我國(guó)上市公司并購(gòu)后的績(jī)效表現(xiàn)-比較行業(yè)內(nèi)與跨行業(yè)并購(gòu).pdf

1、指導(dǎo)小組成員名單復(fù)旦大學(xué)意大利博科尼大學(xué)孔愛(ài)國(guó)教授Massari教授Tableoffiguresandtables殆bIe1theNO.ofaequisitioninChinafrom2002to2009........................……，12Table2thedlstributionofaequisitioninthefinalsamPlebyyearofeomPletion.17Tabe3thedistributi

2、onofaequisjtionbytheindustryofbidder，........……，....……18Table4ARandCARinthewindowperiod卜20，20]..……，..........................……24Tab淪SARofthetwosu匕一sampes......................……，................……，..…，..……26殆bIe6Firmand

3、industry一adiustedmedianoPeratingCashreturnfortotalsamPle，insideindusirysamPleandcrosssectionalsamPle.....……，........……，…，……29Ta匕e7丁testofthecashretomintota!samPIe......................................……，.…30Table8Ttestfo

4、rindustry一adiustedeashreturnintotalsamPle....................……30Table9thePairedsamP!estestofadjustedeashreturninPOStmergerPeriodfortotasamPle..............................................................................

5、.........……31Table10ROEandindustry一adjustedROEinPreandPostmergeryearsforthetotalsamPle..............................……，....................................................……32Table11thePairedsamPetestofadjustedPost一merge

6、rROEfortotalsamPle.33Table12ROAandindustry一adjustedROAinPreandPostmergeryearsforthetotasamp淪.......................................................................................……34Tab!e13thePairedsamPletestofadjustedR

7、OAinPostmergerPeriodfortotalsamPIe.......................................................................................……，.……35Table14Growthofsalesandindustry一adjustedgrowthofsalesinPreandPostmergeryearsfthetotalsamPle

8、..…，..................……，......................……36Table15thePairedsamPletestforadjustedgrowthofsalesinPost一mergerPeriodfo「tota!samp淪……，二，.................……，..........……，.....一，.....................……37Table16Ttestforad

9、justedeashreturnforinsideindustrysamPle..............……38Table17Ttestfadjustedeashreturnforcrossseet一onsamPle..............……40Table18jndePendentttestofadjustedcashreturnfortwosub一samPlesinPreandp0Stmergerperi0d.........

10、.....................................……，…，……，....……41Tabte19ROEandindustry一adjustedROEinPreandPostmergeryearsforthesub一samPles.......……，..…，..........……，.…，.....……，...................……，......……42Table20indePendentttesto

11、fadiustedROEfortwosub一sarnPlesinPreandPostmergerperiod............................……，…，.....……，.........……，...............……43Table21ROAandindustry一adjustedROAinPreandPostmergeryearsforthesub一samPles.....................

12、……，.，..…，.，.....……，.........................……，...……44Table22indePendentttestofadjustedROAfortwosub一samPesinPreandPostmergerperiod.........................……，....……，...................................……，.，..…44Table23Gro

13、wthofsalesandindustry一adjustedgrowthofsalesinPreandPostmerge「yearsfthesu匕一samPles..……，.............................................……，45Table24indePendentttestofadjustedgrowthofsaleSfortwosUb一samPlesinPreandpostmerge「per

14、iod..........................……，.....................................……，.46Table25PairedsamPlestestofadjustedcashreturnforinsideindustrysamPleinpostme「gerperiod..……，...........……，...........................……，二，.........