我国上市公司跨国并购绩效实证分析

通过选取2003-2008年的25起跨国并购事件作为样本,实证分析了我国上市公司跨国并购的绩效。研究表明我国上市公司在并购当年绩效有着显著的提高,但是在并购后的第一年和第二年绩效出现了逐渐下滑的趋势。跨国并购绩效的不稳定主要是由上市公司跨国并购能力不够导致的,应从促进行业内资本集中、实施合适的并购战略以及提高国内并购能力等几个方面入手,提高我国上市公司跨国并购的绩效。

Empirical Analysis of Cross - Border M&A Performance of Listed Companies in China

By selecting twenty-five samples form cross-border M&A events that occurred from 2003 to 2008,the paper analyzes the performance of cross-border M&A of Chinese listed companies.Results show that the performance of cross-border M&A of listed companies improved significantly in the first year,but declined in the second year and the third year.We believe that the performance of cross-border M&A of listed companies is unstable because M&A capacity of listed companies are not enough,and point out some countermea...