中国上市公司并购的价值效应的EVA分析

On the Value M & A of China's Listed Company:EVA Analysis

中国上市公司的并购交易总体上来看无助于企业价值的提高,相反,大部分收购公司在并购交易中遭遇价值损毁,其主要原因在于并购交易未能提高业务收入、降低经营成本,在提高资本利用效率方面的表现也差强人意。这表明,在我国的并购交易中未见协同效应,并购交易的动机和交易对象需要校正和调整。

The value of acquiring firms was not raised but destroyed by M＆A in China, the cause which was that M＆A had neither increased business income, lowered business cost, nor improved e efficiency of capital-use. It is illustrated that there appears no coordination effect in China＇s M ＆ A, and that motivation and transaction counterpart of M＆A should be adjusted.