基于ESN分析理论的上市公司关联并购绩效变化研究

On Performance Change of Listing Corporations Related Mergers and Acquisitions Based on Theory of ESN Analysis

以国内外并购行为和上市公司绩效关系的已有成果为基础,引入了ESN分析理论.从沪深股市遴选的2011年度执行关联并购的100家上市公司数据和13个绩效考核指标展开实证分析,发现了引起我国上市公司关联并购绩效先降后升的原因.

From the existing results of the relationship between the domestic and foreign mergers and acqui-sitions and the performance of listed companies, the ESN analysis theory has been introduced. A n empiri-cal analysis of 2011 listed companies in 100 annual implementation of related MampA data selected from Shanghai and Shenzhen stock market and 13 performance evaluation ind ex, and the cause related acquisi-tion performance of Listed Companies in China has been found after the first drop rise.