去产能背景下建材行业并购绩效研究

Research on the Performance of Mergers and Acquisitions in the Building Material Industry Under the Background of Reducing Excess Capacity

文章从去产能与提升财务绩效两个角度出发,研究了并购对建材行业企业的影响。从去产能角度,利用因子分析法构造去产能评价指标,通过分析并购前后去产能指标的变化,发现并购能有效推动建材行业企业去产能目标的实现;文章运用DEA方法衡量企业的财务绩效,发现并购后财务绩效存在一定程度上的降低。鉴于此,从产品优化角度,通过引入产品结构变动率变量,建立并验证了并购对公司绩效的影响路径模型,指出公司要以市场需求为导向合理进行并购活动,并重视并购后的整合工作。

This paper studies the influences of mergers and acquisitions(M&A)on building material enterprises from two perspectives-reducing excess capacity and improving financial performance.From the perspective of reducing excess capacity,this paper constructs the evaluation indicator of reducing excess capacity in the way of analyzing the factors.By analyzing the changes in the indicators before and after the M&A,it demonstrates that the realization of reducing excess capacity in building material enterprises can be effectively promoted by M&A.However,using the DEA method to measure the financial performance of the companies,this paper has found a certain extent of decline in their financial performance.Therefore,from the perspective of product optimization,this paper has established and validated the model of the M&A s influence on the companies performance by introducing rate of product structure change,pointing out that the companies should conduct M&A activities reasonably based on the market demands and attach importance to the integration after the M&A.