CAJ | 학술논문

通过对影响控制权市场的三个主要经济因素的剖析，并结合美国1970-1999年控制权市场的数据，本文建立了控制权市场与宏观经济、资本市场以及法律政策等因素的可量化指标体系，运用灰色关联度模型，对各个影响因素的重要性进行了排序。研究的主要结论为：长期来看，影响兼并与收购交易金额的因素与影响交易数量因素的重要性排序是一致的，其首要因素是股票综合指数；影响两次浪潮中并购交易数量的首要因素均为新增直接投资。
통과대영향공제권시장적삼개주요경제인소적부석，병결합미국1970-1999년공제권시장적수거，본문건립료공제권시장여굉관경제、자본시장이급법률정책등인소적가양화지표체계，운용회색관련도모형，대각개영향인소적중요성진행료배서。연구적주요결론위：장기래간，영향겸병여수구교역금액적인소여영향교역수량인소적중요성배서시일치적，기수요인소시고표종합지수；영향량차랑조중병구교역수량적수요인소균위신증직접투자。
This paper analyses three primary macroeconomic factors influencing the market for corporate control, and bases on the previous study and takes the American market＇ s data from 1970 - 1999 years, we establish the corresponding reflection indices system of the market for the corporate control and macroeconomic, stock market and law regulations firstly, then using the grey relational grade analytic model to order their influence importance. The main conclusions are： From the point of long-run period, these influence factors are in the same order either in the amount or in deal numbers, and comprehensive stock index is in the first order. Another first order factor that affects the deal numbers of the corporate control market during the fourth and the fifth merger waves in America is newly increased investment.