成长性视角下上市公司多元化并购绩效研究

多元化并购是企业进行多元化经营,扩大企业规模的主要方式,多元化并购能否给企业带来收益一直是学术界争论的话题。本文以2005-2006年发生多元化并购的81家沪深上市公司作为研究样本,选取财务指标、利用因子分析法构建评价企业绩效的综合得分模型考察多元化并购的长期绩效,以及从公司成长性这个角度,分析不同成长性公司在进行多元化并购时绩效表现的差别。

Performance Study of Listed Companies Diversified Merger with Growing Perspective

The diversified merger is the primary way of enterprises＇ diversified operations and expanding the enterprise scale. If the diversified merger can bring benefits to the enterprise has been a topic of academic debate. Taking 81 listed companies in Shanghai and Shenzhen which made diversified merger and acquisitions in 2005-2006 as a research sample, using factor analysis method to build a comprehensive performance scoring model, this paper studies long-term performance of diversified mergers and acquisitions, and from the perspective of company growth analysed different performance of different companies in the growth period during diversified merger and acquisitions.