我国上市公司并购绩效分析

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1、-------AbstractASTUDYOFTHEM&APERFORMANCEOFCHINESELISTEDCOMPANIESABSTRACTTosurviveintheincreasinglyfiercecompetitiveenvironment,therearetwodevelopingroutesforanenterprisetochoosefrom.Thefirstrouteobtainsgraduallygrowthbyinternalcapitalaccumulation,whil

2、ethesecondroutestrengthensthecapitalgrossandmakesagreatleapforwardbymergerandacquisition.China'seconomicdevelopmentandglobalizationbringhugecompetitionpressuretodomesticenterprises,andasaresultincreasestheM&Aactivitiesamonglistedcompanies.Moreandmored

3、omesticenterprisesprefertoenhancetheircorecompetencethroughM&A.TheresearchofenterpriseM&Ahasalwaysbeenahotandconcernedtopic.OurcurrentM&AperformanceresearchandanalysisareaimedatthewholeM&AMarket.WemainlydiscusswhethertheM&Aactivtiesarereallycreatingva

4、lue,andwhowillacquirethecreatedvalue.Asfarasweknow,thereareveryfewcomparativestudiesoflistedcompanies'M&Aperformancebysectors.Differentsectorshavedifferentindustrylifecycles,developmentstrategiesandmergertypes.Basedontheanalysisoftheoverallperformance

5、trendsin2010M&Aevents,weanalysetheM&Aperformancedifferencesamongindustries.Wetake323ListedcompaniesthatinvolvedinmergersandacquisitionseventsinChinaasourresearchobjectsandselect13financialindicatorsthatrepresentthecompany'soperationability、profitabili

6、ty、growthabilityanddebtpayingability.ThemergersandacquisitionsperformanceevaluationmodelisbuiltbySPSSsoftware.Onthebasisofthismodel,wemeasureacompany'sM&Aperformanceduringtheyearbeforetheeventandfouryearsaftertheevent.Inordertogetmoreaccurateconclusio

7、ns,weclassifythesamplesbylifecyclestageandmergertype.TheclassificationhelpsusfiguringoutthemergertypethatgetsthebestM&Aperformance.Theempiricalresultsshowedthat:(1)TheperformanceoflimitcompaniesinChinadon'thaveobviouschangesafterM&Aevent.IntheyearM&Ah

8、appened,theybehavebetterthantheyearbeforeM&A.TheirperformancesdeclineinthefirstyearandincreaseagaininthesecondandthethirdyearafterM&A.Overall,theperformancesofallM&Acompanieshaven'timprovedsignificantly.(2)Inspectingfromtheindustries'perspecti