关键词: 并购绩效, 并购动因, 石油上市企业, 财务指标模型

Abstract:

High occurrence rate and high failure rate in merge and acquisition become a focus in the theory and enterprise domain. This paper, based on petroleum sector case study, as the biggest industry in scale in China’s merge and acquisition market, selects 11 merge and acquisitions of listed petroleum enterprises in Shanghai and Shenzhen stock markets during 19982008, and uses 12 financial indexes and factor analysis to establish a comprehensive model. By evaluating their performance from one year before to two years after merge and acquisition in four continued years, the results show that the motivation lies in scale, functional and industrial types, and that no outstanding performance after merge and acquisition, and that an improving performance by a scale-oriented merge and acquisition, but a worsening performance by a scale or functional-oriented one, and that a strong short-term effect occurs in a scale merge and acquisition, multiple resources need integration in a functional merge and acquisition, and a longest term occurs in an industrial one.

Key words: merge andacquisition performance, motivation of merge and acquisition, petroleum listed enterprises, financial index model