企业并购的绩效评估与整合管理研究
|
摘要
自上世纪90年代以来，第五次全球范围的企业并购浪潮持续上升：而且，
随着我国于2001年12月11日正式加入世界贸易组织(WTO)，外商在中国的投
资领域和投资方式将发生重大变化。外资将能够进入金融、保险、中介服务、媒
体等新开放的领域进行投资。投资方式也将从“绿地投资”(Greenfield Investment)
进一步开放为以并购为主要形式的投资。因此，在可以预见的未来，我国的企业
并购将会得到迅猛的发展，它将成为外资进入中国的主要形式。
但是，大量从事并购活动的企业并没有取得良好的并购绩效，这一问题严重
困扰着我国企业并购活动的成熟与发展。本文运用具有一定创新性的并购绩效综
合评估模型，对并购活动形成的具有新的产权关系的并购企业长期、稳定的并购
绩效进行了较为全面的实证评估；在此基础上，我们对影响并购绩效的内外因素：
并购的整合管理与外部支撑环境建设进行了深入的研究，提出了自己的见解、思
路与方法。通过本文的研究，将为回答“如何提高企业并购绩效”这一关键问题
提供一个全面和崭新的着眼点和视角；对提高企业的并购绩效具有重大的理论与
实践意义。
本文在以下的几个方面进行了重点的研究和讨论：
1． 综合分析了各种与并购绩效相关的金融理论以及参考和借鉴了各种并购
绩效评估方法。与并购绩效相关的金融理论包括：资本结构理论、财富创造与
财富再分配理论、管理者主义与股东权益理论、协同效应理论和多元化并购理
论；现有的并购绩效评估方法包括：事件研究法、非财务指标评估法、因子分
析法与贴现现金流量法。这为在该领域的进一步研究铺垫了基础。
2． 在综合分析了各种与并购绩效相关的金融理论以及参考和借鉴了各种并
购绩效评估方法的基础上，结合我国资本市场的现实发展状况，利用样本企业
行显著性分析，构建了针对企业并购绩效的综合
3． 在此综合评估体系的基础上，对样本企业的并购绩效进行了实证研究，
并由此推出了一些有益的结论和见解。
4． 根据我国企业并购绩效的实证研究结果，并紧紧围绕提高并购绩效这一
主题，我们对影响企业并购绩效的内外因素：并购的整合管理与外部支撑环境
的建设进行了深入的研究。研究的成果为提高企业的并购绩效提供了新的思路
与方法，具有重大的理论和实践意义。
企业并购的绩效评估与整合管理研究 摘要
5．本文主要的创新点在于：
O）针对并购形成的具有新的产权关系的并购企业长期、稳定的并购绩效，
通过对样本企业财务数据的显著性分析，构建了并购绩效的综合评估体系。因为
该综合评估体系是通过显著性分析而建立的，因而减少了评价指标选取的随意
性，增加了科学的严谨性。并运用此综合评估体系对样本企业进行了实证研究，
得出了与我国现实情况相符的实证研究结果，并对实证研究的结果进行了有益的
讨论。
0针对实证研究的结果和我国企业在并购活动中出现的现实问题，提出了
从内外两方面来研究如何促进企业井购绩效的提高。这两个方面分别是针对并购
企业内部有形资源与无形资源重新配置的整合管理、以及针对促进并购绩效提高
的外部支撑环境建设。为研究如何提高我国企业的并购绩效提供了一个更为全面
的着眼点和视角。
o）着重研究了并购的整合管理。在综合与分析了前人研究成果的基础上。
结合通用电气和花旗银行等跨国企业的整合管理实例，对整合管理的模式进行了
设计，提出了四阶段整合管理模式：包括并购前评估阶段、建立整合基础阶段。
整合展开阶段以及一体化阶段。
N）企业并购的整合管理事物繁杂，经常出现组织方面的问题。缺乏计划与控
制、缺乏执行整合工作的能力、对整合成本估算错误等问题经常困扰整合管理的推
进。因此，我们结合了项目管理理论，提出在整合管理中引入项目管理的方法，将
整合本身视为一个项目，对其进行项目管理，以进行有效的控制。
m在对整合管理内容和方法的研究中，我们根据实证研究的结果以及我国
企业在并购活动中出现的实际问题，并结合“企业再造理论”（企业再造的核心
是企业业务流程和组织结构的再造X 提出了再造整合的概念。并着重对并购企
业的经营结构再造整合、组织结构再造整合进行了研究，提出了新的思路与方法。
The fifth global tide of M&A has been rising since 1990s. In addition, with China's official entry into the WTO on Dec 11th 2001, there will be a great change happened in China on the investing measures and investing fields of the foreign investors. Foreign investors can enter into new investing fields, including insurance, banking and media. Also, the investing measures will be transformed from Greenfield investment into M&A. Consequently M&A will become a main measure of foreign capital entering into China in the near future.
