汽车产业并购绩效及影响因素分析

Analysis on the Performance and Influencing Factors of Merger and Acquisition of Auto Industry

研究并购行为对汽车企业的绩效是否有提升作用,以及哪些行为或特征因素影响企业绩效。选取2002—2014年汽车行业上市公司并购事件,采用因子分析法分析并购事件发生前后绩效的变动,同时采用Logistic回归分析影响并购绩效的因素。实证结果表明,企业进行并购行为后,当年的综合绩效有所提升,对中短期绩效有影响的因素是并购类型,对中长期绩效有影响的因素为并购交易发生时采用的支付方式。企业应该在行业发展前期采取并购等重大战略,按照行业特征选择适当的决策细节。

The main purpose is to study on whether M&A can improve the performance of automobile companies,and what factors affect M&A performance.M&A events of Listed Companies in automobile industry from 2002-2014 are selected as the research samples,and analyzed by factor analysis method and logistic regression.The result shows that the comprehensive performance of the company has improved after M&A.While the overall performance is still higher than that before M&A.M&A can improve the comprehensive performance of the enterprise.The factors affecting the performance of the enterprise are period of M&A and enterprise scale.The factors that affect the middle and short term performance are the type of M&A,and that on the long-term performance are the payment method.