The Empirical Study of Industry Life Cycle,the Types of M&A and the Performance of M&A
利用行业生命周期理论解释多元化并购溢价之谜，基于1998-2004年中国沪深两市749个并购样本，研究发现并购绩效不仅与并购类型有关，还受行业生命周期阶段影响。
This paper aims at providing an explanation to the premium puzzle of Diversifying MA by using the theory of Industry Life Cycle(ILC).Whether Diversifying MA can create more value for companies or not has become a controversial issue for domestic academia.Thus,749 MA samples were chosen from Shanghai Stock Exchange and Shenzhen Stock Exchange with the sample period from 1998 to 2004.By applying Multivariate Linear Regression method on these data,the paper studies the performance of different type of MA at different stage of ILC.The conclusion of this paper can support author's assumption,namely,besides MA types,the performance of MA has something to do with ILC,which can partly provide an explanation to the premium puzzle.