文章基本信息

标题：Firm characteristics, industry characteristics and acquisition strategy: An empirical study of Chinese listed firms
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作者：Shanmin Li ; Xiaochun Zhou
期刊名称：Frontiers of Business Research in China
印刷版ISSN：1673-7326
电子版ISSN：1673-7431
出版年度：2009
卷号：3
期号：2
页码：224-241
DOI：10.1007/s11782-009-0012-4
出版社：Higher Education Press, co-published with Springer-Verlag GmbH
摘要：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.
关键词：firm performance; industry performance; acquisition type; diversification acquisition
其他关键词：公司绩效，行业绩效，并购类型，多元化并购