中国上市公司并购绩效的实证研究
|
摘要
企业并购作为实现产业结构调整和企业迅速扩张的有效途径，在西方国家已经发展了100多年。历史实践表明：美国在经历了5次企业并购浪潮之后，奠定了它在世界上的经济霸主地位。中国上市公司并购开始于90年代初期，在经过了十几年的发展之后取得了巨大的成就，一些学者认为：“中国用十年的时间走完了西方企业并购百年的历程。”然而，对于并购绩效的争论，无论是在国内还是在国外都没有停止过。
本文在对国内外并购动机理论和并购绩效研究方法进行了广泛而深入地查阅和研究后，从两个角度对中国上市公司并购绩效进行了实证研究：1、上市公司并购对并购方企业股东财富的影响，即并购对公司股票收益、风险的影响；2、上市公司并购对上市公司经营业绩和财务状况的影响。鉴于中国上市公司并购发展的阶段性特征，本文选取1998-2001年发生并购的上市公司作为研究样本展开实证研究。最后，根据本文实证研究的结果，提出上市公司并购的相关建议。本文的主要内容和研究结论如下：
第一部分：阐述了企业并购所涉及的基本概念、并购类型、相应特点以及根据中国的并购实践所进行的并购分类。
第二部分：回顾了西方关于企业并购的相关理论，从而通过八大并购理论为企业并购动机提供了解释。
第三部分：综合论述了至今为止对于企业并购绩效进行研究的四大主流方法，并对国内外学者对并购绩效实证研究的结果进行回顾。
第四部分：通过选择合适的评价指标，以1998-2001发生并购的上市公司为样本，从短期(天)、中期(月)、长期(年)全面实证了并购后上市公司的收益变化和风险承受情况。研究表明：除了在并购当日和并购后2-3天，并购公司存在正的非正常收益，其它的无论是在中期还是长期，上市公司并购都导致股东财富的减少，即收益水平降低，风险增大。
第五部分：首先，从财务的角度，通过净资产收益率、主营业务利润率评价了上市公司并购前后经营业绩的变化，研究表明：公司经营业绩下滑是导致公司并购的直接动力，并购后存在短期财务状况改善的现象，从长期看经营业绩继续下滑不可遏制。其次，通过聚类和Fisher判别分析构建了上市公司并购绩效综合财务评价模型，研究表明：由此得出的并购绩效评价模型对样本公司具有较好的评估效果。
第六部分：对实证结果进行了综合论述，并为上市公司并购提出了相关的建议。
Merger and Acquisition (M&A) which is an effective approach to adjust industrial structure and expand corporation running scale rapidly has been developing for more than 100 years in western. History of economy indicates: USA has established its powerful economic position in world after 5 M&A climaxes. Merger and Acquisition of Listed companies in China began at the initial of the 1990s. After more than ten years rapidly development, China has made enormous progress. Some scholars say : "It takes China 10 years to gain the achievement on M&A, but it take western countries more than 100 years ." However, The discuss on whether the performance of merger and Acquisition is good or not never stopped no matter in domestic or at abroad.
After refer to the M&A theories and research methods about M&A performance profoundly, The article carry out the empirical research of M&A performance of listed companies in China from two angles:1.The impact on wealth of acquiring company's shareholders from M&A, in the other word, the impact on return and risk of acquiring company's stock ;2.The impact on operation performance and financial situation of acquiring company. Because of the phased characteristic of M&A development of China, The article selects the samples of acquisitions of listed companies during 1998-2001 period to study. Finally, According to the result of the empirical research , the article puts forward the relevant suggestions about the listed companies M&A. The main contents and research conclusions of the article are as follows:
Chapter I :To Explain the basic conceptions, types, characteristics M&A concerned in the western and reclassify M&A according to the listed companies M& A practice in China.
ChapterII: To review the relevant M&A theory in western and explain the M& A motives by the eight major M&A theories mentioned above .
