外资并购中国上市公司绩效的实证研究

本文在借鉴参考已有研究方法的基础上,采取会计研究方法,选取外资并购上市公司并购前一年、并购当年和并购后一年的净资产收益率、主营业务收入增长率和流动比率3个财务指标来作比较,以这三个财务指标的变化来衡量并购产生的绩效,从外资并购的整体情况、跨国公司所处的股东地位和并购类型来分类说明外资并购中国上市公司的绩效,得出了上市公司被外资并购后,短期内需要整合资源实现净资产收益率的提高;并购后上市公司扩大了生产规模,经营收入快速增长;跨国公司所处不同的股东地位和不同并购类型都对并购绩效有影响。

Based on the existed research methods,this paper adopts the research method of accountancy to study listed companies with foreign capitals,compares the changes of their three financial indicators,i.e.,the net Return on Assets（ROA）,the main business income growth rate and the current ration,of three different years,that is,the years before,in and after the company was acquired,to measure the performance caused by acquiring.Ⅲustrated respectively from the partenership of share holders of multinational companies,and from the different types of acquiring,it is concluded that the listed company demands integrate their resources in short-term to realize its improvement in the net ROA after it is acquired by foreign capitals and that after the acquiring,the listed company expands its production scale and improve its operation revenue quickly.It indicates that the different partenership of shareholders of the multinational company and different types of acquiring have affected the performances of acquired company in a certain degree.