并购商誉对建筑企业盈利能力的影响研究

选取2011~2017年沪深两市建筑行业中的112家上市公司为样本进行了实证研究,得出结论:并购活动产生的商誉对该行业的企业盈利能力有显著的正向影响,并购商誉的金额越大,企业盈利能力越强。同时,进一步研究还发现了产权性质影响并购商誉与企业盈利能力之间的相关关系,并购商誉对企业盈利能力显著的正向影响主要存在于国有控股企业,非国有控股企业的并购商誉并未对企业盈利能力形成显著影响。最后,本文针对相关研究结论,结合建筑行业特点提出了合理化的建议。

Research on the Influence of Mergers and Acquisitions on the Profitability of Construction Enterprises

This paper selects 112 listed companies in the construction industry of Shanghai and Shenzhen in 2011-2017 to conduct empirical research on the sample,and concludes that the goodwill generated by the M&A activity has a significant positive impact on the profitability of the industry.To influence,the greater the amount of goodwill acquired,the stronger the profitability of the company.At the same time,further research also found that the nature of property rights affects the correlation between mergers and acquisitions and corporate profitability.The positive positive impact of mergers and acquisitions on corporate profitability mainly exists in state-owned holding companies and non-state-owned holding companies.It has not had a significant impact on corporate profitability.Finally,this paper puts forward reasonable suggestions based on the relevant research conclusions and the characteristics of the construction industry.