中国煤炭
中國煤炭
중국매탄
CHINA COAL
2014年
9期
22-25,28
,共5页
煤炭上市公司%公司治理%并购绩效
煤炭上市公司%公司治理%併購績效
매탄상시공사%공사치리%병구적효
listed coal companies%corporate governance%M&A performance
以煤炭上市公司2008－2012年年报数据为样本，首先采用因子分析法对构建的财务比例指标体系综合打分以衡量并购绩效，然后使用多元线性回归分析法从股权结构、董事会结构和管理层激励3个方面实证检验了公司治理与并购绩效的关系。研究表明：中国煤炭上市公司并购绩效的总体趋势是先下降后上升；国有股比例和股权集中度与并购绩效正相关；董事会规模和独立董事比例与并购绩效负相关；管理层激励与并购绩效正相关。最后针对研究结果分别提出对策建议。
以煤炭上市公司2008－2012年年報數據為樣本，首先採用因子分析法對構建的財務比例指標體繫綜閤打分以衡量併購績效，然後使用多元線性迴歸分析法從股權結構、董事會結構和管理層激勵3箇方麵實證檢驗瞭公司治理與併購績效的關繫。研究錶明：中國煤炭上市公司併購績效的總體趨勢是先下降後上升；國有股比例和股權集中度與併購績效正相關；董事會規模和獨立董事比例與併購績效負相關；管理層激勵與併購績效正相關。最後針對研究結果分彆提齣對策建議。
이매탄상시공사2008－2012년년보수거위양본，수선채용인자분석법대구건적재무비례지표체계종합타분이형량병구적효，연후사용다원선성회귀분석법종고권결구、동사회결구화관리층격려3개방면실증검험료공사치리여병구적효적관계。연구표명：중국매탄상시공사병구적효적총체추세시선하강후상승；국유고비례화고권집중도여병구적효정상관；동사회규모화독립동사비례여병구적효부상관；관리층격려여병구적효정상관。최후침대연구결과분별제출대책건의。
In this paper,on the basis of annual report data from 2008 to 2012 of the listed coal companies,the factor analysis is used to comprehensively score the financial ratio index sys-tem to measure M&A performance first,and then the multiple linear regression method is adopt-ed from the aspects of shareholding structure,board structure and management incentive to veri-fy the relationship between corporate governance and M&A performance.Research shows that the overall trend of M&A performance of China's listed coal companies is rising after declining;state-owned shares proportion and shareholding concentration has a positive correlation with M&A performance;the board size and the proportion of independent directors is negatively relat-ed to the M&A performance;management incentive and M&A performance are positively relat-ed.Finally,based on the research results,some countermeasures and suggestions are put for-ward.