However, most of enterprises doing M&A didn't get good post-merger performance, which seriously disturbs the development and maturity of M&A in China. In this paper, a synthetic assessment model on performance of M&A will be created. Empirical research on the stable and long run post-merger performance of the enterprises will be done with the synthetic assessment model mentioned above. After that, we will do research on the two factors affecting post-merger performance: post-merger integration and how to construct a supporting environment, and bring up our own views and methods. The outcome of the research will help managers of acquiring enterprises to improve post-merger performance and to gain increasing control over the post-merger performance.
Followings are the main focuses in the research:
1. All theories in finance related to the post-merger performance of enterprise, including theory of capital structure, theory of synergy, theory of diversification, theory of management versus stockholders' interest and theory on redistribution effect, and methods related to post-merger performance evaluation, including events study, have been analyzed to meet the need of rese The results of the study will put a concrete foundation for further study in this field.
2. We take full use of financial data of enterprises taken as sample, integrating the reality of the capital market in China, to build a synthetic assessment model of post-merger performance.
3. Based on the synthetic assessment model, an empirical analysis has been deliberately done. Through the empirical research, we get some good conclusions and views.
4. According to the results of the empirical research on the post-merger performance, the comprehensive research on two factors, including post-merger integration and external supporting environment both affecting the post-merger performance has been done. The results of this research will help managers of enterprise improve post-merger performance in practice.
5. Some views firstly put forward as follow:
(1) For the long run and stable post-merger performance of enterprises with new relationship of property right, we conduct a significance analysis on financial data of the sample enterprises to build a synthetic assessment model to assess post-merger performance of sample enterprises with new relationship of property right after merger. The assessment model is more scientific, since the index system on the evaluation of post-merger performance has been chosen scientifically, not randomly. We take advantage of this model to assess post-merger performance of the sample enterprises. Through the empirical research, we get some useful results in accordance with the reality in China, and discuss them.
(2) According to the results of the empirical research and some real problems brought out in practice, we firstly put forward a proposal that we should improve post-merger performance from two important factors, including post-merger integration on the tangible resources and intangible resources of enterprises and how to set up a favorable external supporting environment, which will provide managers a new angle and method.
(3) We make a study of post-merger integration carefully, integrating some typical examples of some international enterprises, including GE and National City Bank of New York. And then we firstly put forward a model of integration management with four stages, including stage of pre-merger assessment, stage of preparation f
随着我国于2001年12月11日正式加入世界贸易组织(WTO)，外商在中国的投
资领域和投资方式将发生重大变化。外资将能够进入金融、保险、中介服务、媒
体等新开放的领域进行投资。投资方式也将从“绿地投资”(Greenfield Investment)
进一步开放为以并购为主要形式的投资。因此，在可以预见的未来，我国的企业
并购将会得到迅猛的发展，它将成为外资进入中国的主要形式。
但是，大量从事并购活动的企业并没有取得良好的并购绩效，这一问题严重
困扰着我国企业并购活动的成熟与发展。本文运用具有一定创新性的并购绩效综
合评估模型，对并购活动形成的具有新的产权关系的并购企业长期、稳定的并购
绩效进行了较为全面的实证评估；在此基础上，我们对影响并购绩效的内外因素：
并购的整合管理与外部支撑环境建设进行了深入的研究，提出了自己的见解、思
路与方法。通过本文的研究，将为回答“如何提高企业并购绩效”这一关键问题
提供一个全面和崭新的着眼点和视角；对提高企业的并购绩效具有重大的理论与
实践意义。
本文在以下的几个方面进行了重点的研究和讨论：
1． 综合分析了各种与并购绩效相关的金融理论以及参考和借鉴了各种并购
绩效评估方法。与并购绩效相关的金融理论包括：资本结构理论、财富创造与
财富再分配理论、管理者主义与股东权益理论、协同效应理论和多元化并购理
论；现有的并购绩效评估方法包括：事件研究法、非财务指标评估法、因子分
析法与贴现现金流量法。这为在该领域的进一步研究铺垫了基础。
2． 在综合分析了各种与并购绩效相关的金融理论以及参考和借鉴了各种并
购绩效评估方法的基础上，结合我国资本市场的现实发展状况，利用样本企业
行显著性分析，构建了针对企业并购绩效的综合
3． 在此综合评估体系的基础上，对样本企业的并购绩效进行了实证研究，
并由此推出了一些有益的结论和见解。
4． 根据我国企业并购绩效的实证研究结果，并紧紧围绕提高并购绩效这一
主题，我们对影响企业并购绩效的内外因素：并购的整合管理与外部支撑环境
的建设进行了深入的研究。研究的成果为提高企业的并购绩效提供了新的思路
与方法，具有重大的理论和实践意义。
企业并购的绩效评估与整合管理研究 摘要
5．本文主要的创新点在于：
O）针对并购形成的具有新的产权关系的并购企业长期、稳定的并购绩效，
通过对样本企业财务数据的显著性分析，构建了并购绩效的综合评估体系。因为
该综合评估体系是通过显著性分析而建立的，因而减少了评价指标选取的随意
性，增加了科学的严谨性。并运用此综合评估体系对样本企业进行了实证研究，
得出了与我国现实情况相符的实证研究结果，并对实证研究的结果进行了有益的
讨论。
0针对实证研究的结果和我国企业在并购活动中出现的现实问题，提出了
从内外两方面来研究如何促进企业井购绩效的提高。这两个方面分别是针对并购
企业内部有形资源与无形资源重新配置的整合管理、以及针对促进并购绩效提高
