【摘要】 通过运用DEA-Malmquist法对2015—2020年我国132家上市公司海外并购绩效进行测度。研究发现：海外并购促进了大多数上市公司的资源配置效率，这主要得益于技术效率的作用；海外并购缩小了上市公司间的效率差距；海外并购提高了较多上市公司的规模收益，但规模收益增长的公司占比仍不高；海外并购在短期内改善了上市公司的绩效，对长期的绩效改善不明显。在此基础上，从海外并购前后两个阶段，提出提升我国上市公司海外并购绩效的建议。更多还原

【Abstract】 The study measures the overseas M&A performance of 132 listed companies in China from 2015 to 2020 by means of DEA-Malmquist method. The results show that overseas M&A promotes the resource allocation efficiency of most listed companies, which is mainly due to the role of technical efficiency. Overseas M&A reduces the efficiency gap among listed companies. Overseas M&A has increased the returns to scale of many listed companies, but the proportion of companies with increased returns to scale is still not high.Overseas M&A improves the performance of listed companies in the short term, but does not significantly improve the long-term performance. On this basis, the study puts forward some suggestions to improve the performance of Chinese listed companies’ overseas M&A from the two stages before and after the overseas M&A.更多还原