房地产上市企业并购策略与财务绩效

建立房地产企业的并购战略、策略和绩效的并购决策模型，主要分析支付方式对并购绩效的短期影响。选取2005~2009年支付方式单一的78宗房地产并购企业案例为研究对象，对剖析的企业并购战略，并购支付方式与并购财务绩效进行实证研究。结论表明，房地产企业的短期并购绩效与一般企业不同；并购支付方式对短期并购绩效影响显著；决策类型为水平一体化战略和证券支付的方式较其他决策路径取得更高的短期并购绩效。

M&A Strategy and Performance of Chinese Real Estate Companies

This paper aims to develop a conceptual model of M＆A＇s strategy, measure and performance. It focuses on analyzing the relationship of strategy attribute; method of payment and financial performance indicator in the decision making mode. This research selected 78 real estate M＆A cases between 2005-2009 from database. Based on the tested results, this paper comes to the conclusions that there is a great difference of M＆A financial performance comparing real estate industry to other industries. The payment methods have a significant influence on short-term performance indicator. Horizontal integration strategy plus security payment have higher score in short-term performance.