基于现金流量的中国上市公司并购绩效分析

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1、ANALYSISOFM＆APERFoRMANCEBASEDoNCASHFLoWABSTRACTM&A(mergerandacquisition)isnotonlyaniII]Iportantwayofusingtheirresourceeflf．ectivelyandenhancingtheef矗ciencyofresourcesallocation，butalsoaniml)ortamwayofachievingrapiddevelopment．ScholarsstudiesonthevalueefIfeCtofM&Asinceitwasappear

2、edatmeendof19thcentllry．M&Aof也eenterprisebeginsinthe1980’sinChina．AsM＆Abecomesmoreand瑚【oreactiveandthescalesexpanddaybyday，M＆Ape墒mancebecomeacommonconcemedissueinboththeoryarldpracticefields．WimthedeepeningstlldyofM&Atheories，manVscholarsf．oundthataccountingindexesbasedonaccmals

3、ystema1℃vulnerabletobumanf．aCtors．Theconclusionsmavnotbeaccurateandreliableifweusetheseindexestoevalllatetheperl’on：11anceofM&A．Basedonthispoint，thispaperusescashnowinfomationasthecoreofevaluatingthepe墒rmanceofM&A．Thisreseal．chusesaccountingindexesapproachtoevaluatethe10ng．tempe

4、墒nnanceofⅣ【&A行ombothfinancial1)erfbmanceandsocialperfonnance．IntheperfonIlanceevaluation，thisresearchchoosesl6commonlyusedindexesbasedoncashnowinf．omationtoevaluatefinancialpeIfonnance丘omfouraspects：operatingc印ac埘，profitc印aC埘，debt-paymemcapacityanddevelopmentcapability．Italsocho

5、oses5indexesbasedoncashflowinformationtoevaluatesocialpe哟rmancef．romta)【contribution，employeewelf．areandintegratedsocialcontribution．Thispaperusesentropymodeltoanalyzefinancialperf．onnanceandsocialpe—’onnanceoftheresearchyears(2yearsbeforeM&A，theyearbeforeM&A，M&Ayear，theyearaRer

6、M&Aand2vearsaRerM&A)．Theresultindicatesthefollowingpoints：1．Thefinancialandsocialperf．omanceoftheM&AVearislowerthantheVearsbef-oreM&A．2．Thesocialpe订’onnanceisbetterthantheyearsbeforeM&Aandwillbeincreasedyearbyyear．3．The五nancialperl’omancereboundsintheVearaRerⅣ【&A，butthelong．tenn

7、financialperfIonnancehasnotincreasedsignificantly．Whenthecorporationsa1．emakingM&Adecisions，theyshouldcombinethedecisionwiththeirownUI北京化工大学硕上学位论文developmentstrategiesandoperationalconditions．KEYWoRDS：cashflow，M&Aperfomlance，entropy1．1研究的背景⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯l1．2研究的意义

8、⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯11．3研究的内容与结构⋯⋯⋯⋯⋯