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Firm characteristics, industry characteristics and acquisition strategy: An empirical study of Chinese listed firms

Abstract

This paper studies 148 related and 169 unrelated acquisition cases conducted by Chinese listed firms from 2001 to 2004 and explores firm and industry characteristics of these firms prior to their acquisition. Results show that there are significant pre-acquisition differences between firms pursuing related acquisition and firms pursuing unrelated acquisition in terms of firm performance, business risk, firm size, proportion of state shares and degree of diversification profile. Except for differences in internal capital as represented by undistributed profit per share, there is no significant difference in other aspects of available resources and industry performance.

摘要

以 2001 年至 2004 年的我国上市公司中的 148 起相关并购事件和 169 起无关多元化并购事件为样本, 考察了相关并购公司以及无关多元化并购公司并购前的公司特征和行业特征。 研究发现: 相关并购的公司与无关多元化并购的公司并购前在公司绩效、 公司经营风险/公司规模、 国有股比例以及多元化状况方面存在显著差异, 而公司可利用资源中除了每股未分配利润所代表的内部资金之外, 其它资源以及行业绩效等方面不存在显著差异。

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Author information

Correspondence to Shanmin Li.

Additional information

Translated and revised from Guanli Shijie 管理世界 (Management World), 2007, (3): 130–137

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Keywords

  • firm performance
  • industry performance
  • acquisition type
  • diversification acquisition

关键词

  • 公司绩效
  • 行业绩效
  • 并购类型
  • 多元化并购