Empirical Study on the M&A (merger and acquisition) performances of China energy enterprises

摘要：

　　DEA (Data Exchange Agreement) is used to make empirical study on the merger and acquisition performances of 46 China energy enterprises that happened from 2006 to 2012.The conclusions are listed as follow.Firstly,overall performances have a tendency of slow improvement,which is followed by a decline and then a remarkable enhancement.Secondly,sample performances of stock acquisition,which have a slow improvement,appear to be better than those of asset acquisition.Thirdly,during the first year after the acquisition,the performance of related party M&A is clearly better than that of unrelated party M&A.The performance of stock acquisition is unsteady while that of asset acquisition is steady and slow.And the performances of both stock acquisition and asset acquisition are basically the same.Fourthly,horizontal M&A show better performances than conglomerate M&A.

关键词： Energy enterprises M&A performances DEA (Data Exchange Agreement)

作者: Jingfeng Yin Lingyuan Cui Minnie Hu

作者单位: School of Economics and Management, China University of Geosciences, Wuhan, 430074, China

会议类型: 国际会议

会议名称: The Twelfth Wuhan International Conference on E-Business(第十二届武汉电子商务国际会议)

会议地点: 武汉

会议语种:英文

页码: 859-866

在线出版日期: 2013-05-25（万方平台首次上网日期，不代表论文的发表时间）