分析房地产公司开展并购的内外部原因,选择盈利能力、偿债能力、营运能力和发展能力四个方面的10个财务指标构建评价体系,利用因子分析法对样本公司并购前后两年的经营绩效变化进行定量研究,发现大部分并购公司的经营绩效在经历了两年下降之后才有所回升,最后分析了影响并购绩效变化的原因并提出相关政策建议。 This paper analyzes the internal and external reasons for real estate companies to carry out mergers and acquisitions and selects 10 financial indexes in four aspects: profitability, solvency, operation ability and development ability to construct the evaluation system, and makes use of factor analysis to analyze the change of business performance Quantitative research shows that the performance of most M & A companies only rose after two years of decline. Finally, the reasons for the changes in M ​​& A performance were analyzed and relevant policy suggestions were put forward.