国外并购绩效评价方法研究综述

20世纪全球经历了5次企业并购浪潮,并购已经成为现代企业尤其是大型企业和高成长企业快速扩张和整合的重要手段之一.企业并购的之后的效果如何,如何来评价并购的绩效,国外学者从不同角度做了大量的研究,但数十年的研究至今没有一个统一的结论.本文总结了30多年以来国外学者有关企业并购绩效研究的重要文献,在此基础上将国外并购绩效的评价方法分为财务评价、股票评价和其他评价三类,并指出了并购绩效评价方法中存在的问题.

Literature Review on Foreign Researchers'''' Performance Measure Methodologies on Mergers and Acquisitions

There experienced five waves of mergers and acq ui sitions in the 20th century. Mergers and acquisitions become one of the importan t means of rapid expansion and integration for modern firms especially for large -scale and high-growth companies. However, there is still not a universal conc lusion regarding the effect of mergers on performance, though such studies preva il during the last several decades. This article reviews key literatures in this area conducted by foreign scholars for the last three decades. We conclude thre e categories of mergers performance measure methodologies: operating performance methodology, event study methodology and other methodologies. We additionally p oint out some issues of these methodologies.