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目前,许多企业通过并购来实现企业价值最大化,但是却不知如何更好的提高经营绩效,因此研究企业并购绩效的影响因素是很有必要的。本文选取了国内107家在上海证券交易所上市的案例对这两个问题进行了分析,分析结果表明:机构投资者持股比例和股权集中度5对并购之后绩效无显著影响,民营企业并购之后的经营绩效优于国有企业,大股东持股比例与并购绩效呈正相关关系,企业规模和资产收益率与并购绩效呈负相关关系。
At present, many enterprises realize the enterprise value through M & A, but do not know how to improve their business performance. Therefore, it is necessary to study the influencing factors of M & A performance. The paper chooses 107 domestic listed companies on the Shanghai Stock Exchange to analyze these two issues. The results show that the institutional investors’ shareholding percentage and ownership concentration have no significant impact on the performance after mergers and acquisitions. After the merger of private enterprises The operating performance is better than the state-owned enterprises, the proportion of large shareholders and mergers and acquisitions performance has a positive correlation between corporate size and return on assets and the performance of mergers and acquisitions was negatively correlated.