中国上市公司跨行业并购绩效变化的实证分析

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1、AnEmpiricalStudyonPerformanceofChineselistedCompanieswhichHapenedM&AAbstractAtpresent，thecontinuousemergenceofenterprisemergerathomeandabroadcertainlyexpandsthescaleofenterpriserapidly．Actually,ifitCanincreasetheincomeofshareholdes，createbenefitsfortheenterprise，bringvalueforthecommunity?Since

2、1993，ListedcompanieshaveparticipatedinagrowingnumberofmergersandacquisitionsrestructuringinChina．Dothesemergersandacquisitionsreallyhaveimprovedthecompany'soperatingperformance，orazero—sumgameatthecapitalmarkets?TheseproblemsCanbeattributedtotheinspection011themergersandacquisitions．Withthewav

3、eofmergersandacquisitionsoflistedcompanies，suchproblemshaveattractedtheattentionofmoreandmoreenterprisesandscholors．Theystudiedtheperformancesoflistedcompaniesmergeandacquisitionfrommulti—angle．Butinconsistentconclusionswerereched．ListedcompanieswhichhapenedM&A(mergeandacquisition)in2003inChin

4、awerechoosedassamplesforobservationinthispaper．AnditaimstoinvestigatetheperformancesoflistedcompaniesmergedbydifferentindustriesThroughempiricalanalysismethodlong-termperformancechangeofthecompanywhichhappenedcross—industrymergersandacquisitionsin2003wasstudiedbychoosingtwofinancialtargets．Acc

5、ordingtotheconclusionsoftheperformancechange，enterprisesscaleWasinspected．Inordertoestablishthescaleofbusiness，adjusttheeconomicstructure，changethemodeofeconomicgrowthandimprovethecompany'sperformance，resonablesuggestionswereproposed．Lengthwaysscaleexpansionofenterprisesmeansthattheinternalpro

6、ductionprocessesiselogating，thescopeofbusinessisexpanding．Itislikelytobringaboutdiseconomyscale(diseconomylengthwaysscaleoftheenterprises)．Meanwhiletheproductionscopeexpandafterthelistedcompaniesoccuringcross-industrymergersIIandacquisitions．IftheperformancedecreasedafterM&A，itshowsthatthelarg

7、erthebusinessscope，thepoorertheperformance．Afterempiricalanalysis，conclusionsobtainedasfollows：cross-industrymergersacquisitionsoflistedcompanieshasbroughtnegativeimpactonthelong-termperformanceitprovedthepropositionthattheLengthwayssca