的外部支撑环境建设。为研究如何提高我国企业的并购绩效提供了一个更为全面
的着眼点和视角。
o）着重研究了并购的整合管理。在综合与分析了前人研究成果的基础上。
结合通用电气和花旗银行等跨国企业的整合管理实例，对整合管理的模式进行了
设计，提出了四阶段整合管理模式：包括并购前评估阶段、建立整合基础阶段。
整合展开阶段以及一体化阶段。
N）企业并购的整合管理事物繁杂，经常出现组织方面的问题。缺乏计划与控
制、缺乏执行整合工作的能力、对整合成本估算错误等问题经常困扰整合管理的推
进。因此，我们结合了项目管理理论，提出在整合管理中引入项目管理的方法，将
整合本身视为一个项目，对其进行项目管理，以进行有效的控制。
m在对整合管理内容和方法的研究中，我们根据实证研究的结果以及我国
企业在并购活动中出现的实际问题，并结合“企业再造理论”（企业再造的核心
是企业业务流程和组织结构的再造X 提出了再造整合的概念。并着重对并购企
业的经营结构再造整合、组织结构再造整合进行了研究，提出了新的思路与方法。
The fifth global tide of M&A has been rising since 1990s. In addition, with China's official entry into the WTO on Dec 11th 2001, there will be a great change happened in China on the investing measures and investing fields of the foreign investors. Foreign investors can enter into new investing fields, including insurance, banking and media. Also, the investing measures will be transformed from Greenfield investment into M&A. Consequently M&A will become a main measure of foreign capital entering into China in the near future.
However, most of enterprises doing M&A didn't get good post-merger performance, which seriously disturbs the development and maturity of M&A in China. In this paper, a synthetic assessment model on performance of M&A will be created. Empirical research on the stable and long run post-merger performance of the enterprises will be done with the synthetic assessment model mentioned above. After that, we will do research on the two factors affecting post-merger performance: post-merger integration and how to construct a supporting environment, and bring up our own views and methods. The outcome of the research will help managers of acquiring enterprises to improve post-merger performance and to gain increasing control over the post-merger performance.
Followings are the main focuses in the research:
1. All theories in finance related to the post-merger performance of enterprise, including theory of capital structure, theory of synergy, theory of diversification, theory of management versus stockholders' interest and theory on redistribution effect, and methods related to post-merger performance evaluation, including events study, have been analyzed to meet the need of rese The results of the study will put a concrete foundation for further study in this field.
2. We take full use of financial data of enterprises taken as sample, integrating the reality of the capital market in China, to build a synthetic assessment model of post-merger performance.
3. Based on the synthetic assessment model, an empirical analysis has been deliberately done. Through the empirical research, we get some good conclusions and views.
4. According to the results of the empirical research on the post-merger performance, the comprehensive research on two factors, including post-merger integration and external supporting environment both affecting the post-merger performance has been done. The results of this research will help managers of enterprise improve post-merger performance in practice.
5. Some views firstly put forward as follow:
(1) For the long run and stable post-merger performance of enterprises with new relationship of property right, we conduct a significance analysis on financial data of the sample enterprises to build a synthetic assessment model to assess post-merger performance of sample enterprises with new relationship of property right after merger. The assessment model is more scientific, since the index system on the evaluation of post-merger performance has been chosen scientifically, not randomly. We take advantage of this model to assess post-merger performance of the sample enterprises. Through the empirical research, we get some useful results in accordance with the reality in China, and discuss them.
(2) According to the results of the empirical research and some real problems brought out in practice, we firstly put forward a proposal that we should improve post-merger performance from two important factors, including post-merger integration on the tangible resources and intangible resources of enterprises and how to set up a favorable external supporting environment, which will provide managers a new angle and method.
(3) We make a study of post-merger integration carefully, integrating some typical examples of some international enterprises, including GE and National City Bank of New York. And then we firstly put forward a model of integration management with four stages, including stage of pre-merger assessment, stage of preparation f
引文
[1] ．The New Encyclopedia Britannica，Encyclopedia Britannica，Inc．，Volume 8， 15th Edition，1993：34-35．
[2] ． 大美百科全书(Encyclopedia Americana)．北京：外文出版社，1994．
[3] ． International Encyclopedia of the Social Sciences，1972，Volume 9， Macmillan Co．& Free Press,NY.
