基于因子分析的我国上市公司跨国并购绩效实证  

The Performance of Cross-Border M&As by Chinese Listed Firms:An Empirical Analysis Based on Factor Analysis

作　　者：黎平海[1] 祝文娟[2] 李瑶[2] 

机构地区：[1]暨南大学金融研究所 [2]暨南大学金融系

出　　处：《产经评论》2010年第3期140-148,共9页Industrial Economic Review

基　　金：国家社会科学基金项目(07BGJ007),主持人为杨星教授

摘　　要：金融危机大背景下,我国面临资本"出海"契机。本文利用因子分析法对企业多个财务指标进行主成分分析,并建立考察各年的综合得分方程,通过差值分析表对我国上市公司并购前后几年的绩效做出比较分析,结果发现大量并购并未如预期所想为企业创造价值,反而使经营绩效呈急速下降趋势,因此得出我国企业对跨国并购应持谨慎态度的启示,并就此提出相关建议。Owing to the financial crisis, chinese cooperation encounters an opportunity of cross-border MA. Based on factor analysis,this paper makes principal component analysis on the various financial indicators of listed companies, and then builds up integrated-point-function for each year. On the foundation of the difference analysis, a comparative analysis of the operation performance before and after mergers and acquisitions of 10 Chinese listed companies is made. The result shows that a large number of acquiring companies do not create value as expected but experience a rapid decline instead. Conclusively, it not only suggests the companies should be cautious of cross-border MA, but makes relevant recommendations to the companies and the government.

关 键 词：上市公司 跨国并购 绩效 因子分析 

分 类 号：F062.5[经济管理—政治经济学]