旅游企业多元化并购类型与长期绩效的关系——以2002～2008年中国旅游上市公司为例

发布时间：2018-05-16 23:25

本文选题：旅游企业 + 多元化并购类型　；参考：《旅游学刊》2013年02期

【摘要】：企业多元化与其绩效之间的关系为企业战略管理最为核心的研究主题之一。虽然已有研究表明,多元化有利于提高旅游企业价值,然鲜有学者从并购角度研究多元化类型与旅游企业绩效之关系。因此,本文以2002～2008年41起旅游上市公司多元化并购事件为例,将多元化并购分为相关多元化并购和无关多元化并购,采用财务研究法衡量不同类型多元化并购对企业长期绩效的影响,探讨旅游企业多元化并购类型与长期绩效的关系。结果表明,旅游企业不同类型多元化并购后长期绩效呈现明显的趋势差异:无关多元化并购后企业长期绩效表现出大起大落的趋势,并购后二期的长期绩效仅比并购前一期增长8%;相关多元化并购企业长期绩效虽然在并购后一期小幅下降,但在并购后二期大幅上升,并购后二期的长期绩效比并购前一期增长147%,同时在控制收购方其他特征之后,多元化并购类型对企业并购后二期绩效影响在10%的水平下几乎是显著的。这说明相关多元化并购更多的是一种长期价值促进作用,无关多元化并购无法获取长期价值促进效应。另外,从并购前一期企业绩效来看,相关多元化并购多发生在并购前公司绩效就已经比较好的公司,无关多元化并购公司多在并购前公司绩效就差。
[Abstract]:The relationship between enterprise diversification and its performance is one of the core research topics of enterprise strategic management. Although previous studies have shown that diversification is conducive to improving the value of tourism enterprises, few scholars have studied the relationship between diversification types and tourism enterprises' performance from the perspective of mergers and acquisitions. Therefore, this paper takes 41 diversified M & A events of tourism listed companies from 2002 to 2008 as an example, and divides diversification M & A into related diversification M & A and unrelated diversification M A. This paper uses financial research method to measure the influence of different types of diversified mergers and acquisitions on the long-term performance of enterprises, and probes into the relationship between the types of diversified mergers and acquisitions and long-term performance of tourism enterprises. The results show that the long-term performance of tourism enterprises shows obvious trend difference after diversified M & A: the long-term performance of tourism enterprises shows a trend of ups and downs after diversified mergers and acquisitions. The long-term performance of the second phase of the merger and acquisition is only 8% higher than that of the previous period. Although the long-term performance of the related diversified M & A enterprises declined slightly in the first phase of the merger, it rose significantly after the second phase of the merger. The long-term performance of the second phase of M & A is 147g higher than that of the previous period, and after controlling the other characteristics of the acquirer, the effect of diversified M & A types on the performance of the second phase of M & A is almost significant at the level of 10%. This shows that diversification M & A is more of a long-term value promotion, independent diversification M & A can not achieve long-term value promotion effect. In addition, from the point of view of the performance of the previous period of M & A, most of the related diversification M & A occurred before the merger and acquisition of the company performance has been relatively good, unrelated diversification M & A companies before the M & A company performance is poor.
【作者单位】：湖南师范大学旅游学院;
【基金】：湖南师范大学博士科研启动项目(2010BQ26)资助~~
【分类号】：F592.6;F832.51;F224

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