CAJ | 학술논문

在全球金融危机和中国转变经济发展方式的历史时期，企业并购由于和经济具有较强的同向变动属性，受到了经济环境的影响，2008年的样本并购企业绩效表现不佳，但2009年开始因享受政策红利，并购的财富创造能力有所恢复。后危机时期，并购市场应当改变原有面貌，进一步完善国有企业法人治理体制，丰富并购及其融资形式，深化市场化改革，以其本应具有的市场活力为经济发展提供动力。
재전구금융위궤화중국전변경제발전방식적역사시기，기업병구유우화경제구유교강적동향변동속성，수도료경제배경적영향，2008년적양본병구기업적효표현불가，단2009년개시인향수정책홍리，병구적재부창조능력유소회복。후위궤시기，병구시장응당개변원유면모，진일보완선국유기업법인치리체제，봉부병구급기융자형식，심화시장화개혁，이기본응구유적시장활력위경제발전제공동력。
The author investigates the influence of financial crisis on company＇ s M＆A performance of 2008, with the sample data of China stock market in 2008 and 2009. The sample of 2009 is used for comparison. The result is that with the influence of global financial crisis and declining China stock market in 2008, the company＇s short-term M＆A performance is negatively affected, and is worse than 2009. This result is even obvious as the time window widens. But for long-term performance, since the government has adopted stimulating policies, there is no obvious difference between these two years. Furthermore, the author also discusses the policy orientation in the post-crisis period for the development of China M＆A market.