我国钢铁行业上市公司并购活动对经营绩效影响探析

The Impact of the Merger and Acquisition Activities of the Listed Companies of China's Steel Industry on Their Business Performance

本文以2004-2008年我国深沪两市钢铁上市公司收购兼并活动为研究对象,运用因子分析法研究表明,我国钢铁行业上市公司并购后的短期经营绩效没有实质性提升,出现了长期经营绩效提升并不理想,但目标公司并购绩效得到了有效提升。

Taking the merger and acquisition activities of the listed companies of China's steel industry in Shanghai and Shenzhen Stock Exchanges as the research object from 2004 to 2008,using the factor analysis,the paper finds that after the merger and acquisition,the short-term business performance of the listed companies does not increase substantially,the improvement of the long-term business performance is not ideal,while the merger and acquisition performance of target companies has effectively improved