摘要
以1995-2017年云南白药发生的并购事件为样本,采用相关系数法和多元回归法对并购行为与企业绩效之间的关系进行实证分析。结果表明:并购行为能增加企业的绩效,并在营运能力、盈利能力、偿债能力、成长能力以及抗风险能力5个方面表现显著;企业资源基础理论、协同效应假说都对云南白药并购绩效具有一定的解释能力;并购绩效受到非并购行为因素的影响比较明显。为此,本文围绕着提升企业并购绩效,提出建议:选择容易在经营、管理和财务上产生协同效应的企业进行并购,确保并购后企业绩效比两个公司独立存在时的绩效要高;降低企业的现金持有比率,有助于提高企业的并购绩效;现金支付方式不应该作为并购的主要支付方式。
Based on M＆A events happened in Yunnan Baiyao from 1995 to 2017, this article used correlation coefficient method and the multiple regression method to validate the relationship between acquisition and the performance of enterprise. The resuits indicate that acquisition has significantly positive effects on the abilities of operation, earning, debt paying, growth and risk resisting of a company; the resources-based theory and the synergy effect hypothesis can be used to explain the performance of Yunnan Baiyao; and the non-acquisition factors have significant impacts on the performance of a company. Therefore, we put forward the following suggestions in order to improve the acquisition performance： choosing a company that is easily creating synergistic effect in operation, management and finance will ensure the performance after acquisition better than before acquisition; reducing the cash ratio of the enterprise can be helpful to improve the performance of acquisition; and payment in cash should not be the main payment of acquisition.
出处
《企业经济》
CSSCI
北大核心
2017年第11期55-61,共7页
Enterprise Economy
基金
云南省国资委2015年重大咨询课题"省属重化工产业转型升级战略研究"(项目编号:80026091109)
关键词
并购
企业绩效
云南白药
acquisition
performance of enterprise
Yunnan Baiyao
