外资并购绩效的全局主成分分析

The Performance of China's Listed Companies Acquired by Foreign Capitals: An Empirical Study with TPCA

用公司财务业绩来评价并购绩效主要存在两大方面的分歧和困难:一是财务指标的选择,二是对财务指标进行评价方法的确定,尤其对指标权重确定的困难较大。本文采用的全局主成分分析法对于解决以上两个问题有所突破。通过对1995年-2002年间被外资并购的26家国内上市公司的业绩分析表明,所研究的上市公司并购前后四年中业绩都略高于行业平均水平。其中,外资并购当年综合业绩低于并购前水平,但随后两年业绩有所提高。

Using the total principle component analysis （TPCA） methodology, this paper analyzes the performance of 26 China＇s listed companies acquired by foreign capital during 1995-2002. The result shows that the performance of the objective companies during the four years included was a little better than the average level of the whole industries, and in the year the acquisition happened, the performance was worse than before, but the performance became better in the next two years.