[4] ． 姜椿芳、梅意等，中国大百科全书[M]．北京：中国大百科全书出版社， 1988．
[5] ． 周鹏举，我国企业并购的特点与风险[J]，经济师，2000(4) ：67-68．
[6] ． 温斯顿等，兼并、重组与公司控制[M]．北京：中国人民大学出版社，1997．
[7] ． 国家体改委生产体制司：资本营运指导全书[M]．北京：中国经济出版社， 1998．
[8] ． 范恒山、彭建国主编，现代企业制度全书[M]．北京：中国物价出版社， 1995．
[9] ． 2001 M&A Profile[J]，Merger and Acquisition Almanac，2002，37(2) ：13-15．
[10] ． 罗仲伟，全球企业跨国并购[J]．经济管理， 2001，Vol．22：4-11．
[11] ． 王一，企业并购[M]．上海：上海财经大学出版社，2001年．
[12] ． Anne-wil Harzing，Acquisitions Versus Greenfield Investment[J]，Strategic Management Journal，2002：211-227．
[13] ．Healy,P．M．，K．G．Palepu，and R．S．Ruback。Does Corporate Performance Improve after Merger?[J]．Journal of Financial Economics，1992，31(2) ： 135-175．
[14] ． Martin，K．J．and J．J．McConnell．Corporate performance，Corporate Takeovers， and Management Turnover[J]．Journal of Finance，1991，46(2) : 671-687．
[15] ． Myers，S．C．and N．S．Majluf. Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have[J]．Journal of Financial Economics，1984，13(2) ：187-221．
[16] ． M．Bradley,A．Desai，and E．H．Kim，The Rationale Behind Inter-firm Tender Offers：Information or Synergy?[J]．Journal of Financial Economics，1983， 11(1) ：183-206．
[17] ． Jensen，M．C．Agency Costs of Free Cash Flow，Corporate Finance，and Takeovers[J]．American Economic Review，1986，76(2) ：323-329．
[18] ．Lang，L．，R．M．Stulz，and R A．Walking．A Test of the Free Cash Flow Hypothesis：The Case of Bidder Returns[J]．Journal of Financial Economics， 1991，29(2) ：315-335．
[19] ．Laurence Capron．The Long-Term Performance of Horizontal Acquisitions[J]． Strategic Management Journal，1999：987-1018．
[20] ． Vojislav Maksimovic and Gordon Phillips．The market for Corporate Asset[J]． the Journal of Finance，2001(6) ：2020-2045．
[21] ． Jensen，M．and Ruback，R．The Market for Corporate Control[J]．Journal of Financial Economics，1983，11(1) ：5-50．
[22] ． Aquith，P.，Bruner,R．，and Mullins，D, The Gains to Bidding Firms From Merger[J]．Journal of Financial Economics，1983(11) ：121-139．
[23] . Langetieg, T. An Application of a Three-Factor Performance Index to Measure Stockholder Gains From Merger[J]. Journal of Financial Economics, 1978(6) : 365-383．
[24] . Franks, J., R. Harris, and S. Titman. The Post-Merger Share-Price Performance of Acquiring Firms[J]. Journal of Financial Economics, 1991, 29(1) : 81-96．
[25] . Magenheim, E.B., and D.C. Muller. Are Acquiring Firm Shareholders Better off After an Acquisition[J]. in J. Coffee, Jr., L. Lowenstein, and S. Rose-Ackerman, eds. Knights, Raiders and Targets, Oxford, UK, Oxford University Press. 1988
[26] . Agrewal, A., J.F. Jaffe, and G.N. Mandelker. The Post-Merger Performance of Acquiring Firms: A Reexamination of an anomaly[J]. Journal of Finance, 1992,47(4) : 1605-1621．
[27] . M. Mark Walker. Corporate Takeover, Strategic Objectives, and Acquiring-Firm Shareholder Wealth[J]. Financial management, 2000, Spring: 53-66．
[28] . Altman, E., Financial Ratios. Discriminant Analysis and the Prediction of Corporation Bankruptcy[J]. Journal of Finance, 1968, Vol.23: 589-610．
[29] . Lewellen, W. A Pure Financial Rationale for the Conglomerate Merger[J]. Journal of Business and Finance, 1971, Vol.26: 521-545．
[30] . Weston, J., and Mansinghka, S. Tests of the Efficiency Performance of Conglomerate Firms[J]. Journal of Finance, 1971: 919-936．
[31] ．NBC借并购缓解增长压力．中国经营报，2001年10月18日．
