公司动态竞争力能增强并购绩效吗?

Can Companies’ Dynamic Competitiveness Enhance the Performance of M & A?

文章以2007—2010年沪深证券交易所发生并购的制造类上市公司为研究样本,运用因子分析法评价样本公司并购前三年各年的公司竞争力,根据主观赋值法引入时间权重,构建公司动态竞争力的综合评价模型,实证检验公司动态竞争力对公司并购绩效的影响。结果表明:公司动态竞争力对并购的短期绩效和长期绩效均具有显著的正向影响。本研究对指导公司的并购决策与并购实践具有重要参考价值和现实指导意义。

This paper takes the listed manufacturing firms in Shanghai and Shenzhen Stock Exchanges from 2007 to 2012 that have experienced merger and acquisition as a sample. The paper evaluates the annual competitiveness of the companies in the three years before the acquisition of sample firms and then introduces time weight as the subjective assignment method, constructing a comprehensive evaluation model of dynamic competitiveness of the companies. At last, it presents an empirical analysis of the influence of dynamic com- petitiveness on merger performance of the companies. The result indicates that the dynamic competitiveness of the companies has a positive impact on short-term and long-term performance of M ＆ A. This research is of important reference and practical significance in guiding companies＇ M ＆ A decision and the practice of M ＆ A.