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本文利用1999-2012年中国各个地区并购重组数据,在数据修匀的基础上,采用函数性主成分分析及函数性方差分析等手段,对全国各个地区公司并购重组的差异性进行了研究。结果表明:随着时间的推移和地区经济的发展,整个并购重组呈现上升趋势,全中国各个地区并购差异性逐渐增大;股权分置改革和金融危机对全国各个地区公司的并购重组有较大影响,但是对不同地区的影响具有很大差别,并且金融危机对全国各个地区公司的并购重组速度的影响持续时间比较长;近期地理和经济比较占优势的沿海地区的并购行为相对活跃。
Based on the data homogenization, using the method of functional principal component analysis and functional analysis of variance, this paper studies the differences of mergers and acquisitions and reorganizations in various regions of China from 1999 to 2012. The results show that with the passage of time and the development of regional economy, the whole merger and reorganization shows an upward trend, and the differences in mergers and acquisitions in all regions of China have been gradually increasing. The non-tradable share reform and the financial crisis have a great impact on the mergers and acquisitions of companies in various regions of the country However, the impact on different regions is quite different. And the impact of the financial crisis on the M & A and reorganization rate of companies in various regions of the country lasted longer. The recent mergers and acquisitions in coastal areas where the geography and economy are more dominant are relatively active.