中国上市公司并购绩效的实证分析

摘　要：在经济全球化的今天，中国上市公司的并购势头愈演愈烈。实际上，横向并购是企业扩大经营规模，减少竞争对手的有效途径。横向并购能否给上市企业带来明显的绩效，是企业家最为关注的，也是国内外学者研究的重点。本文将选取2008年发生横向并购的24家上市公司，通过研究其发生并购前后的财务指标，对2009年发生横向并购的上市公司并购后一年的绩效进行判断分析，证明横向并购在短期内可以产生好的绩效，但整体绩效变化并不特别明显和不稳定，并对上述实证分析进行评价和提出建议。
关键词：横向并购；并购绩效；上市公司

An Empirical Analysis of the Effects of Horizontal Merger and Acquisitions on Performance of Chinese Listed Companies

Abstract: Nowadays with the globalization of the economy. Merger and acquisition of Chinese listed companies become fiercer and fiercer. In fact, the effective way of expanding the scale of operation and reducing competition is horizontal merger and acquisitions. Whether horizontal merger and acquisitions can effectively improve the performance of listed companies has been the entrepreneur most concerned about. And also this is what the foreign and domestic academia focus on. This article will choose 24 Chinese listed companies which occurred in 2008, and study the financial indicators of operation performance before and after merger and acquisition to analysis merger and acquisition performance of Chinese listed companies which occurred in 2009, demonstrate that the short-term performance of horizontal merger and acquisitions is unobvious and unstable. Then evaluating the empirical analysis and making some good suggestions.
Key Words: Horizontal merger and acquisitions; Merger and acquisition performance; Listed companies

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