Chapter III: To expound the four major empirical research methods on M&A performance so far and review the conclusions of M&A performance which have drawn by scholars in the world.
ChapterIV:To select the samples of acquisitions of listed companies during 1998-2001 period to research the change of return and risk of acquiring companies comprehensively by appropriate corporation performance appraisals From the angle of short-term(day),medium-term(month),and long-term(year). The results of the empirical research indicates: M&A lead to decrease the shareholder's wealth of acquiring company no matter at long-term or medium-term, however, at the day of merger announcement and following 2-3 days ,the stock of acquiring company exists the positive abnormal return .
ChapterV: Firstly ,The article compare the operation performance of listed companies before merger with after merger by financial appraisals of return of equity and gross profit ratio , the result of the empirical research indicates: the decline of operation performance lead to amalgamate directly , and merger and acquisition can ameliorate the short-term financial situation , but can't stop the decline of operation
performance from angel of long-term . secondly, The article establish an integrative appraisal model of M&A performance by cluster analysis and Fisher discriminant analysis.
ChapterVI: To summarize the conclusions the empirical research arrives at, and put forward some correlative suggestions about M&A of listed companies in China .
本文在对国内外并购动机理论和并购绩效研究方法进行了广泛而深入地查阅和研究后，从两个角度对中国上市公司并购绩效进行了实证研究：1、上市公司并购对并购方企业股东财富的影响，即并购对公司股票收益、风险的影响；2、上市公司并购对上市公司经营业绩和财务状况的影响。鉴于中国上市公司并购发展的阶段性特征，本文选取1998-2001年发生并购的上市公司作为研究样本展开实证研究。最后，根据本文实证研究的结果，提出上市公司并购的相关建议。本文的主要内容和研究结论如下：
第一部分：阐述了企业并购所涉及的基本概念、并购类型、相应特点以及根据中国的并购实践所进行的并购分类。
第二部分：回顾了西方关于企业并购的相关理论，从而通过八大并购理论为企业并购动机提供了解释。
第三部分：综合论述了至今为止对于企业并购绩效进行研究的四大主流方法，并对国内外学者对并购绩效实证研究的结果进行回顾。
第四部分：通过选择合适的评价指标，以1998-2001发生并购的上市公司为样本，从短期(天)、中期(月)、长期(年)全面实证了并购后上市公司的收益变化和风险承受情况。研究表明：除了在并购当日和并购后2-3天，并购公司存在正的非正常收益，其它的无论是在中期还是长期，上市公司并购都导致股东财富的减少，即收益水平降低，风险增大。
第五部分：首先，从财务的角度，通过净资产收益率、主营业务利润率评价了上市公司并购前后经营业绩的变化，研究表明：公司经营业绩下滑是导致公司并购的直接动力，并购后存在短期财务状况改善的现象，从长期看经营业绩继续下滑不可遏制。其次，通过聚类和Fisher判别分析构建了上市公司并购绩效综合财务评价模型，研究表明：由此得出的并购绩效评价模型对样本公司具有较好的评估效果。
第六部分：对实证结果进行了综合论述，并为上市公司并购提出了相关的建议。
Merger and Acquisition (M&A) which is an effective approach to adjust industrial structure and expand corporation running scale rapidly has been developing for more than 100 years in western. History of economy indicates: USA has established its powerful economic position in world after 5 M&A climaxes. Merger and Acquisition of Listed companies in China began at the initial of the 1990s. After more than ten years rapidly development, China has made enormous progress. Some scholars say : "It takes China 10 years to gain the achievement on M&A, but it take western countries more than 100 years ." However, The discuss on whether the performance of merger and Acquisition is good or not never stopped no matter in domestic or at abroad.
