基于产业生态周期的上市公司并购绩效分析

An Empirical Study on Industry Ecology Cycle,M&A's Types and Acquiring Performance

本文运用生态周期评价原理,采用以财务指标为基础的因子分析法综合评价2000年以来我国深沪两地上市公司所发生的并购事件对不同产业生态周期和并购类型公司的经营绩效影响。实证发现,产业生态周期在很大程度上影响了不同类型并购的绩效:成长期产业中的公司并购绩效表现较好,其中纵向和混合并购绩效表现最好;成熟期产业中的公司并购绩效表现比较稳定,其中横向和纵向并购绩效表现最好;衰退期产业中的公司并购绩效表现最差。

To a great extent, industry ecology cycle（growing phrase, maturity phrase and declining phrase） of acquiring corporations influence their performance when different M＆A＇s Types are adopted. During this test, it uses factor analysis method based on financial performance indexes to comprehensively value effects of M＆A on acquiring performance by industry ecology cycle and M＆A＇s Types, whose M＆A＇s of Fu and Shen＇s listed corporations took place in 2000.These results show that acquiring performance of growing phrase is relatively better, where vertical and conglomerate M＆As performs relatively best; acquiring performance of maturity phrase is relatively steady, where vertical and horizontal M＆As perform relatively best; acquiring performance of declining phrase performs relatively worst.