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本文以2006～2007年间沪深股市320家参与并购的上市公司为样本,选取自并购前一年开始的连续4年的11项财务数据为变量,运用回归模型考察这些因素对关联并购绩效的影响。研究结果表明:国内上市公司关联并购规模对公司绩效有显著正作用,关联并购前ROE对公司绩效有显著副作用。本文期望通过考察上市公司关联并购绩效,对我国普遍存在的关联企业之间并购的绩效及影响因素做出有益的探索,在此基础上提出相关的政策建议。
This paper takes the sample of 320 listed companies in the Shanghai and Shenzhen stock markets from 2006 to 2007 as the sample, selects 11 financial data for four consecutive years from the year before the merger, and uses a regression model to examine the effect of these factors on the performance of the associated M&A. influences. The research results show that the scale of the related M&A of domestic listed companies has a significant positive effect on the company’s performance. ROE before the associated M&A has significant side effects on the company’s performance. This article expects to make a useful exploration of the performance and influencing factors of mergers and acquisitions among affiliated companies in China by examining the performance of related M&A of listed companies, and puts forward relevant policy recommendations on this basis.