成长性、成熟性和衰退性产业上市公司并购绩效的实证分析

按照并购双方行业的相互关系，并购可以分为横向并购，纵向并购和混合并购。本文认为，公司所处产业的性质（成长性，成熟性，衰退性）在很大程度上影响着不同类型并购的绩效，处于不同性质产业的公司进行不同类型并购后的绩效不同，利用我国上市公司1995－1999年336次并购事件进行实证分析的结果表明；处于成长性行业的公司进行横向并购绩效相对最好；处于成熟性行业的公司进行纵向并购绩效相对最好；处于衰退性行业的公司进行横向并购的绩效最差。

An Empirical Analysis on M&A Performance of the Public Companies of the Growing, Mature and Declining Industries

There are three types of M&A according to the relations between the buyer and the target companies: horizontal M&A, vertical M&A and conglomerate M&A. Since in a certain time period, an industry may be in different phases such as the growing phase, the mature phase and the declining phase, in our opinion, the phases of the concerned companies can, to a great extent, influence the performance of the M&A when different types are adopted. In this thesis, we empirically analyzed the 336 M&As which happened among the public companies of China from 1995 to 1999, and our conclusion is that the mature companies may perform the vertical M&A relatively best, the companies of growing phase can achieve best M&A performance when they implement the M&A horizontally while the companies in declining period often result in the worst M&A performance once they choose the horizontal method,too.