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本文以 1 999～ 2 0 0 1年发生兼并收购的 84家中国 A股上市公司为样本 ,以经营现金流量总资产收益率来衡量和检验上市公司并购后的绩效 ,采用多元回归方法分析和检验影响并购绩效的有关因素。本文的分析结果表明 ,上市公司并购当年绩效有较大提高 ,随后绩效下降甚至抵消了之前的绩效提高 ,并购没有实质性提高并购公司的经营绩效 ;交易溢价、行业相关性、相对规模、收购比例、第一大股东持股比例等是影响并购绩效的主要因素 ,这些因素可以解释并购后主并公司经营绩效的变化。
In this paper, 84 Chinese A-share listed companies which took place in M & A from 1999 to 2001 were taken as samples to measure and test the performance of listed companies after mergers and acquisitions based on the return on operating cash flow of total assets. Multivariate regression analysis and test Factors Affecting M & A Performance. The analysis results of this paper show that the performance of M & A in the past year has been greatly improved, then the performance decline has even offset the previous performance improvement. M & A does not substantially improve the M & A's business performance; the transaction premium, the industry correlation, the relative scale, the acquisition ratio , The proportion of the largest shareholder of the shareholding are the main factors that affect the performance of M & A, these factors can explain the merger and acquisition and the company's operating performance changes.