CAJ | 학술논문

本文基于2001—2011年沪深两市上市公司数据，运用因子分析法和数据包络法建立资源获取型海外并购绩效的二次相对评价模型，富有新意地分别考察主并公司并购前后的业绩和效率，再通过多元回归分析方法分析和检验影响资源获取型海外并购事件的影响因素。分析结果表明，资源获取型并购的发生降低了企业经营业绩、提高了企业经营效率，两者的波动趋势完全相反。其中，高层人员持股比例、流通股占比、并购规模、管理成本占比四个指标在不同程度共同影响资源获取型海外并购业绩和效率。文章为提升中国企业海外资源获取型并购绩效提供了有一定现实意义的研究结论。
본문기우2001—2011년호심량시상시공사수거，운용인자분석법화수거포락법건립자원획취형해외병구적효적이차상대평개모형，부유신의지분별고찰주병공사병구전후적업적화효솔，재통과다원회귀분석방법분석화검험영향자원획취형해외병구사건적영향인소。분석결과표명，자원획취형병구적발생강저료기업경영업적、제고료기업경영효솔，량자적파동추세완전상반。기중，고층인원지고비례、류통고점비、병구규모、관리성본점비사개지표재불동정도공동영향자원획취형해외병구업적화효솔。문장위제승중국기업해외자원획취형병구적효제공료유일정현실의의적연구결론。
Based on data of listed companies both in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2001 to 2011, this paper establishes a binary relative evaluation model of overseas resource obtaining M＆A with Factor Analysis and Data Envelopment Analysis. This paper then creatively examines the performance and efficiency of the enterprise both before and after the M＆A, and then analyzes and inspects the factors affecting the M＆A by multi linear regression method. The results indicate the overseas resource obtaining M＆A can reduce the operation performance of the enterprise but improve its operation efficiency. The senior leaders＇ share holding ratio, the percentage of floating stock, the scale of M＆A and the cost of supervision all exert influence on the - mance and efficiency of overseas resource obtaining M＆A. Conclusions in this paper are practically referable for obtaining M＆A overseas.