From a departure point of empirical study on the effect of cross - border mergers and acquisitions ( m & as ) on the performance of target firms , this article follows the traditional research pattern , which first reviews the extant empirical researches in this field then introduces the characteristics of foreign acquisitions in china as well as its economic effect . following is the theoretical explanation of the mechanism behind the effect of cross - border m & as on the performance of target firms from the views of fdi , corporate strategy and corporate governance . finally , this article employs the standard event study methodology as well as accounting data analysis to examine the short - term wealth effect and long - term performance of chinese target firms 本文以外资并购对我国目标公司绩效的影响为研究出发点进行实证分析,依据传统的研究思路,首先对现有的经典文献做了一个简要的回顾,然后介绍了外资并购我国企业的特点和其经济效应,接着从国际直接投资、公司战略、公司治理这三个角度对跨国并购提高目标公司绩效的机理进行了分析,为目标公司绩效的提高提供了理论依据,最后本文利用标准事件研究法和会计指标法计算出公司的绩效指标?累积超额收益率( car ) 、平均每股收益和平均净资产收益率,分别从短期和长期分析了我国目标公司的绩效。
In this foundation , we reviewed and evaluated the classical literature in financial distress predicting both in domestic and foreign . then , we selected 67 st - companies and 67 normal companies as the samples of our research and 15 financial ratios that can reflect the financial condition of enterprise as the variables . we use t - test to select out important variables which will be used in coming model 在此基础上,对国内外财务困境预测研究领域中的经典文献进行了回顾和评价,在对前人研究方法及研究成果总结的基础上,从我国a股市场上选取了67家财务困境公司和67家非财务困境公司作为研究样本,计算了财务困境出现前3年的15个财务指标。
We will be planning to establish a research center for the studies of contemporary interpretation within two to three years , as a platform for sharing thoughts and information , but we will rather prefer to accumulate more experiences and research results before we reach the stage of proposing final details for establishing research center 在课程的部分，我们将以经典文献的当代诠释为主题，以促进东亚地区学术与文化交流作为目标，研发相关领域的课程；在论坛的部分，我们将强化论坛的学术社群功能，在国际化的基础上，透过绵密的研习活动，加强国内学术同行的联系。
By discussing and studying ihe thought and theory of economic growth in earlier period ' s and classical and neo - classical and modem documents , i draw out some basic conclusions that labor input and capital accumulation and knowledge accumulation and technical progress . innovation of institutions and improvement of productivity are some important factors and sources of economic growth , i find out some analysis ideas that the increase in labor and physical capital is the main driving cause of extensive growth , and technical progress is the main driving cause of intensive growth , and efficient arrangement of institutions is the source of economic growth . all the basic conclusions and ideas from the theory analysis of economic growth are the important basis of studying china ' s economic growth , and provide the basic method of analysing china ' s economic growth , and have some important rote of enlightenment for china ' s economic growth 通过对早期、古典、新古典和现代的经典文献中经济增长思想和理论的挖掘和研究，从中分析得出劳动投入、资本积累、知识积累、技术进步、经济体制等制度安排、生产率提高是经济增长的重要因素和源泉等基本结论，从中发现劳动和物质资本投入数量的增加是粗放型增长的主要动因、技术进步是集约型增长的主要动因、有效率的制度是经济活力和经济增长的源泉等分析思路，所有从经济增长理论分析中得出的基本结论和思路是研究中国经济增长的重要基础，提供了分析研究中国经济增长的基本方法，对中国经济增长具有重要的启示作用。