After refer to the M&A theories and research methods about M&A performance profoundly, The article carry out the empirical research of M&A performance of listed companies in China from two angles:1.The impact on wealth of acquiring company's shareholders from M&A, in the other word, the impact on return and risk of acquiring company's stock ;2.The impact on operation performance and financial situation of acquiring company. Because of the phased characteristic of M&A development of China, The article selects the samples of acquisitions of listed companies during 1998-2001 period to study. Finally, According to the result of the empirical research , the article puts forward the relevant suggestions about the listed companies M&A. The main contents and research conclusions of the article are as follows:
Chapter I :To Explain the basic conceptions, types, characteristics M&A concerned in the western and reclassify M&A according to the listed companies M& A practice in China.
ChapterII: To review the relevant M&A theory in western and explain the M& A motives by the eight major M&A theories mentioned above .
Chapter III: To expound the four major empirical research methods on M&A performance so far and review the conclusions of M&A performance which have drawn by scholars in the world.
ChapterIV:To select the samples of acquisitions of listed companies during 1998-2001 period to research the change of return and risk of acquiring companies comprehensively by appropriate corporation performance appraisals From the angle of short-term(day),medium-term(month),and long-term(year). The results of the empirical research indicates: M&A lead to decrease the shareholder's wealth of acquiring company no matter at long-term or medium-term, however, at the day of merger announcement and following 2-3 days ,the stock of acquiring company exists the positive abnormal return .
ChapterV: Firstly ,The article compare the operation performance of listed companies before merger with after merger by financial appraisals of return of equity and gross profit ratio , the result of the empirical research indicates: the decline of operation performance lead to amalgamate directly , and merger and acquisition can ameliorate the short-term financial situation , but can't stop the decline of operation
performance from angel of long-term . secondly, The article establish an integrative appraisal model of M&A performance by cluster analysis and Fisher discriminant analysis.
ChapterVI: To summarize the conclusions the empirical research arrives at, and put forward some correlative suggestions about M&A of listed companies in China .
引文
[1] 孙耀唯，《企业并购谋略》，中国工商联合出版社，1997．1．
[2] 邵建云，关于中国企业兼并市场的兴起和发展，《管理世界》，1997年第4期．
[3] 张秋生、王东，《企业兼并与收购》，北方交通大学出版社，2001．11．
[4] Newbold, G.D, "Management and Merger Activity", Guthsted, Liverpool, 1970.
[5] Seth, A, "Value Creation in Acquistions : A Reexamination of Performance Issues", Strategic Management Journal, 1990.2,pp 523-534.
[6] 斯蒂芬·A·罗斯等，《公司理财》，机械工业出版社，2003．3．
[7] Jensen, M. C., "Theory of the Firm: Managerial Behaviour, Agency Costs and Capital Structure". Journal of Financial Economics, 1976.3, pp 305-360.
[8] Fama, Eugene F, Jensen,Michael C, "Agency Problems and Residual Claims",Journal of Law and Economics,Jun 1983,Vol.26,Iss.2,pp 327-350.
[9] Fama, Eugene F, "Agency Problems and The Theory of the Firm",The Journal of Political Economy,Apr 1980,Vol.26,Iss.2,pp 288.
[10] Henry Manne, "Mergers and the Market for Corporate Control", Putterman, Chapter 21,1965.
[11] Jensen, M. C., Ruback, "Market for Corporate Control",AEA Papers and Proceedings, 1986, Vol.76, No.2.
[12] Mueller, R. K., "Risk, Survival and Power", Amacom Publishers, USA, 1970.
[13] Roll,R., "The Hurbrs Hypothesis of Corporate Takeover", Journal of Business, 1986.5,pp 197-216.
[14] Fama,E.L.Fisher, M.Jensen,R.Roll,"The Adjustment of Stock Price to New Information",International Economic Review, 1969.10, pp 1-21.
[15] M.C. Jensen and R.S. Ruback, "The Market for Corporate Control: The Scientific Evidence," Journal of Financial Economics, 1983.4,pp 5-50.
[16] Mandelker, G. "Risk & Return: The Case of Merging Firms", Journal of Financial Economics, 1974.1, pp 303-335.
[17] P. Dodd, R. Ruback, "Tender offers and stockholder returns: an empirical analysis",Journal of Financial Economics, 1977.5, pp. 351-374.
