横向并购对企业绩效的影响——以物流行业为例  

The Impact of Horizontal M&A on Corporate Performance:Taking the Logistics Industry as an Example

作　　者：孙梦慧 SUN Menghui(School of Management,Hefei University of Technology,Hefei 230000,China)

机构地区：[1]合肥工业大学管理学院,安徽合肥230000

出　　处：《商业观察》2025年第3期56-60,共5页BUSINESS OBSERVATION

摘　　要：近年来我国经济的高速发展促使物流行业并购活跃,而在所有并购类型中,横向并购是企业进行外延式扩张最有效的方式。文章以2017—2021年我国所有物流行业上市公司并购事件为样本,选取样本公司并购前后四年的财务数据,分别从偿债能力、营运能力、盈利能力和发展能力四个方面分析横向并购与企业绩效之间的关系。文章的研究结果表明,对于物流企业来说,横向并购对于企业盈利能力、营运能力、发展能力以及企业综合财务绩效具有一定的促进作用;而对于偿债能力,横向并购没有让企业绩效得到明显改善,反而会出现一定的抑制作用。因此,物流企业应注重并购后的整合,规避偿债能力降低带来的风险。In recent years,the rapid development of China's economy has led to active mergers and acquisitions in the logistics industry,and among all types of mergers and acquisitions,horizontal mergers and acquisitions are the most effective way for enterprises to carry out epitaxial expansion.This paper takes the M&A events of listed companies in all logistics industries in China from 2014 to 2018 as a sample,selects the financial data of the four years before and after the merger of the sample companies,and analyzes the relationship between horizontal M&A and enterprise performance from four aspects:solvency,operational ability,profitability and development ability.The results of this paper show that for logistics enterprises,horizontal mergers and acquisitions have a certain role in promoting their profitability,operational ability,development ability and comprehensive financial performance.For solvency,horizontal mergers and acquisitions have not significantly improved the performance of enterprises,but have a certain inhibitory effect.Therefore,logistics companies should pay attention to post-merger integration and avoid the risks brought about by the reduction of solvency.

关 键 词：横向并购 企业绩效 因子分析 回归分析 

分 类 号：F271[经济管理—企业管理]