纵向并购模式与财富效应研究

ERN: Integration (Topic) Pub Date : 2002-01-01 DOI:10.2139/ssrn.296435

Joseph P. H. Fan, V. Goyal

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引用次数: 305

摘要

我们利用行业商品流动信息来衡量1962 - 1996年已完成并购的垂直关系。几乎三分之一的合并显示出垂直相关性。垂直合并活动在1980年代和1990年代较为密集，而在1960年代和1970年代较少。纵向并购产生的正财富效应显著大于多元化并购产生的正财富效应;纵向并购的财富效应与纯横向并购的财富效应相当。

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On the Patterns and Wealth Effects of Vertical Mergers

We use industry commodity flows information to measure vertical relations in completed mergers from 1962 to 1996. Almost one-third of the mergers display vertical relatedness. Vertical merger activity is more intensive in the 1980s and 1990s and less so in the 1960s and the 1970s. Vertical mergers generate positive wealth effects that are significantly larger than those for diversifying mergers; the wealth effects in vertical mergers are comparable to those in pure horizontal mergers.

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ERN: Integration (Topic)

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