基于DEA模型的房地产上市公司并购效率分析

Analysis of Mergers and Acquisitions Efficiency of Real Estate Listed Companies Based on DEA Model

并购重组活动作为优化资源配置、提高经营效率的重要手段,被企业广泛采纳,但大量并购失败的案例表明并购活动并不都是有效的。基于此,本文采用Malmquist指数DEA方法对2012-2015年期间发生并购的房地产行业上市公司进行并购效率的评价,结果表明,并购并没有提升房地产行业上市公司的效率。

Mergers and acquisitions(M&A)activities are an important means to optimize resource allocation and improve operational efficiency.They have been widely adopted by enterprises,but the large number of M&A fail-ures indicate that M&A activities are not all effective.Based on this,this paper uses the Malmquist-DEA method to evaluate the M&A efficiency of listed companies in the real estate industry during the period of 2012-2015.The results show that M&A has not improved the efficiency of listed companies in the real estate industry.