CAJ | 학술논문

本文以2008—2010年为研究窗口，选取2009年在上海和深圳两个证券交易所上市交易的并购成功的上市公司作为大企业的初始样本，运用因子分析法，构建了大企业竞争力综合评价模型，实证检验了并购价格、并购类型及并购关联属性等并购特征对大企业竞争力的影响。实证结果表明关联并购对并购当年的大企业竞争力具有显著正的影响；并购价格对并购后一年的大企业竞争力具有显著负的影响；而横向并购也显著地提高了并购后一年的大企业竞争力。实证研究结果支持了并购能够增强大企业竞争力这一理论观点。
본문이2008—2010년위연구창구，선취2009년재상해화심수량개증권교역소상시교역적병구성공적상시공사작위대기업적초시양본，운용인자분석법，구건료대기업경쟁력종합평개모형，실증검험료병구개격、병구류형급병구관련속성등병구특정대대기업경쟁력적영향。실증결과표명관련병구대병구당년적대기업경쟁력구유현저정적영향；병구개격대병구후일년적대기업경쟁력구유현저부적영향；이횡향병구야현저지제고료병구후일년적대기업경쟁력。실증연구결과지지료병구능구증강대기업경쟁력저일이론관점。
Based on empirical analysis, this paper selects forty-six listed companies from 2009 equity M＆A as the sample, building competitiveness＇ evaluation model of big enterprises by factor analysis, and analyzing the relationship among merger price, merger type, merger association attribution and big enterprise competitiveness by means of statistical analysis methods. The research shows that there was significantly positive relationship between related merger and big enterprise competitiveness of merge year, and there was significantly negative influence between merger price and big enterprise competitiveness in a year after merger, but horizontal merger also significantly improved big enterprise competitiveness in a year after merger. The research findings support this theory that M＆A can enhance the big enterprise competitiveness.