[18] Franks, JR, RS Harris, S. Titman, "The Post Merger Share Price Performance of Acquiring Firms", Journal of Financial Economics, 1991 ,Vol. 29, pp. 81-96.
[19] Montgomery, Cynthia A,Wilson,Vicki A,"MergerThat Last:A predictable Pattern",Strategic Management Journal, Jan/Feb 1986,Vol.7,Iss. 1 ,pp 91-97.
[20] Calomiris, C.W., J. Karceski, "Is the Bank Merger Wave of the 90's Efficient? Lessons from nine Case Studies",Columbia University Working Paper, February 1998.
[21] Magenheim, E. B.,Mueller, D. C, "Are Acquiring-firm Shareholders Better Off After an Acquisition?", 1988,New York: Oxford University Press.
[22] A. Agrawal, J.F. Jaffe, and G.N. Mandelker, "The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly." Journal of Finance, 1992.9.
[23] M.A. Bradley, A. Desai, and E.N. Kim, "Synergistic Gains From Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms," Journal of Financial Economics, 1988.5,pp 3-40.
[24] G.A. Jarrell and A.B. Poulsen, "The Returns to Acquiring Firms in Tender Offers: Evidence From Three Decades," Financial Management, 1989.8,pp 12-19.
[25] J. Franks, R. Harris, and S. Titman, "The Postmerger Share-Price Performance of Acquiring Firms," Journal of Financial Economics, 1991.3,pp 81-96.
[26] C. Loderer and K. Martin, "Corporate Acquisitions by NYSE and AMEX Firms: The Experience of a Comprehensive Sample," Financial Management, 1990.12, pp. 17-33.
[27] 马克·L·赛罗沃，《协同效应的陷阱-公司并购如何避免功亏一篑》，上海远东出版社，2001．1．
[28] Ravenscraft,David J,Scherer.F.M, "The Profitability of Mergers",International Journal of Industrial, 1989,Vol.7,Iss. 1 ,pp 101 - 117.
[29] Porter, M. E., "From Competitive Advantage to Corporate Strategy", Harvard Business Review, 1987.65(3), pp 285.
[30] Lubatkin.Michael,O'Neill, "Merger Strategies and Capital Mark Risk",Academy of Managemet Journal, 1987.12,Vol.30,Iss.4,pp 665-675.
[31] Singh,Harbir, Montgomery, Cynthia A, "Corporate Acquisition Strategies and Economic Performance", Strategic Management Journal,1987.8,Vol.8.Iss.4,pp 377-387.
[32] Elgers, Pieter T, Clark, John J, "Merger Types and Shareholder Return:Additional Evidence",Financial Management, Summer 1981 ,Vol.9,Iss2,pp 66.
[33] Kusewitt,JohnB,Jr, "An Explortory Study of Strategic Acquisition Factors Relating to Performance",Strategic Management Journal, Mar/Jun 1985,Vol.6.Iss.2,pp 151-170.
[34] Fower, Karen L, Schmidt,Dennis R, "Determinants of Tender Offer Post-Acquisition Financial Per",Strategic Management Journal, Jul/Aug 1989,Vol. 10,Iss.4,pp 339-351.
[35] Amihud,Yakov, Lev, Baruch,Travlos,Nickolaos G, "Corporate Control and the Choice of Investment Financing: The case of Corporate Acquisition",The Journal of Finance, 1990.6,Vol.45,Iss.2,pp 603-617.
[36] Seth, A, "Value Creation in Acquistions : A Reexamination of Performance Issues", Strategic Management Journal, Feb/Jan1990,pp 523-534.
