国内上市公司不相关并购绩效的分析——基于核心竞争力的视角

Analysis of the Performance of the Unrelated Merger of China's Listed Companies——From the Perspective of Core Competence

笔者以2005年A股市场发生不相关并购的企业为研究对象,选取财务指标,应用因子分析法,对企业绩效进行评价。笔者从核心竞争力的视角,对样本企业进行划分,研究它们进行不相关并购的绩效表现。研究发现,具有成熟核心竞争力的企业在进行不相关并购后,其整体发展较好。

The authors took the listed companies in Shanghai and Shenzhen A share markets which untertake unrelated merger in 2005 as the research sample to choose financial index and used factor analysis method to evaluate the performance of enterprises.The authors classified the sample enterprises from the perspective of core competence to study the performance of different companies in unrelated mergers.The study found that the enterprises that have mature core competitiveness will develop well after the unrelated merger.