[32] ． Alex F. De Noble，Loren T．Gustafson and Michael Hergert．Planning for Post-Merger Integration[J]．In the Creating Value Through Acquisition， Demergers，Buyouts and Alliances，edited by Bruce Lloyd．1997．
[33] ．Philippe C．Haspeslagh and David B．Jemison．Acquisition Integration： Creating Atmosphere for Value Creation[J]．In theThe Management of Corporate Acquisitions，edited by Georg Von Krogh and Alessandro Sinatra， the Macmillan Press LTD．1994．
[34] ．宋东林，金成晓．企业并购中人力资本组合问题研究[J]．管理世界， 2000(5) ：206-208．
[35] ． 谢文辉．企业并购中的文化整合[J]．山西财经大学学报，2000，22 (4) ： 26 29．
[36] ． B．Lev and G．Mandelker．The Microeconomic Consequence of Corporate mergers[J]．Journal of Business，1972，January：85-104．
[37] ．叶艳秋．对国有企业资本结构调整的理论分析[J]．财经科学，2000(1) ： 32-35．
[38] ． Gordon，M．and Yagil，J．Financial gain from conglomerate mergers[J]、 Research in Finance，1981，Vol．3：103-142．
[39] ． Micheal C．Jensen．Agency Costs of Free Cash Flow,Corporate Finance and Takeovers[J]．American Economic Review,1986：323-329．
[40] ． Ronald Masulis．The Effect of Capital Structure Change on Security Prices：A Study of Change Offers．Journal of Financial Economics，1980，Vol．139．
[41] ． C．Eger．An Empirical Test of the Redistribution Effect in Pure Exchange Mergers[J]．Journal of Financial and Quantitative Analysis，1983，18(4) ： 547-571．
[42] ．Dennis C．Mueller．A Theory of Conglomerate Mergers[J]．Quarterly Journal of Economics，1969：641-659．
[43] ．Wilbur G．Lewellen and Blaine Huntsman．Managerial Pay and Corporate Performance[J]，American Economic Review,1970，Vol．60：710-719．
[44] ． 王永贵．企业并购新思维-非互利共生并购[J]．中外管理，1997(12) ．
[45] ．杨飙．国内企业并购行为分析[J]．中外管理，1997(12) ．
[46] ． E．Fama．The Effects of Firm’s Investment and Financing Decision on the Welfare of its Security Holders[J]．American Economic Review,1978，68(3) ： 272-284．
[47] ． R．Higgins and L．Schall．Corporate Bankruptcy and Conglomerate Mergers[J]．Journal of Finance，1975，Vol．30：93-112．
[48] ．D．Galai and R．Masulis．The Option Pricing Model and Risky Factor of Stock[J]．Journal of Financial Economics，1976(3) ：53-81．
[49] ．赵炳贤，资本运营论[M]．北京：企业管理出版社，1997．
[50] ．萨德沙纳姆．兼并与收购[M]．北京：中信出版社，1998．
[51] ．殷醒民，企业并购的金融经济学解释[M].上海：上海财经大学出版 社,1999．
[52] ．R．Limmack． Corporate Mergers and Shareholder Wealth Effects：1977-1986[J]．Accounting and Business Research，1991，Vol．21， No．83：239-251．
[53] ． P．S．Sudarsanam．Shareholder Wealth Gains in Mergers：Empirical Test of the Synergy and Agency Effects．Conference Paper in the Midwest Finance Association．1993．
[54] ． G．A．Jarrell and A．B．Poulsen．The Returns to Acquiring Firms in Tender Offers：Evidence from Three Decades[J]．Financial Management，1989， Autumn：12-19．
[55] ． 郑海龙，李树丞．多角度审视企业资本运营[J]．湖南大学学报(社会科学 版)，2001(3) ：36-38．
[56] ．胡奕明．非财务指标的选择-价值相关分析[J]．财经研究，2001，27(5) ： 44-49．
[57] ．郭永清．我国上市公司资产并购绩效实证分析[J]．证券市场，2000(6) ： 41-44．
[58] ．张铁庄．企业并购价值评估中的拉巴波特模型[J]．四川会计，2000(2) ： 23-25．
[59] ．2000年中国上市公司A股股权结构变化一览表．财经界，2000(1) -(12) ．
[60] ．张青．基于“发展”导向的企业绩效评价研究[J]．中国管理科学， 2001(2) ：58-64．
[61] ．G．B．Stewart．EVA：Fact and Fantasy[J]．Journal of Applied Corporate Finance(summer)．1994．
[62] ．J．Mayfield.Economic Value Management-the Route to Shareholder Value[J]．Management Accounting，1997(Sept)：32-33．
[63] ．T．科普兰， T．科勒， 价值评估-公司价值的衡量与管理[M]．北京：中 国大百科全书出版社，1998．
[64] ． Robert S．Pindyck，Econometric Models and Economic Forecasts[M]． McGraw-Hill，1999．
[65] ． 李平、陈萍．企业集团的形成、组织和绩效[J]．战略与管理，2001(1) ： 95-104．
[66] ． 程兆谦．购并整合七法则[J]．中外管理，2001(3) ：64-65．
