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随着中国企业尤其是各行业内的龙头企业的资本快速积累,企业并购的规模与速度不断上升。而中国企业相比西方国家的跨国企业,国际化经营的经验尚显不足,管理为时较短。那么如何有效评估中国企业在海外并购后的业绩?本文试图通过中国企业海外并购的财务绩效实证研究来重点关注企业营运能力、业务结构以及成长性的变化。研究结果表明,机械工程类企业海外并购后绩效上升显著,尤其是业务结构的改善最为明显。此结果对我国制造类企业改善海外业务经营管理、建立财务预警机制具有重要的参考意义。
With the rapid accumulation of capital of Chinese enterprises, especially leading enterprises in various industries, the scale and speed of M & A continue to rise. Compared with multinationals in western countries, Chinese enterprises have not enough experience in international operation and management is rather short-lived. So how to effectively evaluate the performance of Chinese enterprises after overseas mergers and acquisitions? This paper tries to focus on the changes of business operation ability, business structure and growth through the empirical study of financial performance of Chinese enterprises overseas M & A. The results show that the performance of mechanical engineering enterprises after overseas mergers and acquisitions rose significantly, especially the most obvious improvement of business structure. This result has important reference significance for the manufacturing enterprises in our country to improve their overseas business management and establish the financial early-warning mechanism.