[37] 陈信元、原红旗，资产重组的市场反应——1997年沪市资产重组实证分析，《经济研究》1999年第9期．
[38] 冯根福、吴林江，我国上市公司并购绩效的实证研究，《经济研究》2001年第1期．
[39] 朱宝宪、王怡凯，1998年中国上市公司并购实践的效应分析，《经济研究》2002第11期．
[40] 王跃堂、吕莜萍，中国证券市场资产重组绩效之比较分析，《财经研究》1999年第7期．
[41] 陆国庆，中国上市公司不同资产重组类型的绩效比较——对1999年度沪市的实证分析，《财经科学》2000第6期．
[42] 国信证券-海通证券联合课题组，沪深股票市场公司重组绩效实证研究，《中国证券报》，2001年1月．
[43] 檀向球，沪市上市公司资产重组绩效实证研究，《中国证券报》1998年9月28日．
[44] Brown.S,J.Warner,"Measuring Security Price Performance",Journal of Financial Economics,1980.8,pp 205-258.
[45] 陈汉文、陈向民，证券价格的事件性反应，《经济研究》2002年第1期．
[46] Loughran.T, Jay R.Ritter,"The New Issue Puzzle",Journal of Finance,1995.50,pp 23-50.
[47] 赵勇、朱武祥，上市公司兼并收购可预测性，《经济研究》2000年第4期．
[48] 高见、陈歆玮，中国证券市场资产重组效应分析，《经济科学》2000年第1期．
[49] 王春、齐艳秋，企业购并动机理论研究，《外国经济与管理》2001年第6期．
[50] 张德平，中国上市公司并购的经营业绩实证研究，《中国软科学》2002年第7期．
[51]滋维·博迪，亚历克斯·凯恩，艾伦 J·马库斯，《投资学》，机械工业出版社，2000．5．
[52]杰弗里·C·胡克，《兼并与收购》，经济科学出版社，2000．6．
[53]R·R·Arrow，《公司并购》，企业管理出版社，1999．4．
[54]P·S·萨德沙纳姆，《兼并与收购》，中信出版社，1998．2．
[55]高鸿业，《西方经济学》，中国人民大学出版社，2000．4．
[56]于春晖、刘祥生，《企业并购理论与实务》，立信会计出版社，1999．8．
[57]胡玄能，《企业并购分析》，经济管理出版社2002．1．
[58]许崇正，《中国企业并购与中国市场发展》，中国经济出版社 2002．8．
[59]袁志发、周静芋，《多元统计分析》，科学出版社，2002．10．
[60]杨义群，《多元统计分析——兼论有关新方法、新观点》，中国农业科技出版社，1996．3．
[61]杨义群，《抽样调查与抽样检查——理论方法与应用》，学苑出版社，1992．7．
[62]杨义群、陆根尧，《数量经济学》，浙江大学出版社，2000．6．
[63]张文彤，《SPSS11统计分析教程》，北京希望电子出版社，2002．6．
[64]林元烈，《应用随机过程》，清华大学出版社，2002．11．
[65]古扎拉蒂，《计量经济学》，中国人民大学出版社，2000．3．
[66]张定胜，《计量经济学》，武汉大学出版社，2000．12．
[2] 邵建云，关于中国企业兼并市场的兴起和发展，《管理世界》，1997年第4期．
[3] 张秋生、王东，《企业兼并与收购》，北方交通大学出版社，2001．11．
[4] Newbold, G.D, "Management and Merger Activity", Guthsted, Liverpool, 1970.
[5] Seth, A, "Value Creation in Acquistions : A Reexamination of Performance Issues", Strategic Management Journal, 1990.2,pp 523-534.
[6] 斯蒂芬·A·罗斯等，《公司理财》，机械工业出版社，2003．3．
[7] Jensen, M. C., "Theory of the Firm: Managerial Behaviour, Agency Costs and Capital Structure". Journal of Financial Economics, 1976.3, pp 305-360.
[8] Fama, Eugene F, Jensen,Michael C, "Agency Problems and Residual Claims",Journal of Law and Economics,Jun 1983,Vol.26,Iss.2,pp 327-350.
[9] Fama, Eugene F, "Agency Problems and The Theory of the Firm",The Journal of Political Economy,Apr 1980,Vol.26,Iss.2,pp 288.
