CAJ | 학술논문

从总体市场风险的VaR值的变化和经营业绩角度对三种并购类型的绩效进行了实证研究，得到的结论为：横向、纵向、混合并购总体市场风险并购后先逐年上升，后期与市场平均风险值趋于一致，且三种类型之间无显著区别。横向、纵向、混合并购样本公司业绩均先升后降，但从总体上看混合并购优于横向和纵向并购。
종총체시장풍험적VaR치적변화화경영업적각도대삼충병구류형적적효진행료실증연구，득도적결론위：횡향、종향、혼합병구총체시장풍험병구후선축년상승，후기여시장평균풍험치추우일치，차삼충류형지간무현저구별。횡향、종향、혼합병구양본공사업적균선승후강，단종총체상간혼합병구우우횡향화종향병구。
We compare the difference of M＆A＇s performance from two aspects, the VAR and the integrated point function model. The results show that horizontal, vertical and conglomerate M＆A＇s total market risk raised in the first stages and then decline, and that the three types of M＆A tend to be equal to the average value of market risk. The performance of M＆A companies are likely to get better only in the first years. But as a whole, the performance of conglomerate M＆A is better than horizontal M＆A and vertical M＆A.