中国互联网上市公司并购绩效实证研究

The Empirical Research of M&A Performance of Chinese Listed Internet Companies

针对国内互联网上市公司并购绩效现状,借助企业并购绩效的相关理论,可以建构出互联网上市公司并购绩效评价的指标体系。以2014年发生并购的国内上市互联网公司作为样本数据,进行实证检验,可以得出以下结论:国内互联网上市公司并购行为总体上对企业自身绩效改善没有达到应有的效果,部分上市互联网公司的业绩并没有因为并购活动而得到显著提升;国内互联网上市公司相关并购的并购绩效要优于非相关并购的并购绩效;国内互联网上市公司的非关联并购绩效要优于关联并购绩效。

According to the current situation of M&A performance of domestic Internet listed companies,this paper constructs an index system of M&A performance evaluation of Internet listed companies with the help of the relevant theories of corporate M&A performance.Selecting 2014 M&A of domestic listed Internet companies as the sample data for empirical testing,the results show that:domestic Internet listed companies M&A behavior to improve their own performance has not achieved the desired results on the whole.The performance of some listed Internet companies has not been significantly improved because of M&A activities;The M&A performance of domestic Internet listed companies is better than that of non-related M&A.The performance of non-affiliated mergers and acquisitions of domestic Internet listed companies is better than that of related mergers and acquisitions.