我国房地产业上市公司并购绩效及其影响因素研究

Study on the Merger and Acquisition Performance and its Influence Factors of Chinese Listed Companies in the Real Estate Industry

以我国房地产业上市公司的并购事件为样本,通过构建财务评价指标体系,综合运用因子分析法和多元回归分析方法,研究房地产业上市公司的并购绩效及其影响因素。研究结果表明,总体来看并购公司当年绩效有所降低,并购后一年及并购后三年公司绩效逐步提升;在影响公司并购绩效的因素中,每股收益、流动资金规模及总资产具有显著的正向影响。

Taking the merger and acquisitions(M&A)among listed companies in Chinese real estate industry as the research sample,constructs the finance evaluation index system,and analyzes the M&A performance and its influence factors by using factor analysis method and multiple regression model. The empirical results show that the company performances generally decrease in the year of M&A,and then gradually increase one to three years after the M&A;the earnings per share(EPS),liquid money amount and total assets have positive effects on the company performances.