spinoffs'[J]. Journal of Financial Economics,2000(33):293～311
[65]Mayo, A.'The Timing and Substance of Divestiture Announcerments:Individual, Simultaneous and Cumulative Effects'[J]. Journal of Finance,1996(41):685～697
[66]Weston, R. W.'Stock Repurchase by Tender Offer:An Analysis of the Cause of Common Stock Price Changes'[J]. Journal of Finance,1997(35):305～319
[67]Vermaelen, Theo.'Common Stock Repurchases and Market Signaling:An Empirical Study'[J]. Journal of Financial Economics,1981(9):139～183
[68]Asquith, P. Merger Bids, Uncertainty and Stockholder Returns[J]. Journal of Financial Economics,1983(11):51～83
[69]Bagwell, Laurie Simon. Dutch Aution Repurchases:An Analysis of Shareholder Heterogeneity [J]. Journal of Finance,1992(47):71～105
[70]Bradley, M.and Jarrell,G.,'Comment',In:Coffee, J., Lowenstein, L., and Rose, S. (Ed.), Knights, Raiders and Targets",Oxford University Press,1988.
[71]Chatterjee, S., Types of synergy and economic value:the impact of acquisitions on merging and rival firms, Strategic Management Journal,1990(7),119-140.
[72]Healy, PM., Palepu, KG. and Rubeack RS. Does Corporate Performance Improve after Mergers?[J]. Journal of Financial Economics,1992(31)-2:135～176
[73]Agrawal, A., Jeffery, FJ. and Gershon NM. The post-Merger Performance of Aquir.ing Firms: A Re-examination of An Anomaly[J]. Journal of Finance,1992(47):1605～1621
[74]李曜.公司并购与重组导论[M].上海财经大学出版社.2006：404-406
[75]Loughran, T., Vijh, A. Do Long-term Shareholders Benefit from Corporate Acquisitions?[J]. Journal of Finance,1997(52):1765～1790
[76]Mark L. Sirower.协同陷阱：企业在收购博弈中是如何失败的[M].上海远东出版社,1997
[77]Bruner, R.F. Does M&A Pay? A Survey of Evidence for the Decision-maker[P]. Darden Graduate School of Business Administration, University of Virginia, Working paper 2002 March.
[78]檀向球.沪市上市公司资产重组绩效实证研究[J].中国证券报,1998(9)：5
[79]朱朝华.企业并购绩效研究现状分析[J].学习与探索,2002(6)：40-42
[80]冯根福,吴林江.我国上市公司并购绩效的实证研究[J].经济研究,2001(1)：53-58
[81]方芳,闫晓彤.中国上市公司并购绩效与思考[J].经济理论与经济管理,2002(8)：43-47
[82]张俊瑞,李婉丽,周瑾.中国证券市场并购行为绩效的实证分析[J].南开管理评论.2002(6).
[83]厉宏斌.基于DEA的上市公司并购绩效研究[J].特区经济,2006(11)：151-152
[84]丁志良.中国上市公司控制权并购绩效实证研究[D].同济大学[博士学位论文],2006
[85]田波平等,沪深并购上市公司绩效评估的二次相对效益法[J].哈尔滨工业大学学报.2006(2)：231-233
[86]Homburg, et.al.Is Speed of Integration really a Success Factor of Merger and Acquisition? An Analysis of the Role of Internal and External Relatedness[J]. Strategic Management Journal,2006,27:347-367.
[87]梁云,左小德.企业集团并购绩效与产业关联的实证研究[J].系统工程理论方法应用,2005-6 Vo1.14 No.3：211-213
[88]郭立恂,王晖蓉.我国企业并购整合绩效研究[J].统计与决策,2005(2)：122-123
[89]李善民,刘永新.并购整合对并购公司绩效的影响——基于中国液化气行业的研究.2010(4),Vol.13：154-160
[90]郭丽华.我国上市公司财务性并购绩效与战略性并购绩效比较研究[D].厦门大学[硕士学位论文],2007：25-40
[91]张慧云.不同动因驱动下的上市公司并购绩效研究[D].上海交通大学[硕士学位论文],2008：28-47
[92]王宏利.企业并购绩效研究方法的分类探讨[J].当代经济科学,2005(1)：23-24
[93]张巧良.企业并购绩效研究述评[J].商业时代,2007(7)：37-38
[94]施军,徐维兰.并购理论及其绩效评估方法的比较[J].现代企业,2008(7)：52-53
[95]刘平.国外企业并购绩效理论及实证研究述评[J].外国经济与管理,2003(1)：19-21
[96]《大不列颠百科全书(The New EncycloPedia Britannia)》国际中文版第11卷,中国大百 科全书出版社1999年版,P111
[97]《牛津金融与银行词典》,上海外语教育出版社2001年版.
[98]《大美百科全书(Encyclopedia American)》,外文出版社1994年版.
