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首页> 外文期刊>Journal of banking & finance >The determinants of positive long-term performance in strategic mergers: Corporate focus and cash
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The determinants of positive long-term performance in strategic mergers: Corporate focus and cash

机译：战略合并中长期业绩良好的决定因素：公司重点和现金

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摘要

Using a sample selection and benchmarking methodology designed to more accurately assess merger-related changes in corporate focus, we find a significantly positive relationship between corporate focus and long-term merger performance. Focus-decreasing (FD) mergers result in significantly negative long-term performance with an average 18% loss in stockholder wealth, 9% loss in firm value, and significant declines in operating cash flows three years after merger. Mergers that either preserve or increase focus (FPI) result in marginal improvements in long-term performance. These results are consistent with many corporate focus studies, suggesting that merger studies finding opposite results are the result of measurement error. A positive relationship between changes in focus and long-term performance continues to hold after controlling for other variables. A continuous measure of focus change indicates that the extent of focus changes is significant. Every 10% reduction in focus results in a 9% loss in stockholder wealth, a 4% discount in firm value, and a more than 1% decline in operating performance. Cash-financed FPI mergers exhibit the best, and stock-financed FD mergers the worst, long-term performance. Tests of subsample time periods show that the focus change measure is significant in both time periods, indicating that the extent of corporate focus changes is the more important measure of corporate focus or diversification.
机译：通过使用旨在更准确地评估公司重点中与合并相关的变化的样本选择和基准测试方法，我们发现公司重点与长期合并绩效之间存在显着的正相关关系。焦点减少（FD）合并导致长期业绩显着下降，合并后三年平均减少了18％的股东财富损失，9％的公司价值损失以及运营现金流量大幅下降。保留或增加重点（FPI）的合并会导致长期绩效略有改善。这些结果与许多公司焦点研究一致，表明发现相反结果的合并研究是测量误差的结果。在控制了其他变量之后，焦点变化和长期绩效之间的积极关系继续保持。对焦点变化的连续测量表明焦点变化的程度很重要。焦点每减少10％，股东财富就会减少9％，公司价值折让4％，经营业绩将下降1％以上。长期而言，现金资助的FPI合并表现最好，而股票资助的FD合并表现最差。子样本时间段的测试表明，在两个时间段内，焦点变化量度均很重要，表明公司焦点变化的程度是公司焦点或多元化的更重要量度。

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