基于验证性因子分析的并购价值创造影响因素研究

伴随着中国并购数量的增多和规模的扩大，企业如何掌握并购价值创造影响因素的问题愈加至关重要。以中国A股上市公司并购案例为研究对象，根据官方网站采集并购样本基本信息加以研究表明：并购价值创造影响因素大体归纳为：直接利益相关者、上市公司未来发展、并购方案的具体实施、上市公司的运营、行业和社会环境等六类。以这六类因素为潜变量，对每一类因素提出三个测量变量并建立假设模型，通过验证性因子分析证明模型成立。影响因素反映正确，对于确立并购过程中潜在的需求量和测量变量的结构关系和差额作用具有重要意义。

Influencing Factors on Value Creation of Merger and Acquisition Based on Confirmatory Factor Analysis

With increase in amount and expansion in scale of merger and acquisition in China, it is more important for enterprises how to grasp the influencing factors on value creation. Taking the cases of A-share listed companies as the subjects, this paper studies the basic information of merger samples collected by the official website, and concludes that there are six influencing factors on value cre- ation of merger and acquisition, which are direct stakeholders, future development of listed companies, implementation of merging plan, operation of listed companies, and industrial and social environments. Taking these factors as latent variables, this paper presents three observed variables and builds presumptive models for each factor, and proves that the models are valid and the reaction of influencing factors is accurate through confirmatory factor analysis. Therefore, these factors are significant for the structure relation and balance between latent variables and observed variables in establishing merger and acquisition.