[10] Henry Manne, "Mergers and the Market for Corporate Control", Putterman, Chapter 21,1965.
[11] Jensen, M. C., Ruback, "Market for Corporate Control",AEA Papers and Proceedings, 1986, Vol.76, No.2.
[12] Mueller, R. K., "Risk, Survival and Power", Amacom Publishers, USA, 1970.
[13] Roll,R., "The Hurbrs Hypothesis of Corporate Takeover", Journal of Business, 1986.5,pp 197-216.
[14] Fama,E.L.Fisher, M.Jensen,R.Roll,"The Adjustment of Stock Price to New Information",International Economic Review, 1969.10, pp 1-21.
[15] M.C. Jensen and R.S. Ruback, "The Market for Corporate Control: The Scientific Evidence," Journal of Financial Economics, 1983.4,pp 5-50.
[16] Mandelker, G. "Risk & Return: The Case of Merging Firms", Journal of Financial Economics, 1974.1, pp 303-335.
[17] P. Dodd, R. Ruback, "Tender offers and stockholder returns: an empirical analysis",Journal of Financial Economics, 1977.5, pp. 351-374.
[18] Franks, JR, RS Harris, S. Titman, "The Post Merger Share Price Performance of Acquiring Firms", Journal of Financial Economics, 1991 ,Vol. 29, pp. 81-96.
[19] Montgomery, Cynthia A,Wilson,Vicki A,"MergerThat Last:A predictable Pattern",Strategic Management Journal, Jan/Feb 1986,Vol.7,Iss. 1 ,pp 91-97.
[20] Calomiris, C.W., J. Karceski, "Is the Bank Merger Wave of the 90's Efficient? Lessons from nine Case Studies",Columbia University Working Paper, February 1998.
[21] Magenheim, E. B.,Mueller, D. C, "Are Acquiring-firm Shareholders Better Off After an Acquisition?", 1988,New York: Oxford University Press.
[22] A. Agrawal, J.F. Jaffe, and G.N. Mandelker, "The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly." Journal of Finance, 1992.9.
[23] M.A. Bradley, A. Desai, and E.N. Kim, "Synergistic Gains From Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms," Journal of Financial Economics, 1988.5,pp 3-40.
[24] G.A. Jarrell and A.B. Poulsen, "The Returns to Acquiring Firms in Tender Offers: Evidence From Three Decades," Financial Management, 1989.8,pp 12-19.
[25] J. Franks, R. Harris, and S. Titman, "The Postmerger Share-Price Performance of Acquiring Firms," Journal of Financial Economics, 1991.3,pp 81-96.
[26] C. Loderer and K. Martin, "Corporate Acquisitions by NYSE and AMEX Firms: The Experience of a Comprehensive Sample," Financial Management, 1990.12, pp. 17-33.
[27] 马克·L·赛罗沃，《协同效应的陷阱-公司并购如何避免功亏一篑》，上海远东出版社，2001．1．
[28] Ravenscraft,David J,Scherer.F.M, "The Profitability of Mergers",International Journal of Industrial, 1989,Vol.7,Iss. 1 ,pp 101 - 117.
[29] Porter, M. E., "From Competitive Advantage to Corporate Strategy", Harvard Business Review, 1987.65(3), pp 285.
[30] Lubatkin.Michael,O'Neill, "Merger Strategies and Capital Mark Risk",Academy of Managemet Journal, 1987.12,Vol.30,Iss.4,pp 665-675.
[31] Singh,Harbir, Montgomery, Cynthia A, "Corporate Acquisition Strategies and Economic Performance", Strategic Management Journal,1987.8,Vol.8.Iss.4,pp 377-387.
[32] Elgers, Pieter T, Clark, John J, "Merger Types and Shareholder Return:Additional Evidence",Financial Management, Summer 1981 ,Vol.9,Iss2,pp 66.
[33] Kusewitt,JohnB,Jr, "An Explortory Study of Strategic Acquisition Factors Relating to Performance",Strategic Management Journal, Mar/Jun 1985,Vol.6.Iss.2,pp 151-170.
