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在经济调整期,企业会选择并购来实现转型升级和改善绩效。以2005—2015年我国制造业上市公司的并购事件为样本,实证检验并购前后企业资本绩效和财务绩效是否发生变化,同时比较分析并购科技型企业与并购非科技型企业的差异,并进一步分析影响企业并购绩效的主要因素,结果表明:我国制造业上市公司的并购行为在短期内抬升了股价(资本绩效),但净资产收益率和净利润率(财务绩效)下滑;导致资本绩效提升的主要因素是股票市场和投资者动机,而与并购事件性质和并购企业经营状况无关;导致财务绩效下降的主要因素是并购规模和企业财务杠杆,并购规模越大、企业财务杠杆比例越高则财务绩效下降越明显;并购科技型企业与非科技型企业的绩效差异主要体现在财务绩效上,并购非科技型企业财务绩效下降明显,而并购科技型企业无明显下降。并购企业应选择能为本企业带来新技术和新管理经验、能真正产生规模正效应的目标企业进行并购。

In the period of economic adjustment,listed companies choose mergers and acquisitions( M&A) to achieve the transformation and upgrading and improve performance. This paper choose M & A events during 2005-2015 in manufacturing listed companies,empirically tests whether corporate capital performance and financial performance change before and after the merger and acquisition,comparatively analyzes the difference between M&A technological-type companies and M&A non-technological-type companies,and further analyzes the main factors that may affect the performance change. The results show that M & A makes the corporate stock price( capital performance) rise in short term,but their net assets return rate and net profit rate( financial performance)decline. The main factors leading to changes in capital performance is stock market and investors motivation,and the main factors leading to changes in financial performance are M &A scale and enterprise financial leverage. The higher M &A scale is,the higher the financial leverage ratio is,both lead the performance decreased significantly.The difference between M&A technological-type enterprises and non-technological-type enterprises is mainly embodied in financial performance,the financial performance of M &A traditional enterprises declines obviously but that of M&A technological-type enterprises can make enterprise performance decline gently. M&A enterprises should choose those enterprises which can bring new technology and management experience and which can really produce scale.