行业集中度与横向并购绩效的关系研究

以SCP分析范式的相关理论为基础，通过建立古诺模型阐述了行业集中度与横向并购绩效的关系，认为行业越集中，并购绩效越差；行业越分散，并购绩效越好．同时以2002-2007年间中国上市公司的横向并购事件为研究样本，以调整后的净资产收益率（ROE）为衡量并购绩效指标，分析了样本并购前一年到并购后第三年5年间业绩的变化情况，最终发现在行业集中度较低下实施的横向并购绩效最优．

RESEARCH ON THE RELATIONSHIP BETWEEN INDUSTRY CONCENTRATION AND HORIZONTAL MERGER PERFORMANCE

On the basis of SCP analysis paradigm,using a Cournot model to discuss the relationship between industry concentration and horizontal merger performance,and find that as a market become more concentrated,merger performance become worse.Then,a sample of listed companies in China from 2002 to 2007 and industry-adjusted return on equity(ROE) as merger performance criteria are used to examine the financial performance of acquiring companies over a 3-year post-merger period in relation to a 1-year pre-merger period.Finally,the result shows that companies in lower concentration ratio show a better merger performance.