电力上市公司并购绩效实证分析

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1、万方数据ABSTRACTChinaiSenteringtheeconomicliberalizationandglobalizationera,withthefurtherdevelopmentofmarketeconomy,me唱erandacquisitionhasbecomethebestwaytoexpandthescaleofenterprises，enhancetheoverallstrengthofthecompany．As舭basisofourbeneficialtothepeople'slivelihood，electricindu

2、stryfacingtheopportunitiesandchallengesoflarge—scalemetersandacquisitions，assetrestructuringandintegrationofresourcesbeatrendwhichcannotbehalted，theeffectivenessofM&ACannotbeignored，SOthestudyonM&aperformanceoftheelectricpowerindustrylistedCompanywillhaveitspracticalsignificanc

3、e．Accordingtothetheoryofindustry—fromtheM&Aperformanceevaluationmodel—System—EmpiricalAnalysistostudytheelectricpowerindustrylistedCompany．111efinancialindexmethod，selecting15listedCompanyin2009—2012electricpowerindustrymetersandacquisitionsasasample，usethebasicdescriptivestati

4、sticsandfactoranalysismethodtoanalyzecomparative—oneyearbeforemeM&A，M&Aperiod，oneyearaftertheacquisition,thecomprehensivescoreoftwoyearsofbusinessperformanceafterM&A，wegetthefollowingconclusions：11leM&AperformanceSampleFirmseacharenotidentical，somelistingCorporationmetersandacq

5、uisitionsperformancesignificantly,thecomprehensivescoreincreasedyearbyyear；mergersandacquisitionsperformanceresultsinsomeenterprisesisnotsatisfactory,thecomprehensivescoredecreasedyearbyyear,themostcomprehensivescoreofSampleFirmswithfluctuation,reflectthelackofsustainedperforma

6、nceofM&A。Fromtheindustryasawhole，theoverallperformanceofelectricpowerindustryoflistingCorporationisafirstincreasedandthendecreased，M&Acurrentperformanceisincreased，andtheincreaseisstillverylarge，inthefu'styearafterM&ACanseethiskindoftrendisgraauallyslow,secondyearsbegantodeclin

7、e．Generallyspeaking，M&Aisnotverysignificanteffect．Finally,accordingtotheelectricpowerindustrylistedCompanyintheproblemofmergersandacquisitions，combinedwithtoday’Snationaleconomicpoliciesandeconomicsituation,onthebasisofempiricalanalysis，inordertoimprovetheperformanceofmetersand

8、acquisitionsfort11epurpose，putforwardtheCO／antermeasur