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本文从上市民营企业跨国并购角度出发,认为在研究绩效时通常采用的股价的变动来衡量企业的并购绩效并不适合我国的国情,本文采用了7个财务指标运用因子分析的方法来综合考查并购前后的绩效,本文选取2002年到2012年间我国民营上市公司的财务数据来进行研究。综合研究结果表明:上市民营企业在并购当年绩效大幅的提高,并购后的第一年开始下滑,而第三年上升,形成了N字形结构。同时对不同的财务指标也产生了不同的影响。
Based on the cross-border mergers and acquisitions (M & A) of listed privately owned enterprises, this paper considers that the commonly used stock price changes to measure M & A performance are not suitable for China’s national conditions. In this paper, seven financial indicators are used to analyze M & A Before and after the performance, this paper selects the financial data of Chinese private listed companies from 2002 to 2012 to conduct research. The results of the comprehensive study show that the performance of listed privately-owned enterprises in mergers and acquisitions significantly increased, the first year after the merger began to decline, and rose in the third year, forming a N-shaped structure. At the same time on different financial indicators also had a different impact.