本文選題：并購(gòu)狀態(tài)　切入點(diǎn)：并購(gòu)浪潮　出處：《經(jīng)濟(jì)縱橫》2017年05期

【摘要】：利用馬爾科夫區(qū)制轉(zhuǎn)移模型,采用1995~2015年我國(guó)資本市場(chǎng)并購(gòu)活動(dòng)交易數(shù)量的月度數(shù)據(jù),檢驗(yàn)上市公司過(guò)去約20年間總體并購(gòu)狀態(tài)存在浪潮的假設(shè)。實(shí)證結(jié)果證明,并購(gòu)狀態(tài)可劃分為"并購(gòu)活動(dòng)低區(qū)制"與"并購(gòu)活動(dòng)高區(qū)制",而且并購(gòu)活動(dòng)在不同區(qū)制狀態(tài)下均能體現(xiàn)出顯著的持續(xù)性特征。說(shuō)明我國(guó)上市公司存在并購(gòu)浪潮,其浪潮始于2001年9月,并一直延續(xù)至2015年12月。進(jìn)一步分析發(fā)現(xiàn),"并購(gòu)活動(dòng)低區(qū)制"與"并購(gòu)活動(dòng)高區(qū)制"之間的并購(gòu)特征存在差異。
[Abstract]:Based on the Markov regional transfer model and the monthly data on the number of M & A transactions in China's capital market from 1995 to 2015, this paper examines the hypothesis that there has been a wave of mergers and acquisitions in the past 20 years or so in listed companies. The empirical results prove that there is a wave of mergers and acquisitions in the past 20 years. The state of M & A can be divided into "low area system of M & A activity" and "High area system of M & A activity". The wave began in September 2001 and continued until December 2015. Further analysis shows that there are differences in the characteristics of M & A between the "low area M & A activity system" and the "high area M & A activity system".
【作者單位】： 吉林大學(xué)商學(xué)院;
【基金】：全國(guó)百篇優(yōu)秀博士學(xué)位論文作者專項(xiàng)資金資助項(xiàng)目“基于動(dòng)態(tài)隨機(jī)一般均衡模型的中國(guó)非線性貨幣政策反應(yīng)規(guī)則研究”(編號(hào):201303) 國(guó)家自然科學(xué)基金面上項(xiàng)目“非線性狀態(tài)空間混頻數(shù)據(jù)模型在中國(guó)第三產(chǎn)業(yè)結(jié)構(gòu)演變研究中的應(yīng)用”(編號(hào):71573104) 吉林大學(xué)青年學(xué)術(shù)領(lǐng)袖培育計(jì)劃項(xiàng)目“非線性狀態(tài)空間混頻數(shù)據(jù)模型在中國(guó)宏觀經(jīng)濟(jì)研究中的應(yīng)用”(編號(hào):2015FRLX15)的成果
【分類號(hào)】：F271;F832.51
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本文編號(hào)：1682739