[67] ． Alex F．De Noble and Michael Hergert．Planning for Post-Merger Integration [J]．in Creating Value Through Acquisitions，Demergers，Buyouts and Alliances，edited by Bruce Lloyd．1997．
[68] ． Arthur M．Louis．The Bottom Line on 10 Big Mergers[J]．Fortune， 1982(105) ：84-89．
[69] ． A．Nahavandi，and A．R．Malekzadeh．Acculturation in Mergers and Acquisition，Academy of Management Review，1988，13(1) ：79-90．
[70] ． 慕刘伟，马伯东．论“后资产整合”[J]．经济学家，2001(3) ．
[71] ． 徐晓敏．论企业并购后的融合管理[J]．经济问题，2000(3) ：26-28．
[72] ． Michael Lubatkin，Willuam S．Schulze．Ecological Investigation of Firm Effects in Horizontal Mergers[J]．Strategic Management Journal，2001： 335-357．
[73] ．Thomas H．Brush．Predicted Change in Operational Synergy and Post-acquisition Performance of Acquired Businesses[J]． Strategic Management Journal，1996(1) ：1-24．
[74] ． Roland Deiser．Post-Acquisition Management：A Process of Strategic and Organisational Learning，The Management of Corporate Acquisition[M]．The Macmillan Press LTD，1994：359-390．
[75] ．P．C．Haspeslagh and D．B．Jemison．Acquisition-Myths and Reality．Sloan Management Review，1987，Winter：53-58．
[76] ． P.C．Haspeslagh and D．B．Jemison．Acquisition Integration：Creating the Atmosphere for Value Creation．The Management of Corporate Acquisition[M]．The Macmillan Press LTD，1994：448-478．
[77] ． P．普里切特，D．鲁宾逊，R．克拉克森．购并之后[M]．北京：中信出版 社，1999．
[78] ． 王长征．并购整合[J]．外国经济与管理，2000(12) ．
[79] ． 程光谦．通用电气怎样搞兼并整合[J]．中外管理，2001(1) ： 6 ．
[80] ．Ronald N．Ashkenas．把交易做实：GE资本服务公司是如何完成并购的[J]． 哈佛商业评论， 1998(1) ．
[81] ． 颜光华，刘正周，企业再造[M]．上海：上海财经大学出版社，1998．
[82] ： 唐宗琨．不完全资本市场中的企业扩张[J]．经济研究，1997(11) ：16． 35．
[83] ． 郝书辰．政府在企业并购过程中的职能定位[J]．财政研究，1999(9) ：9-11．
[84] ． 刘谨．企业并购与投资银行[J]．经济问题，2000(9) ：44-46．
[2] ． 大美百科全书(Encyclopedia Americana)．北京：外文出版社，1994．
[3] ． International Encyclopedia of the Social Sciences，1972，Volume 9， Macmillan Co．& Free Press,NY.
[4] ． 姜椿芳、梅意等，中国大百科全书[M]．北京：中国大百科全书出版社， 1988．
[5] ． 周鹏举，我国企业并购的特点与风险[J]，经济师，2000(4) ：67-68．
[6] ． 温斯顿等，兼并、重组与公司控制[M]．北京：中国人民大学出版社，1997．
[7] ． 国家体改委生产体制司：资本营运指导全书[M]．北京：中国经济出版社， 1998．
[8] ． 范恒山、彭建国主编，现代企业制度全书[M]．北京：中国物价出版社， 1995．
[9] ． 2001 M&A Profile[J]，Merger and Acquisition Almanac，2002，37(2) ：13-15．
[10] ． 罗仲伟，全球企业跨国并购[J]．经济管理， 2001，Vol．22：4-11．
[11] ． 王一，企业并购[M]．上海：上海财经大学出版社，2001年．
[12] ． Anne-wil Harzing，Acquisitions Versus Greenfield Investment[J]，Strategic Management Journal，2002：211-227．
[13] ．Healy,P．M．，K．G．Palepu，and R．S．Ruback。Does Corporate Performance Improve after Merger?[J]．Journal of Financial Economics，1992，31(2) ： 135-175．
[14] ． Martin，K．J．and J．J．McConnell．Corporate performance，Corporate Takeovers， and Management Turnover[J]．Journal of Finance，1991，46(2) : 671-687．
[15] ． Myers，S．C．and N．S．Majluf. Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have[J]．Journal of Financial Economics，1984，13(2) ：187-221．
[16] ． M．Bradley,A．Desai，and E．H．Kim，The Rationale Behind Inter-firm Tender Offers：Information or Synergy?[J]．Journal of Financial Economics，1983， 11(1) ：183-206．
[17] ． Jensen，M．C．Agency Costs of Free Cash Flow，Corporate Finance，and Takeovers[J]．American Economic Review，1986，76(2) ：323-329．
[18] ．Lang，L．，R．M．Stulz，and R A．Walking．A Test of the Free Cash Flow Hypothesis：The Case of Bidder Returns[J]．Journal of Financial Economics， 1991，29(2) ：315-335．
[19] ．Laurence Capron．The Long-Term Performance of Horizontal Acquisitions[J]． Strategic Management Journal，1999：987-1018．
[20] ． Vojislav Maksimovic and Gordon Phillips．The market for Corporate Asset[J]． the Journal of Finance，2001(6) ：2020-2045．
