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以2008—2014年我国煤炭行业上市公司并购事件为样本,分别采用事件研究法和财务指标法,评定不同并购类型主并企业短期或中长期绩效。研究结果表明:从短期而言,横向并购和纵向并购在整个事件期间均可获得正向超额收益。从长期而言,横向并购企业的财务绩效呈下降趋势,纵向并购企业需经历先升后降过程。说明煤炭企业并购的确会产生显著短期价值效应,但从长期来看,并购活动未明显改善总样本的并购绩效水平。
Taking the M & A events of China’s coal industry listed companies from 2008 to 2014 as a sample, we use incident research method and financial index method respectively to evaluate the short-term or medium-long-term performance of different types of mergers and acquisitions. The results show that in the short run, horizontal mergers and acquisitions can achieve positive excess returns during the entire event. In the long run, the financial performance of horizontal mergers and acquisitions (M & A) companies is on the decline. The vertical mergers and acquisitions (MMAs) need to go through the process of first increasing and then decreasing. Indicating that mergers and acquisitions of coal enterprises will indeed have a significant short-term value effect, but in the long run, M & A activity has not significantly improved the overall sample M & A performance level.