[雙語翻譯]企業(yè)并購?fù)馕姆g--企業(yè)并購中的管理績效審計(jì)（英文）

1、 Procedia Economics and Finance 3 ( 2012 ) 309 – 314 2212-6716 © 2012 The Authors. Published by Elsevier Ltd. Selection and peer review under responsibility of Emerging Markets Queries in Finance and Business

2、 local organization. doi: 10.1016/S2212-5671(12)00157-8 Emerging Markets Queries in Finance and BusinessManagement performance audit in mergers and acquisitionsFlorin Dobrea,*, Laura Brada, Radu Ciobanua, Eugeniu Turlea

3、a, Florentin Caloianaa Bucharest University of Economic Studies, 6, Romana Square, district 1, Bucharest, 010374, RomaniaAbstractSeveral rapid changes had taken placed in companies involved in a M otherwise the performan

4、ce was measure using the forthcoming financial statements. Due to this idea, the financial indicators were determined using the following formulas: 1 y Totalequit 1 NetProfit ROE(1) 1 Dept y Totalequit1 1- EBIT* ROA) (

5、(2) 0 Turnover0 Turnover 1 Turnover %Turnover(3) 11iabilities ShortTermLets CurrentAss Liquidity(4) Takeover riceBefore LastSharePTakeover riceBefore LastShareP ePrice BuyingShar fect TakeOverEf(5) able dummy vari romCEO

6、 PresidentF Differrent(6) able dummy vari ompanyActs yWhereTheC TheIndustr(7) while the second dummy variable was quantify as follow: 1 if the company is acting in the industry area and 0 if it is acting in the service

7、 area. Not only the financial indicators are important, but also the sample which we used in order to establish the individual influences and the collectivity one of financial indicators as our dependent variable was

8、considered the return on equity. The data was collected from 25 companies that were supposed to a takeover process from 2005-2011 from period when the process took place, but also for the previous one. The purpose was