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企业的收购能否真正创造价值呢?由于收购方式的多样性,一些企业会通过二级市场购买股份的方式来实现企业的收购,那么,这种收购方式是否能够提高企业的经营绩效呢?本文将2011年至2015年我国通过二级市场购买股份的方式完成收购的上市公司作为研究对象,对收购方公司收购前后的经营绩效变化情况进行实证分析,实证结果表明二级市场收购并未提高收购企业经营绩效。
Can companies really create value? Due to the diversity of acquisitions, some enterprises will acquire the shares through the secondary market, so whether the acquisition can improve the business performance? Taking the listed companies that completed the acquisition through the way of buying shares in the secondary market from 2011 to 2015 as the research object, this paper empirically analyzes the changes of the operating performance before and after the acquisition of the acquiring company. The empirical results show that the acquisition of the secondary market does not increase the acquisition Business performance.