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并购作为资源重新配置的重要手段之一,在现代企业经营成长和发展过程中有着不可替代的作用,以往的研究都是建立在股权分置背景下,然而2005年开始中国资本市场发生了较显著的改变。那么公司外部治理环境的变迁会给并购带来怎样的影响呢?本文选择2004-2006年发生的并购为研究样本,采用因子分析法。并对样本分支付方式和交易双方是否为关联关系进一步做讨论。
As an important means of resource reconfiguration, mergers and acquisitions (M & A) play an irreplaceable role in the growth and development of modern enterprises. Previous research was based on the background of share-trading, however, the capital market in China began to be more significant Change. Then the company’s external governance environment changes will bring about the impact of mergers and acquisitions? This article selected mergers and acquisitions in 2004-2006 for the study sample, the use of factor analysis. And discuss the ways in which the samples are distributed and whether the parties to the transaction are related or not.