上市公司横向并购资本运营绩效实证研究

为了突破经济发展瓶颈，兼并重组活动如火如荼，其中横向并购活动最为活跃。本文以2011~2015年49 家上市公司为研究对象，采用因子分析法实证分析了上市公司横向并购前后2 年资本运营绩效。结果表明：上市公司横向并购资本运行绩效总体呈现下降趋势，尚未达到预期目的。基于此，提出相关建议：首先，制定正确的并购目标。其次，经营管理者多借助于专业性价值评估机构，避免对被合并方估值过高。再次，不高估企业剩余资产管理能力。最后，调动员工积极性，开拓专属管理资源，做好企业人力资源整合工作。

An Empirical Study on the Horizontal M&A Capital Operation Performance of Listed Companies

In order to break through the bottleneck of economic development，mergers and acquisitions are in full swing，which is the most active horizontal mergers and acquisitions activities. Based on the analysis of 49 listed companies from 2011 to 2015，this paper uses factor analysis to analyze the performance of 2 years before and after the horizontal acquisition of listed companies. The results show that the performance of horizontal capitalization of listed companies shows a decreasing trend，which has not yet achieved the expected purpose.Based on this，we make the relevant recommendations: fi rst，it should develop the correct objectives of mergers and acquisitions. Second，the management and management by virtue of professional value assessment agencies，to avoid the merger is too high valuation. Again，do not overestimate the ability of enterprises remaining assets management. Finally，mobilize the enthusiasm of staff，open up exclusive management resources，and do a good job of human resources integration work.