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首页> 外文期刊>Journal of Business Research >Value creation and appropriation following M&A: A data envelopment analysis
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Value creation and appropriation following M&A: A data envelopment analysis

机译：并购后的价值创造和占有：数据包络分析

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摘要

Mergers and acquisitions (M&As) are typically inspired by a desire for revenue growth and/or cost efficiency leading to an improvement in financial performance. Post-merger performance has received considerable research attention from scholars in finance and accounting, but the marketing dimension has remained largely unexplored. This research focuses on marketing efficiency as a measure of post-merger performance, and this is investigated via an empirical study of 20 M&A deals within the US commercial banking industry. Data Envelopment Analysis (DEA) is used to measure efficiency, employing two input and two output variables. The results demonstrate that M&A transactions do have a positive effect on the marketing efficiency of the combined firms, although the effect size is small. (C) 2016 Elsevier Inc. All rights reserved.
机译：并购（M＆A）通常是受到对收入增长和/或成本效率的渴望，从而导致财务绩效的提高。合并后的绩效受到了金融和会计学者的相当大的研究关注，但是市场规模在很大程度上尚未得到开发。这项研究的重点是市场营销效率，作为衡量合并后绩效的指标，并且通过对美国商业银行业内20项并购交易的实证研究进行了调查。数据包络分析（DEA）用于测量效率，它使用两个输入变量和两个输出变量。结果表明，并购交易确实对合并公司的营销效率产生积极影响，尽管影响规模很小。 （C）2016 Elsevier Inc.保留所有权利。

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