自由现金流量、并购溢价与我国上市公司并购绩效的实证研究

国内外的研究结果表明高自由现金流量低成长性公司在并购后绩效会出现明显的下滑，并把绩效下滑归因于代理成本。文章力图在自由现金流量与并购绩效之间搭建一座桥梁，深入分析导致并购绩效下滑的直接客观原因。通过利用我国上市公司2001-2003年436次并购事件进行实证分析的结果表明，支付过高的并购溢价是导致高自由现金流量低成长性上市公司并购绩效低下的直接客观原因。

An Empirical Study on Free Cash Flow,M&A Premium and Performance of China s Listed Companies

The research results showed that high free cash flow,low-growth companies in M&A performance will be decline apparently,and attributed that to the agency costs.In this paper,an attempt to build a bridge between the free cash flow and M&A performance.Analyse the direct objective reason of the performance decline.We empirically analyzed the 436 M&As which happened among the listed companies of China from 2001 to 2003,the results show that excessive M&A premium is the direct objective reason.