[21] ． Jensen，M．and Ruback，R．The Market for Corporate Control[J]．Journal of Financial Economics，1983，11(1) ：5-50．
[22] ． Aquith，P.，Bruner,R．，and Mullins，D, The Gains to Bidding Firms From Merger[J]．Journal of Financial Economics，1983(11) ：121-139．
[23] . Langetieg, T. An Application of a Three-Factor Performance Index to Measure Stockholder Gains From Merger[J]. Journal of Financial Economics, 1978(6) : 365-383．
[24] . Franks, J., R. Harris, and S. Titman. The Post-Merger Share-Price Performance of Acquiring Firms[J]. Journal of Financial Economics, 1991, 29(1) : 81-96．
[25] . Magenheim, E.B., and D.C. Muller. Are Acquiring Firm Shareholders Better off After an Acquisition[J]. in J. Coffee, Jr., L. Lowenstein, and S. Rose-Ackerman, eds. Knights, Raiders and Targets, Oxford, UK, Oxford University Press. 1988
[26] . Agrewal, A., J.F. Jaffe, and G.N. Mandelker. The Post-Merger Performance of Acquiring Firms: A Reexamination of an anomaly[J]. Journal of Finance, 1992,47(4) : 1605-1621．
[27] . M. Mark Walker. Corporate Takeover, Strategic Objectives, and Acquiring-Firm Shareholder Wealth[J]. Financial management, 2000, Spring: 53-66．
[28] . Altman, E., Financial Ratios. Discriminant Analysis and the Prediction of Corporation Bankruptcy[J]. Journal of Finance, 1968, Vol.23: 589-610．
[29] . Lewellen, W. A Pure Financial Rationale for the Conglomerate Merger[J]. Journal of Business and Finance, 1971, Vol.26: 521-545．
[30] . Weston, J., and Mansinghka, S. Tests of the Efficiency Performance of Conglomerate Firms[J]. Journal of Finance, 1971: 919-936．
[31] ．NBC借并购缓解增长压力．中国经营报，2001年10月18日．
[32] ． Alex F. De Noble，Loren T．Gustafson and Michael Hergert．Planning for Post-Merger Integration[J]．In the Creating Value Through Acquisition， Demergers，Buyouts and Alliances，edited by Bruce Lloyd．1997．
[33] ．Philippe C．Haspeslagh and David B．Jemison．Acquisition Integration： Creating Atmosphere for Value Creation[J]．In theThe Management of Corporate Acquisitions，edited by Georg Von Krogh and Alessandro Sinatra， the Macmillan Press LTD．1994．
[34] ．宋东林，金成晓．企业并购中人力资本组合问题研究[J]．管理世界， 2000(5) ：206-208．
[35] ． 谢文辉．企业并购中的文化整合[J]．山西财经大学学报，2000，22 (4) ： 26 29．
[36] ． B．Lev and G．Mandelker．The Microeconomic Consequence of Corporate mergers[J]．Journal of Business，1972，January：85-104．
[37] ．叶艳秋．对国有企业资本结构调整的理论分析[J]．财经科学，2000(1) ： 32-35．
[38] ． Gordon，M．and Yagil，J．Financial gain from conglomerate mergers[J]、 Research in Finance，1981，Vol．3：103-142．
[39] ． Micheal C．Jensen．Agency Costs of Free Cash Flow,Corporate Finance and Takeovers[J]．American Economic Review,1986：323-329．
[40] ． Ronald Masulis．The Effect of Capital Structure Change on Security Prices：A Study of Change Offers．Journal of Financial Economics，1980，Vol．139．
[41] ． C．Eger．An Empirical Test of the Redistribution Effect in Pure Exchange Mergers[J]．Journal of Financial and Quantitative Analysis，1983，18(4) ： 547-571．
[42] ．Dennis C．Mueller．A Theory of Conglomerate Mergers[J]．Quarterly Journal of Economics，1969：641-659．
[43] ．Wilbur G．Lewellen and Blaine Huntsman．Managerial Pay and Corporate Performance[J]，American Economic Review,1970，Vol．60：710-719．
[44] ． 王永贵．企业并购新思维-非互利共生并购[J]．中外管理，1997(12) ．
[45] ．杨飙．国内企业并购行为分析[J]．中外管理，1997(12) ．
[46] ． E．Fama．The Effects of Firm’s Investment and Financing Decision on the Welfare of its Security Holders[J]．American Economic Review,1978，68(3) ： 272-284．
