基于长短期窗口下安徽省上市公司连续并购绩效研究——以海螺水泥为例

Continuous Mergers and Acquisitions Performance of Listed Companies in Anhui Province Based on Long-and Short-Term Window——A Case Study of Conch Cement

连续并购是企业快速扩张的重要途径之一,海螺水泥是依靠连续并购发展壮大的典型。以海螺水泥为研究对象,从长短期两个窗口,通过事件研究法评价其连续并购的短期绩效,并对2002—2021年的财务绩效指标和社会绩效指标进行分析,结合秩和比综合评价法评价其连续并购的长期绩效。研究发现,连续并购对海螺水泥的短期绩效虽有一定的促进作用,但短期绩效整体表现不佳,而连续并购为海螺水泥的长期绩效带来了显著的正效应。

Continuous merger and acquisition is an important way for enterprises to take rapid expansion.Conch Cement is viewed a typical example of continuous merger and acquisition.This paper makes a case study on Conch Cement to evaluate its performance in the continuous mergers and acquisitions based on long-and short-term window,and analyzes fi nancial performance indicators and social performance indicators from 2002 to 2021.Its short-term performance get evaluated through the event study method,and the long-term performance get evaluated with the rank-sum ratio comprehensive evaluation method.It is found that continuous mergers and acquisitions had a certain promotion eff ect on the shortterm performance of conch cement,but the overall short-term performance was poor;continuous mergers and acquisitions brought signifi cant positive eff ects on the long-term performance of conch cement.