• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文会议>International conference on financial risk and corporate finance management >Ultimate Control, Free Cash Flow and Output efficiency from Merger Acquisitions of Listed Companies－－An Empirical Test from Perspective of Total Factor Productivity
【24h】

Ultimate Control, Free Cash Flow and Output efficiency from Merger Acquisitions of Listed Companies－－An Empirical Test from Perspective of Total Factor Productivity

机译：上市公司的合并与收购的最终控制，自由现金流量和产出效率 - 从总系数生产力的角度来看，实证测试

获取原文
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Based on the sample of 170 listed companies that merger & acquisitions (M&A) occurred in Shanghai and Shenzhen A-share markets in 2005, this study examines the change in output efficiency from M&A of listed companies with the aid of total factor productivity (TFP) index, revealing the effect of ultimate control and free cash flow on the change in output efficiency from M&A. Empirical results show that the output efficiency of the acquiring companies does increase after M&A. However, the synergies need integration for some time to be detected. The cash flow right of ultimate control shareholder, which has incentive effects on the improvement of M&A efficiency, shows a significantly positive correlation with the output efficiency from M&A. Meanwhile, the separation between the ultimate control right and cash flow right has a negative impact on the increase in output efficiency from M&A. However, the effect is not statistically significant. In addition, inefficient M&A is carried out more easily in those firms with more sufficient cash flow. To our knowledge, the paper is the first literature that combines TFP, ultimate control and free cash flow into an integrated framework to study output efficiency from M&A. The conclusion could provide empirical support to further analyze motives of the change in output efficiency after control right variation.
机译：根据2005年上海和深圳A股市场发生的合并和收购公司（并购）的70家上市公司，本研究借助总因素生产力（TFP）审查了上市公司中上市公司的并购的产出效率变化指数，揭示最终控制和自由现金流对并购的输出效率变化的影响。实证结果表明，收购公司的输出效率确实在并购后增加。但是，协同作用需要一段时间进行集成。最终控制股东的现金流量对提高并购效率的促进作用，表明了与并购的输出效率显着正相关。同时，最终控制权和现金流量之间的分离对来自并购的输出效率的增加产生负面影响。但是，效果在统计学上没有统计学意义。此外，在那些具有更大现金流量的公司中更容易进行低效的M＆A。据我们所知，本文是第一个将TFP，终极控制和自由现金流入综合框架的文献，以研究并购的输出效率。结论可以提供实证支持，以进一步分析控制权差异后输出效率变化的动机。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号