并购对企业绩效的影响分析

Research on influence of merger and acquisition on corporate performance

文章以2012—2017年沪深A股上市公司为研究样本,对并购事件发生如何影响企业绩效进行实证研究和分析,通过多元线性回归模型、固定效应模型等方法,从计量上识别企业并购的影响因素和评估可能的经济效应。研究结果表明并购行为对企业绩效有显著的正向影响,因此企业如果想要扩大规模或者提升绩效,可以通过实施并购决策来实现,分别从内部和外部出发,在企业营运、盈利、偿债、成长以及抗风险等能力上进行加强,在并购决策上保证企业发展方向的正确性、高瞻性。实施高效战略措施,使企业在市场中发挥正向作用,整个市场资源分配将更加科学,使企业创新活动的规模和定位更加清晰,促进企业绩效提高。

This paper takes the 2012—2017 Shanghai-Shenzhen A-share listed company as a research sample, andconducts empirical research and analysis on how the merger and acquisition event affects the performance of thecompany. By means of multivariate linear regression model, fixed-effect model and other methods, the influence factorsof enterprise acquisition and evaluation of possible economic effect are identified from the measurement. The researchresults show that the merger and acquisition behavior has a significant positive impact on corporate performance.Therefore, if the company wants to expand its scale or improve its performance, they can be realized through theimplementation of merger and acquisition decisions, respectively, from the internal and external aspects of enterpriseoperation, profitability, debt service, growth and anti-risk capabilities, to ensure the correctness and foresight of thedevelopment direction of enterprises in merger and acquisition decisions. Implementing high- efficiency strategicmeasures will enable enterprises to play a positive role in the market. And the overall market resource allocation will bemore scientific, so that the scale and positioning of enterprise innovation activities will be clearer and promote thecorporate performance.