基于财务指标的上市公司并购绩效研究-企业管理专业论文.docxVIP

II II Abstract MA of listed companies has long been the focus in many countries and whether MA can effectively improve the performance of listed companies has drawn great attention both in the foreign and domestic academia. Such factors after the share splitting reform, the consummation of related MA laws and regulations, increasing number of listed companies, the need for development of Chinese listed companies have created prerequisites for the listed companies to do MA. This article is based on the viewpoints of economics and management, summarizing the MA theories in western and domestic countries then put forward the MA after splitting reform of domestic listed companies. Then ,the research provides theoretical basis for the analysis of MA performance of domestic listed companies .Through the comparison of the financial indicators before and after MA, an objective and fair judgment on the MA effects of listed companies can be made .The research can also shed light on MA strategies for listed companies in order to avoid certain extent of risks and blindness of MA. Based on the critical review of research methods and empirical theories of foreign and domestic MA performance ,this research utilizes the financial index study method and the factor-analysis methodology to form the comprehensive grading model to evaluate the performance of listed companies .The empirical study analyzes 67 sample listed companies that made MA in 2006 and analyze MA performance by method of behavior financial theories and factor-analysis, then studies the changes of operating performance before and after MA . The results shows that the listed companies have improved the performances in general through MA ; MA performances of different types manifest significant difference, horizontal and vertical MA performance increased ,blending MA exhibits a decreasing trend in financial performance ,the listed companies which voluntarily disclosed strategic information are better than those which re