Determinants of tender offer post‐acquisition financial performance
研究了42家工业制造企业要约收购后长期财务绩效与收购经验、目标公司规模、行业关联性等因素的关系，发现收购经验丰富、收购比例高或成立时间长的公司绩效显著提升，而目标公司抵制则导致绩效下降。
Abstract The present study extends previous research efforts and examines relationships between commonly discussed strategic acquisition factors and long‐term financial performance measures of acquiring firms. The factors of interest include relative size, previous acquisition experience, organizational age, industry commonality, contested versus uncontested acquisitions, and percentage of stock acquired. The financial performance measures include both accounting and capital market data for the 4‐year period preceding acquisition activity and the 4‐year period following such activity. The study presents bivariate and multivariate analyses for 42 industrial manufacturing firms that engaged in the tender offer form of acquisition. The findings indicate that, on the average, post‐acquisition financial performance improved significantly for organizations that had previous acquisition experience, acquired a higher percentage of a target, or were older. Post‐acquisition performance decreased significantly for acquiring firms when target firms contested an acquisition.