中国上市公司并购绩效评价

企业并购已经成为一种至关重要的资源重新配置的方式,是市场经济有效运转的必要手段之一.如何有效地分析和评价上市公司并购的绩效,有助于找到影响并购绩效的因素并采取有效措施来规范上市公司的并购行为,进而提高上市公司并购行为的整体绩效.对选取的30支股票抽取并购前一年、并购当年、并购后一年的6项财务指标,运用因子分析和二次相对效应的方法,分析上市公司并购前后的绩效变化,考察变化的原因,并发现主观能动性突出的股票的综合得分差值大部分为正的变化规律.

Mergers and acquisitions performance evaluation of Chinese listed companies

Mergers and acquisitions(M&A) has become a crucial method used in resource redistribution,and one of the necessary components of a successful market economy.In this research,the M&A performance of listed companies was analyzed and appraised.It helps to find the factors that affect M&A performance,and take effective measures to regulate the listed companies’ behavior in M&A and therefore improve the entire performance in M&A of listed companies.In this study,30 stocks were chosen,six financial indexes of the years prior to,during,and after M&A were analyzed by using factor analysis and binary relative evaluation model to evaluate the performance differences of the listed companies before and after M&A.Finally,the causes for the differences were discussed and the rules that different composite scores of the initiative outstanding stocks were mostly positive were revealed.