【摘要】 并购活动对我国上市公司的发展以及证券市场的完善有重大意义。而并购绩效的评估仍然是该领域研究的重点和难点。本文首先运用EVA绩效评估方法并以 2 0 0 0年并购公司为样本 ,研究了并购公司在并购前后的绩效变化 ,发现我国大部分并购活动仍在毁损并购方股东的价值。作者认为 ,我国经济转轨阶段的特殊性以及并购交易的动机和决策机制理论 ,能够解释本文的实证研究结果更多还原

【Abstract】 As we all know, M&A plays a key role in the development of listed companies and the improvement of securities market. For a long time, the performance valuation of M&A activities has been dominating this field. In this paper, the author firstly used a new method named EVA to make a performance valuation on M&A activities happened in 2000. And the empirical result shows that a large number of M&A activities in China are destroying the acquirers’ value. The author think that the particularity of Chinese economy transition, the motivation theory of M&A and decision-making system of acquirers contribute much to the empirical result.更多还原