上市公司并购财务风险对绩效影响的实证分析

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1、AbstractSincethebeginningofthiscentury,theMergerandAcquisitionoftrans—regionandtransnationalhavebecometheshortcutofmanyPublic—ListedCompaniestoexpandinlowcost，toseizethemarketshareandtocontrolprofessioncommandingpointinourcountry．Also，ithasstartedanewhi曲tideofcompany’SMergerandAcquisition．M

2、&Aisanimportantmethodwhichtheresourcesredistribute，andabasicwayoftheenterprisetorealizeexteriorgrowth．InChina,italreadyhascertainmarketfoundationforenterprisesoperatingtheM&Athroughthestockmarket，anditwillbecomeanimportantformofenterprises’propertytransaction．ThepurposeofM&AistoimproveCompa

3、ny’Sperformancethroughsynergies，reducetransactioncostsandincreasemarketpowerandSOon．Regardingtheenvironmentoftheadjustmentstage，Chineseenterprises，particularlyPublic—ListedCompanies，theM&Aisundoubtedlytheprincipalmeansforitsrapidgrowthandstrengthen．ManyfamousPublic—ListedCompaniesofChina(su

4、chas"TheQingdaobeer,GomeElectricAppliance，Haire，ChinaTelecom，ChinaPetrochemical，etc．)arealsogrowrapidlyinjustafewyearsforcarryingonlowcostandhighefficiencyexpansionsthroughthelarge—scaleM&A．However,itisahi曲riskoperativeactivityforPublic-ListedCompaniestomergerandacquisition，andtheriskthroug

5、houttheentireprocessofM&A，inwhichfinancialrisksareessentialfactorsfortheSuccessofthePublic-ListedCompanies．Onlyhavea10yearshistory,butasthemainbodyofChina’SM&Amarket．WhetherthePublic-ListedCompanies’performanceisenhancedornotfromtheM&Aistakenseriouslydaybyday．HowtoreducefinancialrisksinM&Ab

6、yfinancialdecisionsisanimportantfactorforPublic-ListedCompanies’performance，eventhekeyfactorinthesurvivalordeathofthecompany．ThisarticleintheangleofPublic—ListedCompanies’financialrisksinM&A，andfocusesthefinancialriskquestionsontheestimation，financingandpaymentinthetransactionprocess．Ithold

7、sthatPublic·ListedCompanies’financialrisksinM&Aareallkindsofriskswhichreflectedinthevalue．Itisanuncertaintythatthecompany’Sfinancialconditionbecomeworseorachievementgetlostbyfinancialdecisionsintheestimation，financingandpayment．Itisalsoaseriouszincbiasof