并购绩效:来自我国上市公司的实证分析

M&A's Performance: An Empirical Analysis of Chinese Listed Company

并购是一种优化社会资源配置、调整公司发展战略、提高公司经济效益的重要途径。关于上市公司的并购绩效,以往大多数研究者认为并购在短期内会改善公司的经营绩效,但绩效的改善缺乏长期性。而通过对我国2002年并购活动进行实证分析,统计处理结果表明,2002年的并购活动并没有使我国上市公司的经营业绩得到改善,相反,还使之有所下降。在此基础上,文章进一步分析了影响并购绩效的宏观因素和微观因素。

Merger ＆ Acquisition is a kind of important way to adjust enterprise＇s development strategy and to improve enterprise＇s economic benefits. With regard to the performance of Merger ＆ Acquisition of the listed company, past major view that the performance of company was improved in a short time, that the improvement of performance didn＇t go on the long period, however. But through analyzing M＆A occurring in 2002, the result indicates： the performance of Merger Acquisition of the listed company don＇t rise, decline to some extent instead. Then macrofactor and microfactor that affect M＆A＇s performance are analyzed.