CAJ | 학술논문

流动性有多层次含义,分别是货币市场、股票市场、实体资产等主体特性的重要表征,也是公司并购择时决策的重要影响因素。文章采用2004-2012年中国上市公司股权收购样本,运用多层次流动性变量,以单变量分组差异检验与多变量回归分析相结合的方法,系统研究了多层次流动性对并购决策与并购绩效的影响机制与效应。研究发现不同层次流动性对并购特征与并购绩效产生了差异化影响：流动性差异化影响公司的并购模式决策,从而影响并购绩效;同时流动性也直接影响并购绩效,货币市场流动性以及股票市场流动性对并购绩效产生正向影响,而个股流动性程度对并购绩效产生负向影响。
류동성유다층차함의,분별시화폐시장、고표시장、실체자산등주체특성적중요표정,야시공사병구택시결책적중요영향인소。문장채용2004-2012년중국상시공사고권수구양본,운용다층차류동성변량,이단변량분조차이검험여다변량회귀분석상결합적방법,계통연구료다층차류동성대병구결책여병구적효적영향궤제여효응。연구발현불동층차류동성대병구특정여병구적효산생료차이화영향：류동성차이화영향공사적병구모식결책,종이영향병구적효;동시류동성야직접영향병구적효,화폐시장류동성이급고표시장류동성대병구적효산생정향영향,이개고류동성정도대병구적효산생부향영향。
Liquidity has multi-levels meanings,which are important characteristics of money market,stock market and physical asset respectively,and is also an important influencing factor of timing decision of merger and acquisition of companies. The paper takes China listing corporation share acquisition in 2004-2012 as samples,uses multi-levels liquidity variables,combines the single variable differences-in-group analysis and multivariate regression research together to systematically analyze the mechanism and effect of liquidity on MA mode and performance. The Study revealed that different liquidity levels have differentiated impacts on the characteristics of MA and the performance; liquidity difference affects the decision of companies＇ MA mode and further influence the performance of MA; at the same time,liquidity directly influence the performance of MA; the liquidity of monetary market and stock market have positive effect on the performance of MA,while the liquidity of individual shares has a negative effect on MA performance.