并购整合对企业并购绩效影响的实证研究

伴随着并购市场的活跃,整合环节不力导致的并购失败案屡见不鲜。文章以调研为基础,实证检验并购整合对并购绩效的影响。结论表明:并购后的战略整合、管理整合、人力资源整合和企业文化整合,有助于提升并购企业的财务绩效和市场绩效;资产及债务整合提升了并购企业的财务绩效,但对市场绩效无显著影响;战略整合对财务绩效的影响最大,而文化整合对市场绩效的影响最大;不同并购情形下,整合内容的选择对并购绩效有显著影响。

An Empirical study on the Impact of Mergers ＆amp; Acquisitions Integration on its Performance

Along with the booming of the Mergers ＆amp; Acquisitions markets ,failures of M＆amp;A caused by ineffective integration occur quite frequently .Based on a series of investigations and surveys the present article makes an empirical test on the influence of M＆amp;A integration on the M＆amp;A performance .Our findings are concluded in four aspects .Firstly ,all the strategic integra-tion ,management integration ,human resource integration and corporate culture integration after making M＆amp;A can promote the enterprise’s financial performance and market performance re-markably ;secondly ,the asset integration and debt integration promote financial performance but have no remarkable influence on the market performance ;thirdly ,strategic integration has maxi-mum influence on financial performance while corporate culture integration has maximum influ-ence on market performance ;and last ,the selection of contents of integration has obvious signifi-cance for the M ＆amp; A performance under different M＆amp;A types .