[47] ． R．Higgins and L．Schall．Corporate Bankruptcy and Conglomerate Mergers[J]．Journal of Finance，1975，Vol．30：93-112．
[48] ．D．Galai and R．Masulis．The Option Pricing Model and Risky Factor of Stock[J]．Journal of Financial Economics，1976(3) ：53-81．
[49] ．赵炳贤，资本运营论[M]．北京：企业管理出版社，1997．
[50] ．萨德沙纳姆．兼并与收购[M]．北京：中信出版社，1998．
[51] ．殷醒民，企业并购的金融经济学解释[M].上海：上海财经大学出版 社,1999．
[52] ．R．Limmack． Corporate Mergers and Shareholder Wealth Effects：1977-1986[J]．Accounting and Business Research，1991，Vol．21， No．83：239-251．
[53] ． P．S．Sudarsanam．Shareholder Wealth Gains in Mergers：Empirical Test of the Synergy and Agency Effects．Conference Paper in the Midwest Finance Association．1993．
[54] ． G．A．Jarrell and A．B．Poulsen．The Returns to Acquiring Firms in Tender Offers：Evidence from Three Decades[J]．Financial Management，1989， Autumn：12-19．
[55] ． 郑海龙，李树丞．多角度审视企业资本运营[J]．湖南大学学报(社会科学 版)，2001(3) ：36-38．
[56] ．胡奕明．非财务指标的选择-价值相关分析[J]．财经研究，2001，27(5) ： 44-49．
[57] ．郭永清．我国上市公司资产并购绩效实证分析[J]．证券市场，2000(6) ： 41-44．
[58] ．张铁庄．企业并购价值评估中的拉巴波特模型[J]．四川会计，2000(2) ： 23-25．
[59] ．2000年中国上市公司A股股权结构变化一览表．财经界，2000(1) -(12) ．
[60] ．张青．基于“发展”导向的企业绩效评价研究[J]．中国管理科学， 2001(2) ：58-64．
[61] ．G．B．Stewart．EVA：Fact and Fantasy[J]．Journal of Applied Corporate Finance(summer)．1994．
[62] ．J．Mayfield.Economic Value Management-the Route to Shareholder Value[J]．Management Accounting，1997(Sept)：32-33．
[63] ．T．科普兰， T．科勒， 价值评估-公司价值的衡量与管理[M]．北京：中 国大百科全书出版社，1998．
[64] ． Robert S．Pindyck，Econometric Models and Economic Forecasts[M]． McGraw-Hill，1999．
[65] ． 李平、陈萍．企业集团的形成、组织和绩效[J]．战略与管理，2001(1) ： 95-104．
[66] ． 程兆谦．购并整合七法则[J]．中外管理，2001(3) ：64-65．
[67] ． Alex F．De Noble and Michael Hergert．Planning for Post-Merger Integration [J]．in Creating Value Through Acquisitions，Demergers，Buyouts and Alliances，edited by Bruce Lloyd．1997．
[68] ． Arthur M．Louis．The Bottom Line on 10 Big Mergers[J]．Fortune， 1982(105) ：84-89．
[69] ． A．Nahavandi，and A．R．Malekzadeh．Acculturation in Mergers and Acquisition，Academy of Management Review，1988，13(1) ：79-90．
[70] ． 慕刘伟，马伯东．论“后资产整合”[J]．经济学家，2001(3) ．
[71] ． 徐晓敏．论企业并购后的融合管理[J]．经济问题，2000(3) ：26-28．
[72] ． Michael Lubatkin，Willuam S．Schulze．Ecological Investigation of Firm Effects in Horizontal Mergers[J]．Strategic Management Journal，2001： 335-357．
[73] ．Thomas H．Brush．Predicted Change in Operational Synergy and Post-acquisition Performance of Acquired Businesses[J]． Strategic Management Journal，1996(1) ：1-24．
[74] ． Roland Deiser．Post-Acquisition Management：A Process of Strategic and Organisational Learning，The Management of Corporate Acquisition[M]．The Macmillan Press LTD，1994：359-390．
[75] ．P．C．Haspeslagh and D．B．Jemison．Acquisition-Myths and Reality．Sloan Management Review，1987，Winter：53-58．
[76] ． P.C．Haspeslagh and D．B．Jemison．Acquisition Integration：Creating the Atmosphere for Value Creation．The Management of Corporate Acquisition[M]．The Macmillan Press LTD，1994：448-478．
[77] ． P．普里切特，D．鲁宾逊，R．克拉克森．购并之后[M]．北京：中信出版 社，1999．
[78] ． 王长征．并购整合[J]．外国经济与管理，2000(12) ．
[79] ． 程光谦．通用电气怎样搞兼并整合[J]．中外管理，2001(1) ： 6 ．
[80] ．Ronald N．Ashkenas．把交易做实：GE资本服务公司是如何完成并购的[J]． 哈佛商业评论， 1998(1) ．
[81] ． 颜光华，刘正周，企业再造[M]．上海：上海财经大学出版社，1998．
[82] ： 唐宗琨．不完全资本市场中的企业扩张[J]．经济研究，1997(11) ：16． 35．
[83] ． 郝书辰．政府在企业并购过程中的职能定位[J]．财政研究，1999(9) ：9-11．
[84] ． 刘谨．企业并购与投资银行[J]．经济问题，2000(9) ：44-46．