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随着改革开放以来,我国经济快速发展,在新的形势之下,呈现出了经济的新常态,资本市场迎来了新的并购热潮,但是其中还存在很多问题,因此本文研究上市公司的并购活动的绩效,重点研究关联并购绩效以及影响因素。采用财务指标法进行实证研究,对总体并购和关联并购的绩效建立回归分析模型进行研究,实证发现,关联并购的绩效是要好于非关联的,关联性和股权集中度对总体并购绩效有显著的影响;对于关联并购,交易规模和公司规模以及成长性对其并购绩效作用明显。
Since the reform and opening up, China’s rapid economic development has shown a new economic normal under the new situation. The capital market ushered in a new wave of mergers and acquisitions, but there are still many problems. Therefore, this article studies the mergers and acquisitions of listed companies Performance of the activities, focusing on related M & A performance and its influencing factors. Empirical study of the financial indicators method, the overall M & A and M & A performance regression model to establish a regression analysis, the empirical study found that the performance of related M & A is better than non-related, the relevance and ownership concentration of the overall M & A performance significantly Influence; for related M & A, transaction size and company size and growth of its merger and acquisition performance is obvious.