中国上市公司并购绩效的困惑分析

Analysis of the Perplexity in M&A Performance of China Listed Company

并购是资本市场永恒的主题,是优化上市公司资源配置,实现经济结构调整和产业升级的一种常用手段。根据经典的并购理论,并购能产生协同效应从而改善公司的绩效。但在我国的实证研究中却并非如此,相当多的企业并购后绩效反而恶化了。从财务性并购的动机变异,战略性并购的匹配分析的不全面和并购绩效评价方法的理想化等三个方面,对这一现象进行分析,并提出了相应的对策。

M＆A has already been the eternal theme of capital market of our country, and a kind of common means of optimizing resource distribution, restructuring economic structure and upgrading industry of listed company. According to the classical M＆A theory, M^A can produce synergy effect and improve company performance. But not like this in the research of our country, performance of quite a lot of enterprises have been deteriorated after M＆A. The paper analyzes the phenomenon from three respects： variation of the motive of financial M＆A, incomprehensive fit analyse of strategic M＆A, and idealization of the evaluation method of M＆A performance. Therefore, the countermeasures have been put forward.