并购类型与并购绩效

M&A Type and M&A Performance

本文以2010-2016年上市公司控制权发生变更的并购事件为样本,以财务指标为基础,应用主成分分析法建立模型,通过并购前一年和并购当年,并购后一年,并购后两年进行比较,对并购类型与并购绩效之间的关系进行了实证分析。实证研究结果表明,资产并购可以提高并购绩效,股权转让对并购绩效影响效果比较差。

This paper takes the M&A event of the change of control of listed company in 2010-2016 as a sample, based on financial indicators, and establishes the model by principal component analysis method. Through the comparasion of 1 year before the M&A, the year of M&A,and 1 year after the merger, two years after the merger,an empirical analysis of the relationship between M&A types and M&A performance is conducted. The empirical research results show that asset mergers and acquisitions can improve the performance of mergers and acquisitions, and the effect of equity transfer on M&A performance is relatively poor.