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本文以2011年我国上市公司进行了并购重组的企业为样本,综合分析企业重组前后的各项财务数据,采用主成分分析法,分析不同的并购重组模式对企业绩效的影响。本文首先给并购重组下了定义,并将并购重组分为股权转让、债务重组、收购兼并、资产置换、换股吸收合并、资产剥离和组合重组七种模式。本文收集了样本公司从2010~2013年4年间的财务数据,并从中选择净资产收益率、扣除非经常性损益后每股收益等11项财务指标作为业绩衡量因素,利用SPSS的主成分分析法,将11项财务指标整合成一个综合评分系统,并以此给样本上市公司历年业绩打分。得到企业历年业绩综合评分之后,分析各种资产重组模式下企业绩效的变化情况。
In this paper, a sample of M & A and reorganization of Chinese listed companies in 2011 is taken as a sample. The financial data before and after the reorganization of enterprises are analyzed comprehensively. The principal component analysis is used to analyze the impact of different merger and acquisition reorganization on firm performance. This article first defines M & A and reorganization, and divides M & A into seven modes: equity transfer, debt restructuring, mergers and acquisitions, asset swap, exchange absorption and merger, asset divestiture and portfolio reorganization. This paper collects the financial data of sample companies from 2010 to 2013, and selects 11 financial indexes, such as return on net assets and earnings per share after deducting non-recurring gains and losses, as the performance measurement factors. By using principal component analysis , The 11 financial indicators into a comprehensive scoring system, and thus sample the listed company’s performance over the years. After obtaining the comprehensive score of the enterprise’s performance over the years, the paper analyzes the changes of the enterprise’s performance under various asset restructuring modes.