国土资源科技管理
國土資源科技管理
국토자원과기관리
Scientific and Technological Management of Land and Resources
2012年
6期
146~151
,共null页
煤炭企业 横向并购 规模经济
煤炭企業 橫嚮併購 規模經濟
매탄기업 횡향병구 규모경제
coal enterprises; horizontal mergers and acquisitions; economies of scale
选取发生在2002--2010年沪深两市的以煤炭为主业的横向并购为样本，根据上市煤炭企业的财务评价实际情况，选取总资产、资产报酬率和营业收入3项指标为衡量指标并进行格兰杰检验，对总资产、资产报酬率和营业收入增长率指标进行向量自回归并在此基础上进行脉冲相应和方差研究。研究显示，煤炭企业资产总额的增加可以使企业的获利能力增加。
選取髮生在2002--2010年滬深兩市的以煤炭為主業的橫嚮併購為樣本，根據上市煤炭企業的財務評價實際情況，選取總資產、資產報酬率和營業收入3項指標為衡量指標併進行格蘭傑檢驗，對總資產、資產報酬率和營業收入增長率指標進行嚮量自迴歸併在此基礎上進行脈遲相應和方差研究。研究顯示，煤炭企業資產總額的增加可以使企業的穫利能力增加。
선취발생재2002--2010년호심량시적이매탄위주업적횡향병구위양본，근거상시매탄기업적재무평개실제정황，선취총자산、자산보수솔화영업수입3항지표위형량지표병진행격란걸검험，대총자산、자산보수솔화영업수입증장솔지표진행향량자회귀병재차기출상진행맥충상응화방차연구。연구현시，매탄기업자산총액적증가가이사기업적획리능력증가。
This paper uses the cases of horizontal mergers and acquisitions of the coal industry-based companies from 2002 to 2010 in Shanghai and Shenzhen as samples, lists coal companies based on financial evaluation of the actual situation, selects three indicators-the total assets, return on assets and operation income-as measure indexes and for the Granger test, and conducts vector quantity autoregression to total assets （TA）, return on assets （ROA） and operation income growth （GROB） indexes, based on which to conduct the study of impulse response and variance. The research indicates that the increase in total assets of the coal companies can increase return on assets, which in turn increases the profitability of the enterprises
