CAJ | 학술논문

自2008年全球爆发金融危机以来,我国企业的海外并购活动迅猛发展,规模空前。其中,横向并购模式在我国企业的海外并购中占据绝对主导地位。这些企业进行海外横向并购以后的经营绩效如何,是理论界和实务界共同关注的热点问题之一。文章以2008-2010年发生海外横向并购的30家我国A股上市公司为研究样本,选取样本公司并购前1年至并购后第3年共5年间的18个财务指标,通过因子分析、T检验和非参数检验等方法,对样本公司海外横向并购前后5年经营绩效的发展变化趋势进行了实证分析。实证结果显示：从总体上看,发生海外横向并购后,样本公司的经营绩效水平普遍表现出不同程度的下降趋势。这表明,海外横向并购非但没有给我国公司的经营绩效带来显著提升,反而使公司的经营业绩出现了下滑。在此基础上,文章有针对性地提出几点建议。
자2008년전구폭발금융위궤이래,아국기업적해외병구활동신맹발전,규모공전。기중,횡향병구모식재아국기업적해외병구중점거절대주도지위。저사기업진행해외횡향병구이후적경영적효여하,시이론계화실무계공동관주적열점문제지일。문장이2008-2010년발생해외횡향병구적30가아국A고상시공사위연구양본,선취양본공사병구전1년지병구후제3년공5년간적18개재무지표,통과인자분석、T검험화비삼수검험등방법,대양본공사해외횡향병구전후5년경영적효적발전변화추세진행료실증분석。실증결과현시：종총체상간,발생해외횡향병구후,양본공사적경영적효수평보편표현출불동정도적하강추세。저표명,해외횡향병구비단몰유급아국공사적경영적효대래현저제승,반이사공사적경영업적출현료하활。재차기출상,문장유침대성지제출궤점건의。
Since the global financial crisis in 2008, the overseas mergers and acquisitions of Chinese enterprises have become more and more active. In those cases the horizontal overseas merger has been the dominant mode. Meanwhile, the operating performance change of these enterprises is becoming one of the focus issues. This study finds out 30 Chinese listed corporations with horizontal overseas mergers and acquisitions activities from 2008 to 2010 as study samples, chooses 18 financial indicators in 5 observation years of these sample corporations as variables, and attempts to investigate the operating performance changes of the samples after the horizontal overseas M ＆ A, by using empirical analysis including factor analysis, T test and non parametric test. The empirical analysis result indicates that the operating performance of the sample corporations have not made any improvement, but declined in different degree after the horizontal overseas M ＆ A. Finally, the paper puts forward some suggestion.