摘要
企业并购作为优化资源配置和实现规模经济的重要途径，其财务协同效应与绩效评价一直是学术界和实务界关注的焦点。本研究以财务协同效应为核心，结合并购前后企业的财务数据，探讨并购对企业绩效的影响机制，并通过构建多元回归模型分析财务协同效应对企业绩效的具体作用路径。研究选取2015年至2022年间中国A股上市公司并购案例为样本，采用事件研究法与面板数据分析相结合的方法，从静态与动态两个维度评估并购的财务协同效应及其对绩效的长期影响。结果表明，并购活动能够显著提升企业的财务协同效应，但这种效应的实现依赖于并购双方的战略匹配度、整合效率以及行业特性。此外，研究发现财务协同效应对企业绩效的正向影响存在滞后性，通常在并购完成后的第二年开始显现。本研究的创新点在于引入动态视角分析财务协同效应的演化规律，并结合行业异质性进行分组检验，揭示了不同行业背景下并购绩效的差异性特征。研究为企业制定并购策略提供了理论支持，同时为监管机构完善并购政策提供了实证依据，具有重要的实践意义和政策参考价值。
关键词：企业并购；财务协同效应；绩效评价；战略匹配度；行业异质性
Abstract
Corporate mergers and acquisitions (M), as a critical avenue for optimizing resource allocation and achieving economies of scale, have consistently drawn significant attention from both academia and practice regarding their financial synergy effects and performance evaluation. This study focuses on the core concept of financial synergy, integrating the financial data of firms before and after M transactions to explore the impact mechanism of M on corporate performance. By constructing a multiple regression model, the specific pathways through which financial synergy affects corporate performance are analyzed. The research selects M cases of Chinese A-share listed companies from 2015 to 2022 as samples, employing a combination of event study methodology and panel data analysis to evaluate the financial synergy effects of M from both static and dynamic perspectives, as well as its long-term influence on performance. The findings indicate that M activities can significantly enhance financial synergy effects; however, the realization of such effects depends on the strategic fit, integration efficiency, and industry characteristics of the merging entities. Additionally, it is discovered that the positive impact of financial synergy on corporate performance exhibits a lag effect, typically becoming evident in the second year following the completion of the M The innovation of this study lies in the introduction of a dynamic perspective to analyze the evolutionary patterns of financial synergy effects, complemented by group tests incorporating industry heterogeneity to reveal the differential features of M performance across varying industry contexts. This research not only provides theoretical support for enterprises in formulating M strategies but also offers empirical evidence for regulatory authorities to refine M policies, thereby possessing substantial practical significance and policy-referential value.
Keywords：Enterprise Merger And Acquisition; Financial Synergy; Performance Evaluation; Strategic Fit; Industry Heterogeneity
目 录
摘要 I
Abstract II
一、绪论 1
(一) 企业并购财务协同效应的研究背景 1
(二) 财务协同效应与绩效评价的意义分析 1
(三) 国内外研究现状综述 2
二、财务协同效应的理论基础与形成机制 2
(一) 财务协同效应的核心概念界定 2
(二) 财务协同效应的理论支撑框架 3
(三) 财务协同效应的形成机制分析 3
三、并购绩效评价体系的构建与应用 4
(一) 并购绩效评价的关键指标选择 4
(二) 并购绩效评价的模型构建方法 5
(三) 实证案例中的绩效评价分析 5
四、财务协同效应与绩效评价的实证研究 6
(一) 研究样本的选择与数据来源 6
(二) 财务协同效应的实证检验过程 6
(三) 绩效评价结果的分析与讨论 7
结 论 8
参考文献 9
