创业板上市公司并购绩效评价研究

Research on Performance Evaluation of M & A of GEM Listed Companies

并购作为权利让渡行为是指企业的权利主体根据企业产权做出的安排,主要动机是谋求企业的发展,通过利用并购取得更先进的技术、优质的管理经验、专业化的人才,降低企业横向或纵向竞争带来的成本,提高企业的知名度的同时,增加超额利润。但是并购并不一定会产生想象中的效果,有的甚至对企业产生负面影响。从创业板的企业作为切入口,通过对2015年发生并购的29家创业板上市企业并购前后业绩的变化进行研究,采用因子分析法、综合得分模型,比较并购前后数据的变化情况,最后得出相关结论,提出与结论相对应的政策建议,促进我国创业板市场的合理、稳定发展。

M Aas transferring rights behavior refers to the rights of the main enterprise according to the enterprise property rights make arrangements,the main motivation is to seek the development of enterprises,more advanced technology and quality management experience,through the use of mergers and acquisitions of professional talent,reduce the enterprise lateral or longitudinal competition brings the cost,improve business the at the same time,increase the excess profits.But some did not imagine the merger and acquisition in effect,and some even have a negative impact on enterprises,therefore this article attempts from the gem enterprise as the entrance of change through 29 GEM listed companies merger occurred on 2015 before and after the merger and acquisition performance,using factor analysis method,comprehensive score model,compare the changes of mergers and acquisitions after the data,draws relevant conclusions,in order for the government,business owners and managers to provide the corresponding policies and suggestions to promote China＇s GEM market rational mergers and acquisitions,accelerate the efficiency of capital allocation.