基于Kendall's W协和系数的公司并购绩效影响研究

Research on the Influence of Corporate M&A Performance Based on Kendall's W Concorde Coefficient

并购是一种通过产权交易获得其他公司产权,并获得公司经营管理控制权的经济行为。然而,并购对公司长期的绩效既存在有益影响,也会存在阻碍影响。文章通过运用AHP层次分析法、熵权法以及灰色关联度法,从盈利能力、偿债能力等5个维度的15项指标进行权重计算,并运用Kendall's W协和系数对这三种评价方法进行一致性检验。研究发现:这三种方法具有良好的一致性,公司并购绩效应当着重从盈利能力以及核心竞争能力方面出发,进行客观地考量。

M&A is a kind of economic behavior that obtains the property rights of other companies through the property right transaction and obtains the control right of the company's operation and management.Through M&A,the company can rapidly expand its scale and occupy market share.However,M&A has both beneficial and hindering effects on the company's long-term performance.In this paper,AHP,entropy weight method and grey correlation method are used to calculate the weight of 15 indexes from five dimensions of profitability,solvency,asset management ability,cost control ability and core competitiveness,and Kendall's W concordance coefficient is used to test the consistency of these three evaluation methods.The results show that the three methods have good consistency.The performance of M&A should be considered objectively from the aspects of profitability and core competitiveness.