CAJ | 학술논문

从1998—2011年选取的8391个有效样本中，分别比较交易前卖方前三年平均利润率和卖方当年利润率，结果发现，交易前卖方前三年平均利润率为0．2762％，交易后卖方当年利润率为1．5538％，总体来看，并购重组的卖方公司的整体效益有轻微改善。但进一步的计量研究表明，一旦卖方交易前三年利润高于13．1157％，卖方交易后利润率将变为负数，如果卖方交易前三年平均利润率为24．1801％，交易后利润率则下降到-1．3398％，下降幅度超过25％。与此同时。在选取了1998—2011年10664个买方有效样本后，发现买方公司交易前三年平均利润率为24．1801％，交易后当年利润率下降到4．9674％，下降幅度高达19．2127％。这说明，无论是卖方还是买方，在交易前三年如果利润较高的话。交易后当年利润率都呈快速下降趋势。
종1998—2011년선취적8391개유효양본중，분별비교교역전매방전삼년평균리윤솔화매방당년리윤솔，결과발현，교역전매방전삼년평균리윤솔위0．2762％，교역후매방당년리윤솔위1．5538％，총체래간，병구중조적매방공사적정체효익유경미개선。단진일보적계량연구표명，일단매방교역전삼년리윤고우13．1157％，매방교역후리윤솔장변위부수，여과매방교역전삼년평균리윤솔위24．1801％，교역후리윤솔칙하강도-1．3398％，하강폭도초과25％。여차동시。재선취료1998—2011년10664개매방유효양본후，발현매방공사교역전삼년평균리윤솔위24．1801％，교역후당년리윤솔하강도4．9674％，하강폭도고체19．2127％。저설명，무론시매방환시매방，재교역전삼년여과리윤교고적화。교역후당년리윤솔도정쾌속하강추세。
After studying the 8391 valid samples of M＆As in the years of 1998 -2011, we found that in the very year after transaction the seller＇ s annual average rate of profit reached 1. 5538%, and the three-year annual average rate of profit before transaction was O. 2762%, so that the sellers slightly improved their own profitability after transaction as a whole. But further studios had shown that, once the three-year annual average rate of profit before transaction reached higher than 13. 1157%, the seUer＇ s annual average rate of profit in the very year after transaction would be negative, and once the three-year annual average rate of profit before transaction reached 24. 1801%, the seller＇ s annual average rate of profit in the very year after transaction would be decreased to-1. 3398%, reducing more than 25%. At the same time, after studying thc10664 valid samples of M＆ As in the years of 1998 -2011, we found that, the buyer＇ s three-year amlual average rate of profit before transaction was 24. 1801%, and the buyer＇ s annual average rate of profit in the very year after transaction only reached 4. 9674%, reducing up to 19. 2127%. This showed that for either the seller or the buyer, if annual average rate of profit before transaction was at a high level, annual average rate of profit in the very year after transaction would be in a rapid decline trend.