创业板上市公司并购绩效评价研究.docVIP

哈尔滨商业大学学报（社会科学版）2017,06,26-41 创业板上市公司并购绩效评价研究 刘降斌 徐鑫迪 张洪建 哈尔滨商业大学金融学院 导出/参考文献关注 分享 收藏打印 摘要： 并购作为权利让渡行为是指企业的权利主体根据企业产权做出的安排，主要动 机是谋求企业的发展，通过利用并购取得更先进的技术、优质的管理经验、专业 化的人才，降低企业横向或纵向竞争带來的成本，提高企业的知名度的同时， 增加超额利润。但是并购并不一定会产生想象中的效果，有的其至对企业产生负 而影响。从创业板的企业作为切入口，通过对2015年发生并购的29家创业板上 市企业并购前后业绩的变化进行研究，采用因子分析法、综合得分模型，比较并 购前后数据的变化情况，最后得出相关结论，提出与结论相对应的政策建议， 促进我国创业板市场的合理、稳定发展。 关键词: 创业板上市公司;因子分析;并购绩效;影响因素; 作者简介：刘降斌（1968-）,男，教授，博士研究生导师，从事金融理论与政 策研究； 作者简介：徐鑫迪（1993-），硕士研究生，从事金融理论与政策研究； 作者简介：张洪建（1992-），硕士研究生，从事金融理论与政策研究。 收稿日期：2017-03-25 基金：教育部人文社会科学研究规划基金项目（10YJA790115） Research on Performance Evaluation of M A of GEM Listed Companies LIU Xiang-bin XU Xin-di ZHANG Hong-jian School of Finance, Hrbin University of Commerce; Abstract： M Aas transferring rights behavior refers to the rights of the main enterprise according to the enterprise property rights make arrangements, the main motivation is to seek the development of enterprises, more advanced technology and quality management experience, through the use of mergers and acquisitions of professional talent, reduce the enterprise lateral or longitudinal competition brings the cost, improve busin巳ss the at the same time, increase the excess profits. But some did not imagine the merger and acquisitioii in effect, and some even have a negative impact on enterprises, therefore this article attempts from the gem enterprise as the entrance of change through 29 GEM listed companies merger occurred on 2015 before and after the merger and acquisition performance, using factor analysis method, comprehensive score model, compare the changes of mergers and acquisitions after the data, draws relevant conclusions, in order for the government, business owners and managers to provide the corresponding policies and suggestions to promote Chinas GEM market rational mergers and acquisitions, accelerate the efficiency of capital al locati on Keyword： GEM listed companies; factor analysis; MA performance; influencing factors; Received： 2017-03-25 一、引言 从2011