本文从标的公司是否为公众公司及其规模对于并购绩效的影响进行了研究,并运用中国A股上市公司2010~2015年的数据进行实证检验。结果表明,目前在中国资本市场上,标的公司是否为公众公司对于短期与长期并购绩效均无影响;但相对规模对并购不同类型标的公司有不同的影响:当标的公司为公众公司时,相对规模与短期并购绩效正相关,与长期并购绩效无显著相关。本文的研究结果能够为并购绩效影响因素提供一个分析视角。 This paper studies whether the subject company is a public company and its influence on the M & A performance, and uses the data of Chinese A-share listed companies from 2010 to 2015 for empirical test. The results show that the current capital market in China, the subject of the company as a public company for short-term and long-term M & A performance have no effect; but the relative size of mergers and acquisitions of different types of companies have different effects: When the target company is a public company, the relative size Positive correlation with short-term M & A performance and no significant correlation with long-term M & A performance. The results of this paper can provide an analytical perspective on the M & A performance impact factors.