基于自由现金流的上市公司并购绩效实证研究

为了避免利润指标可能存在的盈余管理问题，选择构建基于自由现金流的财务指标，以2014年沪深A股发生并购的55家制造业上市公司为研究样本，利用因子分析法，对2013—2016年样本公司的并购绩效进行实证检验，分析并购活动是否给企业的经营绩效带来显著影响。研究结果表明，并购活动发生当年企业绩效显著提升，并购后两年呈现下滑趋势，说明并购活动对企业长期绩效的影响不显著。基于并购活动无法产生长期影响的研究结论以及制造业的并购现状，建议企业立足自身发展要求、充分评估并购成本和风险，注重并购后资源整合工作、实现协同效应，完善监督与激励机制、避免委托代理问题。

Empirical Study on Merger and Acquisition Performance of Listed Companies Based on Free Cash Flow

In order to avoid possible earnings management problems owing to using profit indicators, this paper chooses to build financial indicators based on free cash flow, selects 55 listed manufacturing companies in Shanghai and Shenzhen Stock Markets of A Share as research samples and uses factor analysis to make an empirical test on the performance of the merger and acquisition of sample firms from 2013 to 2016, and analyzes whether the merger and acquisition activities have a significant impact on the performance of the company. The results of the study indicate that the performance of companies in the year of merger and acquisition activity has increased significantly and declined in the two years after merger and acquisition activities, indicating that the merger and acquisition activity has no significant effects on the long term performance of the company. Considering the research conclusions that merger and acquisition activities cannot have a long term effects on company performance and the status of merger and acquisition in manufacturing, it is suggested that listed manufacturing companies should take their own development requirements into consideration, fully evaluate the cost and risk of the merger and acquisition activities, focus on resource integration after mergers and acquisitions activities, so as to achieve synergistic effect, improve supervision and incentive mechanisms, and avoid principal agent problem.