[34] Fower, Karen L, Schmidt,Dennis R, "Determinants of Tender Offer Post-Acquisition Financial Per",Strategic Management Journal, Jul/Aug 1989,Vol. 10,Iss.4,pp 339-351.
[35] Amihud,Yakov, Lev, Baruch,Travlos,Nickolaos G, "Corporate Control and the Choice of Investment Financing: The case of Corporate Acquisition",The Journal of Finance, 1990.6,Vol.45,Iss.2,pp 603-617.
[36] Seth, A, "Value Creation in Acquistions : A Reexamination of Performance Issues", Strategic Management Journal, Feb/Jan1990,pp 523-534.
[37] 陈信元、原红旗，资产重组的市场反应——1997年沪市资产重组实证分析，《经济研究》1999年第9期．
[38] 冯根福、吴林江，我国上市公司并购绩效的实证研究，《经济研究》2001年第1期．
[39] 朱宝宪、王怡凯，1998年中国上市公司并购实践的效应分析，《经济研究》2002第11期．
[40] 王跃堂、吕莜萍，中国证券市场资产重组绩效之比较分析，《财经研究》1999年第7期．
[41] 陆国庆，中国上市公司不同资产重组类型的绩效比较——对1999年度沪市的实证分析，《财经科学》2000第6期．
[42] 国信证券-海通证券联合课题组，沪深股票市场公司重组绩效实证研究，《中国证券报》，2001年1月．
[43] 檀向球，沪市上市公司资产重组绩效实证研究，《中国证券报》1998年9月28日．
[44] Brown.S,J.Warner,"Measuring Security Price Performance",Journal of Financial Economics,1980.8,pp 205-258.
[45] 陈汉文、陈向民，证券价格的事件性反应，《经济研究》2002年第1期．
[46] Loughran.T, Jay R.Ritter,"The New Issue Puzzle",Journal of Finance,1995.50,pp 23-50.
[47] 赵勇、朱武祥，上市公司兼并收购可预测性，《经济研究》2000年第4期．
[48] 高见、陈歆玮，中国证券市场资产重组效应分析，《经济科学》2000年第1期．
[49] 王春、齐艳秋，企业购并动机理论研究，《外国经济与管理》2001年第6期．
[50] 张德平，中国上市公司并购的经营业绩实证研究，《中国软科学》2002年第7期．
[51]滋维·博迪，亚历克斯·凯恩，艾伦 J·马库斯，《投资学》，机械工业出版社，2000．5．
[52]杰弗里·C·胡克，《兼并与收购》，经济科学出版社，2000．6．
[53]R·R·Arrow，《公司并购》，企业管理出版社，1999．4．
[54]P·S·萨德沙纳姆，《兼并与收购》，中信出版社，1998．2．
[55]高鸿业，《西方经济学》，中国人民大学出版社，2000．4．
[56]于春晖、刘祥生，《企业并购理论与实务》，立信会计出版社，1999．8．
[57]胡玄能，《企业并购分析》，经济管理出版社2002．1．
[58]许崇正，《中国企业并购与中国市场发展》，中国经济出版社 2002．8．
[59]袁志发、周静芋，《多元统计分析》，科学出版社，2002．10．
[60]杨义群，《多元统计分析——兼论有关新方法、新观点》，中国农业科技出版社，1996．3．
[61]杨义群，《抽样调查与抽样检查——理论方法与应用》，学苑出版社，1992．7．
[62]杨义群、陆根尧，《数量经济学》，浙江大学出版社，2000．6．
[63]张文彤，《SPSS11统计分析教程》，北京希望电子出版社，2002．6．
[64]林元烈，《应用随机过程》，清华大学出版社，2002．11．
[65]古扎拉蒂，《计量经济学》，中国人民大学出版社，2000．3．
[66]张定胜，《计量经济学》，武汉大学出版社，2000．12．