外文翻譯--從并購動(dòng)因角度分析企業(yè)并購的風(fēng)險(xiǎn)-其他專業(yè)-資料下載頁
2025-01-19 09:54本頁面
【導(dǎo)讀】世界五次大規(guī)模并購浪潮充分促進(jìn)了企業(yè)的成長和壯大。但企業(yè)兼并失敗的比率非常高。目前世界上幾乎所有的大型。目前，盡管一些中國企業(yè)采取兼并使他們盡快變得更強(qiáng)更大，但我們。認(rèn)為許多大打折扣的企業(yè)并購在中國和其他國家不應(yīng)該被遺忘。美國的經(jīng)驗(yàn)表明，至少有一半以。上的兼并活動(dòng)是不成功的。然而，鑒于西方企業(yè)兼并的歷史，在企業(yè)兼并的動(dòng)因分析的基礎(chǔ)上，進(jìn)一步深入分析企業(yè)兼并的風(fēng)險(xiǎn)以啟發(fā)盲目實(shí)施兼并的中國企業(yè)。所謂規(guī)模經(jīng)濟(jì)是指，在指定的技術(shù)條件下，單位產(chǎn)品的平均成本將隨著產(chǎn)出規(guī)模的增加而減少。備的定期維修和故障設(shè)備的更換。設(shè)備，以確保持續(xù)生產(chǎn)。先簽署一個(gè)完整的合同終止以上兩種行為。不完全合同的存在，將進(jìn)一步加劇人們的機(jī)會(huì)主義行動(dòng)。美國國家統(tǒng)計(jì)辦公室統(tǒng)計(jì)數(shù)據(jù)表明，有超過500名。，它不僅會(huì)增加內(nèi)部組織的溝通成本，還可能會(huì)降低企業(yè)的彈性。
【正文】 t archive of this journal is available at finance institutions has increased significantly during the last decade, and particularly within the last three years. Despite the consolidation, hardly any empirical research analyses the value implications of Mamp。A activity in the real estate finance sector up to uncover the capital markets’ reaction to the announcements of Mamp。A transactions in the real estate finance industry, we study a data set of 69 international transactions that occurred between 1995 and 2021. Our findings suggest that mergers and acquisitions between real estate finance institutions create value on average. Significant positive cumulated abnormal returns can be observed for the target firms, while shareholder value is neither created nor significantly destroyed on the part of the acquiring panies. This result contrasts with empirical evidence from US bank Mamp。A during the 1990s. We start our analysis by providing a short review of the extensive prior research on Mamp。A in the related financial institutions sector. Section three presents the data sample and the statistical methodology that we employed. In section four we discuss the results. Section five summarizes the findings and draws conclusions. Prior research Evidence on the wealth effects of real estate finance mergers is very limited. In a sample of real estate investment trust (REIT) transactions that took place between 1977 and 1983 Allen and Sirmans (1987) found an increase in shareholder wealth upon the announcement of a merger both for the acquired and acquiring firms. However, this positive assessment does not hold over time. Based on a sample of REIT mergers in the period between 1988 and 1994, Campbell et al. (1998) found large negative returns for the acquirers. Campbell et al. (2021) analyzed the stock market reaction to 85 REIT mergers and observed significantly negative but small stock market returns. Journal of Property Investment amp。 Finance Vol. 24 No. 1, 2021 Emerald Group Publishing Dirk Schiereck and Markus Mentz
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