旅游企业多元化并购类型与长期绩效的关系——以2002～2008年中国旅游上市公司为例（下）

    [6]Berger P G, Ofek E. Diversification' s effect on firm value[J].Journal of Financial Economics, 1995, 37 (1): 39-65.
    [7]Comment R, Jarrell G A. Corporate focus and stock returns[J].Journal of Financial Economics, 1995, 37 (1): 67-87.
    [8]Li Shanmin, Zhu Tao. Can diversified M &A create value for shareholders? With a discussion of influencing factors of long-term performances of diversified M&A[J]. Management World, 2006，(3)：129-137.[李善民，朱滔.多元化并购能给股东创造价值吗？——兼论影响多元化并购长期绩效的因素[J].管理世界，2006，(3)：129-137.]
    [9]Wang Caiping, Xu Honggang. An analysis of the economic consequence of multi-operation in tourism enterprises[J].TourismTribune，2008，23，(7)：18-22.[王彩萍，徐红罡.旅游企业多元化经营的经济后果分析[J].旅游学刊，2008，23，(7)：18-22.]
    [10]Duan Zhengliang, Zhou Shuxiong. The relationship between diversification and firm value of the listed tourism companies in China based on endogenous perspective[J].Tourism Tribune, 2012，27 (2)：62-71.[段正梁，周树雄.内生性视角下的多元化与旅游企业价值关系[J].旅游学刊，2012，27(2): 62-71.]
    [11]Liu Li. Business diversification and its influence on enterprise value[J].Economic Science，1997，(3)：68-74.[刘力.多元化经营及其对企业价值的影响[J].经济科学，1997，(3)：68-74.]
    [12]Jin Xiaobin, Chen Daiyun, Lu Ying, et al. Firm idiosyncrasy, market incentive and corporate diversification[J]. EconomicResearch Journal，2002，(9)：67-95.[金晓斌，陈代云，路颖，等.公司特质、市场激励与上市公司多元化经营[J].经济研究，2002，(9)：67-95.]
    [13]Yi Shaohua. A study on the necessity of tourism enterprises implementing diversification strategy and countermeasure[J].Economic Management，2007，(15)：73-75.[依绍华.旅游企业多元化经营的实施策略[J].经济管理，2007，(15)：73-75.]
    [14]Li Shanmin, Zhou Xiaochun. An empirical research on the company characteristics, the industry characteristic and the acquisition strategy types[J].Management World, 2007, (3): 130-136.[李善民，周小春.公司特征、行业特征和并购战略类型的实证研究[J].管理世界，2007，(3)：130-136.]
    [15]Ansoff H I. Strategies for diversification[J].Harvard Business Review, 1957, (9): 113-124.
    [16]Peters T. In Search of Excellence [M]. Beijing: China CITIC Press, 2009.231.[汤姆·彼得斯.追求卓越[M].北京：中信出版社，2009.231.]
    [17]Porter M. Competitive Strategy [M]. Beijing: Huaxia Publishing House. 1997.281-332.[迈克尔·波特.竞争战略[M].北京：华夏出版社，1997.281-332.
    [18]Elgers P T, Clark J J. Merger types and stockholder returns: Additional evidence[J]. Financial Management, 1980, 9 (2): 66-72.
    [19]Lubatkin M. Merger strategies and stockholder value[J].Strategic Management Journal, 1987, 8 (1): 39-53.
    [20]Agrawal A, Jaffe J F, Mandelker G N. The post-merger performance of acquiring firms: A re-examination of an anomaly[J]. TheJournal of Finance, 1992, 47 (4): 1605-1621.
    [21]Gregory A. An examination of the long run performance of UK acquiring firms[J]. Journal of Business Finance & Accounting, 1997, 24(7-8): 971-1002.
    [22]Kang Rongping, Ke Yinbin. Enterprise Diversification [M].Beijing：Economic Science Press，1999.241-307.[康荣平，柯银斌.企业多元化经营[M].北京：经济科学出版社，1999.241-307.]
    [23]Pitts R A, Hopkins H D. Firm diversity: Conceptualization and measurement[J]. The Academy of Management Review, 1982, 7(4): 620-629.
    [24]Hong Daolin, Liu Li, Xiong Dehua. Diversified mergers and acquisitions, loss of enterprise long-term performance and causes of selection[J].Economic Science, 2006, (5): 63-73.[洪道麟，刘力，熊德华.多元化并购、企业长期绩效损失及其选择动因[J].经济科学，2006，(5)：63-73.]
    [25]Li Shanmin, Zhao Jingjing, Liu Ying. Industry opportunities, political connection and diversification by M&A[J]. ChinaManagement Studies，2009，4(4)：1-17.[李善民，赵晶晶，刘英.行业机会、政治关联与多元化并购[J].中大管理研究，2009，4(4)：1-17.]
    [26]Feng Genfu, Wu Linjiang. An empirical study on performances of M&A of listed companies in our country[J]. Economic ResearchJournal，2001，(1)：54-61.[冯根福，吴林江.我国上市公司并购绩效的实证研究[J].经济研究，2001，(1)：54-61.]
    [27]Shleifer A, Vishny R W. Value maximization and the acquisition process[J]. The Journal of Economic Perspectives, 1988, 2 (1): 7-20.
    [28]Fan Conglai, Yuan Jing. An empirical analysis on M&A performance of the public companies of the growing, mature and declining industries[J]. China Industrial Economy, 2002, (8): 65-72.[范从来，袁静.成长性、成熟性和衰退性产业上市公司并购绩效的实证分析[J].中国工业经济，2002，(8)：65-72.
    [29]Hu Chunlin. An empirical study on the mixed paths preference of M&A of tourist enterprises in China[J]. Tourism Tribune, 2005, 20(3)：48-52.[胡春林.我国旅游企业并购混合路径偏好的实证研究[J].旅游学刊，2005，20(3)：48-52.]
    [30]Li Shanmin, Liu Yongxin. How does the post merger and acquisition integration affect firms' performance: Based on the study of China LPG industry[J]. Nankai Business Review, 2010,13(4)：154-160.[李善民，刘永新.并购整合对并购公司绩效的影响——基于中国液化气行业的研究[J].南开管理评论，2010, 13(4): 154-160.]
    [31]Zhang Deping. Empirical study on the merger & acquisition performance of listed companies in China[J].China SoftScience，2002，(7)：34-38.[张德平.中国上市公司并购的经营业绩实证研究[J].中国软科学，2002，(7)：34-38.]
    [32]Fang Fang, Yan Xiaotong. Chinese listed companies: M&A performance[J].Economic Theory and Business Management, 2002，(8)：43-48.[方芳，闫晓彤.中国上市公司并购绩效与思考[J].经济理论与经济管理，2002，(8)：43-48.]
    [33]Pan Lichun. Influencing Factors and Evolvement Paths of Value of M&A: An Empirical Research on Chinese Listed Companies[D].Hangzhou: Zhejiang University，2005.[潘丽春.中国上市公司并购价值影响因素和演进路径的实证研究[D]杭州：浙江大学，2005.]
    [34]Liu Zhiqiang. The Effect and Influencing Factors of M &A Performance: An Empirical Research on Chinese Listed Companies[D]. Changchun: Jilin University, 2007.[刘志强.上市公司并购绩效及其影响因素的实证研究[D].长春：吉林大学，2007.]
    （作者单位： 湖南师范大学旅游学院）