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200288(173)ChinaIndustrialEconomyAug.2002No.8(,,210093)[],,(),19951999336:;;[];;;[]F276.6[]A[]1006-480X(2002)08-0065-08,;;,,,,,,,,,:,,11,,,,:;[]2002-07-30[](01BJL010)[],,,;,56,;,,;(,2001),19951999,,630(),,,,,:,,;;,;19952000,;;,338(1)119951996199719981999111859127123338:21,,,,,,(1999),:G1,;G2,;G3,;G4,,,g1g2g3g4,,,16,,AG1AG2AG3AG4G1G2G3G4,g1=G1-AG1;g2=G2-AG2;g3=G3-AG3;g4=G4-AG431,,,,,,g166g2g3g4,Y1Y2Y3Y4,,,:F-1=0.56342Y1+0.19006Y2+0.17198Y3+0.07454Y4:F0=0.50555Y1+0.23002Y2+0.19365Y3+0.07078Y4:F1=0.51276Y1+0.22522Y2+0.17075Y3+0.09127Y4:F2=0.50025Y1+0.26627Y2+0.16218Y3+0.0713Y4:F3=0.5233Y1+0.21342Y2+0.16802Y3+0.09525Y411:(20),;,,;,,;,,,1987199319942000;,GDP,2:%GDP9.209.673.764.207.2814.756.5010.153.648.588.7410.298.4610.559.7213.7031.9119.485.4314.4922.9013.739.5011.9812.5615.888.109.61310.4310.107.265.563:19942000;19871993,=/3100,19783:1986200176,200144,15,:,,,,GDP,,GDP0.5,,,(3)3:21338,95,209,344FF0-F-1F1-F0F1-F-1F2-F1F2-F-1F3-F2F3-F-195959555552323-0.1824(-0.83)0.2689(0.614)0.0865(0.176)-0.6587(-0.845)-0.6202(-0.724)2.368(1.856)b0.7471(0.474)78787844441717-0.2865(-1.198)0.4393(0.865)0.1528(0.27)-0.2745(-0.295)-0.2657(-0.272)2.4077(1.507)1.8254(0.908)3330.2495(0.397)-0.3389(-0.241)-0.0895(-0.088)1414141111660.3049(0.456)-0.55(-0.623)-0.2451(-0.221)-2.1955(-2.027)b-2.0382(-1.161)2.2556(1.087)-2.3084(-1.405):F-1F0F1F2F3t,ab5%10%(1),,F3-F-10.7471,,tF3-F210%,,F0-F-1F1-F-1F2-F-1F3-F-1-0.28650.1528-0.26571.8254,860.3049-0.2451-2.0382-2.3084,:,(4),,(1)1,19993,,,,,;,,,5FF0-F-1F1-F0F1-F-1F2-F1F2-F-1F3-F2F3-F-12092092091401405858-0.2404(-1.997)a-0.4327(1.462)-0.6731(-1.987)a0.3759(0.859)-0.7088(-1.34)-0.1445(-0.304)-1.919(-2.327)a12012012088883535-0.1534(-1.009)-0.1362(-0.361)-0.2896(-0.653)-0.2437(-0.414)-0.6468(-1.123)-0.2327(-0.287)-2.0814(-1.952)b34343420201313-0.1899(-0.653)-0.2234(-0.446)-0.4134(-0.693)0.8337(0.855)-0.6581(-0.677)-0.6737(-0.62)-1.2972(-0.888)555555323210100.4615(-1.826)b-1.2088(-1.934)b-1.6703(-2.403)a1.7937(1.554)-0.9109(-0.697)0.8520(0.518)-2.1586(-1.137):4(2),,F0-F-1F1-F-1F2-F-1F3-F-1-0.2404-0.6731-0.7088-1.919,t,F0-F-1F1-F-1F3-F-1t5%,0,0,(5)96,,2,,,,,,:,;,,26FF0-F-1F1-F0F1-F-1F2-F1F2-F-1F3-F2F3-F-1343434202077-0.1634(-0.594)0.1809(0.732)0.0175(0.395)0.1458(0.337)-0.287(0.209)0.957(0.169)-0.1535(0.153)161616141455-0.0993(-0.391)-0.7982(-1.366)-0.8975(-1.573)0.838(0.727)-0.3456(-0.287)1.4254(-0.269)-0.681(-0.107)88844220.4212(0.547)0.2131(0.218)0.6343(0.431)-0.5371(-0.285)1.119(2.074)-0.2138(-0.042)1.1652(0.246)10101022-0.7338(-1.885)b1.7217(1.631)0.9879(1.011)-3.3338(-1.393)-2.685(-8.011)b:4(3),2,,2,,,63,,,,,,10,,,,073,(000663)(600790),,1998,,1998,,,11:,,;,;,,,,,,,:,,,,,;,,;,,,21,,,,,,,,,,,,,,17,,,,,,,,,,,,,,,,,,,,,,,1:,19992:,,20003:,19964:,200115P.S.Sudarsanam:TheEssenceofMergersandAcquisition(),PrenticeHall&,1997AnEmpiricalAnalysisonM&APerformanceofthePublicCompaniesoftheGrowing,MatureandDecliningIndustriesFANCong2laiYUANJing(BusinessSchoolofNanjingUniversity,Nanjing210093,China)Abstract:TherearethreetypesofM&Aaccordingtotherelationsbetweenthebuyerandthetargetcompanies:horizontalM&A,verticalM&AandconglomerateM&A.Sinceinacertaintimeperiod,anindustrymaybeindifferentphasessuchasthegrowingphase,thematurephaseandthedecliningphase,inouropinion,thephasesoftheconcernedcompaniescan,toagreatextent,influencetheperformanceoftheM&Awhendifferenttypesareadopted.Inthisthesis,weempiricallyanalyzedthe336M&AswhichhappenedamongthepubliccompaniesofChinafrom1995to1999,andourconclusionisthatthematurecompaniesmayperformtheverticalM&Arelativelybest,thecompaniesofgrowingphasecanachievebestM&AperformancewhentheyimplementtheM&AhorizontallywhilethecompaniesindecliningperiodoftenresultintheworstM&Aperformanceoncetheychoosethehorizontalmethod,too.KeyWords:horizontalM&A;verticalM&A;conglomerateM&A;performance:27