文章运用倾向得分匹配和倍差法,利用A股制造业上市公司中对外并购的数据,检验了企业对外并购对企业的生产率、规模和盈利情况的影响。通过研究发现:(1)出于技术寻求型动机的对外并购小幅改善了企业生产率,但总体上看,生产率在并购之后出现了下降;(2)上市公司对外并购显著提升了企业规模;(3)对外并购显著降低了企业的盈利能力;但是对于不同的子样本,影响的主要因素并不相同。 By using the propensity score matching and multiples difference method, this paper uses the data of M & A in the A-manufacturing manufacturing companies to test the impact of M & A on the productivity, scale and profitability of the enterprises. Through the research, it is found that: (1) M & A for technology-seeking motivation has slightly improved enterprise productivity, but overall, productivity has declined after M & A; (2) Outsourcing of listed companies has significantly increased the size of the enterprise; ) Outsourcing has significantly reduced the profitability of an enterprise; however, the main factors affecting the impact on different sub-samples are not the same.