[99]帕特里克.A.高根著,朱宝宪、吴亚君译.《兼并、收购与公司重组》.机械工业出版社2004年版,P5-6
[100](美)纽曼,米尔盖特,伊特韦尔编.胡坚等译.《新帕尔格雷夫货币金融大词典》.经济科学出版社.2000年版.
[101]我国《上市公司收购管理办法》第2条.
[102]陶魄.中国钢铁业并购发展趋势与对策研究[D].南京理工大学博士论文.2007.
[103][美]J.弗雷德.威斯通,苏珊.S.侯格,[韩]S.郑光.兼并、重组与公司控制[M].经济科学出版社,1988
[104]Wenston, J.F. M&As as Adjustment Process[J]. Journal of Industry, Competition and Trade. 2002 (3):46～53
[105]Mueller, D.C, A theory of conglomerate mergers[J], Quarterly journal of economics. 1969(8):643～659
[106]Roll, Richard, The hubris hypothesis of corporate takeovers[J], Journal of business,59, 1986(4):197～216
[107]Jensen, M. C., Agency cost of free cash flow, corporate finance and takeovers[J], American economic review,76, May 1986:323～329
[108]赵洪江,陈学华.并购资本——资本运动的新形式[J].四川经济管理学院院报2004(1)：52-54
[109]谢企华.战略并购——中国企业发展的必要选择[J].中国钢铁业,2004(3)：8-11
[110]尹杰.知识经济对企业并购行为的影响[J].企业管理,2003(12)：7
[111]浙江大学课题组.中国上海斯公司并购动机、治理因素分析[N],上证联合研究课题成果,中国证券报2003-4-29
[112]安迪.尼利等著,李剑锋等译.战略绩效管理——超平衡计分卡[M],电子工业出版社2004：6-8
[113]财政部统计评价司：企业效绩评价问答[M],经济科学出版社1999年版：12
[114]冯丽霞.企业财务分析与业绩评价[M],湖南人民出版社2002：216
[115]孟建民.中国企业效绩评价[M].中国财政经济出版社2002：2-3
[116]罗伯特.西蒙斯著,张文贤主译.战略实施中的极限评估和控制系统——教程与案例[M].东北财经大学出版社2002：23-24
[117]李晓梅.企业战略业绩评价研究[M].中国财政经济出版社,2008：116
[118]陆庆平.企业绩效评价论——基于利益相关者视角[M].中国财政经济出版社,2006：62-65
[119]Lynch, R.L., Cross, K.F. Measures Up! Yardsticks for Continuous Improvement,2nd edition, 1995:63～80
[120]Kaplan, R.S., Norton, D.P. The balanced scorecard-Measures that drive performance[J]. Harvard Business Review.1992 January-February:71～79
[121]财政部统计评价司.《企业绩效评价工作指南》,经济科学出版社.2002
[122]中国钢铁工业协会.纪念新中国钢铁工业60年[J].中国钢铁业,2009(10)：5-9
[123]徐向春.中国钢铁消费峰值探讨http://www.sina.com.cn2007年3月7日新浪财经.
[124]王岳平,开放条件下的工业结构升级[M],经济管理出版社.2004：P29
[125]汪丽,全球价值链视角下的产品内分工和国际外包[D].上海财经大学博士论文.2009：11
[126]赵黎黎,黄新建.国内外钢铁产业整合重组模式比较分析[J].求实,2010(10)：40-43
[127]廖永松等.国际钢铁企业并购重组的近期变化及特点[J].冶金信息导刊,2007(2)：7-9
[128]邢国均.欧美钢铁业的重组与我国钢铁业的整合[J].经济管理2006(15)：22-25
[129]杜立辉,佘元冠.战后日本钢铁工业的发展特点及启示[J].经济纵横,2006(10)：34-37
[130]干春晖.大并购：30个世界著名企业并购经典案例[M].上海人民出版社.49-50
[131]干春晖.并购之路：20个世界500强企业的并购历程[M].上海人民出版社：342
[132]冯根福,李德志.西方企业并购理论：属性、动机与影响[J].经济管理,2002(16)：19-22
[133]罗伯特·西蒙斯著,张文贤主译.战略实施中的绩效评估和控制系统——教程与案例[M].东北财经大学出版社,2002.P6
[134]何晓群.多元统计分析(第二版)[M].人民大学出版社,2008：192
[135]赵黎黎,黄新建.产能过剩条件下的中国钢铁企业并购绩效分析[J].江西社会科学,2010(10)：40-43
[136]干春晖.并购经济学[M].清华大学出版社,2004：67-68
[137]贾仁安,丁荣华.系统动力学——反馈动态性复杂分析[M].高等教育出版社,2002：65-68
[138]肖教燎,贾仁安.因果关系图系统基模计算方法及其应用[J].南昌大学学报(理科版),2010,34(2)：131-136.