基于因子分析法的上市公司并购绩效评价
发布时间：2018-11-03 21:43
【摘要】：随着并购理论的逐步发展,对于企业并购的绩效评价研究进入新的阶段。文章构建了财务收益绩效、资本运营绩效、偿债能力绩效及可持续发展四大类的13个财务指标的绩效评价指标体系,采用因子分析对2014年150个上市公司的并购前后的绩效进行了综合评价及实证分析。结果表明:中国并购对上市公司的绩效影响是短期内绩效有微弱提升但并不明显,随着时间的磨合,企业的收益绩效会有大幅度的提高。通过对上市企业并购绩效研究发现中国并购市场存在的问题,针对这些问题提出了一些可行的政策建议。
[Abstract]:With the gradual development of M & A theory, the performance evaluation of M & A has entered a new stage. This paper constructs a performance evaluation index system of 13 financial indicators, including financial revenue performance, capital operating performance, solvency performance and sustainable development. Factor analysis is used to evaluate the performance of 150 listed companies before and after mergers and acquisitions in 2014. The results show that the impact of M & A on the performance of listed companies is a slight improvement in the short term, but not obvious. Through the research on the performance of M & A of listed enterprises, this paper finds out the problems existing in the M & A market of China, and puts forward some feasible policy suggestions in view of these problems.
【作者单位】： 湖北经济学院金融学院;中南财经政法大学统计与数学学院;贵州财经大学数学与统计学院;
【基金】：中南财经政法大学研究生教育创新计划项目
【分类号】：F224;F271;F832.51
[Abstract]:With the gradual development of M & A theory, the performance evaluation of M & A has entered a new stage. This paper constructs a performance evaluation index system of 13 financial indicators, including financial revenue performance, capital operating performance, solvency performance and sustainable development. Factor analysis is used to evaluate the performance of 150 listed companies before and after mergers and acquisitions in 2014. The results show that the impact of M & A on the performance of listed companies is a slight improvement in the short term, but not obvious. Through the research on the performance of M & A of listed enterprises, this paper finds out the problems existing in the M & A market of China, and puts forward some feasible policy suggestions in view of these problems.
【作者单位】： 湖北经济学院金融学院;中南财经政法大学统计与数学学院;贵州财经大学数学与统计学院;
【基金】：中南财经政法大学研究生教育创新计划项目
【分类号】：F224;F271;F832.51
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