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企业以提升技术能力为意图的战略性技术并购,其最终目的仍是获取经济收益。采用1998—2011年的财务数据,基于显著性检验,分析了2001—2008年间中国企业技术并购的经济绩效。结果表明:(1)从增长和衰退统计看,中国企业在技术并购后多数实现了营业收入增长,2/3的企业实现净利润和每股收益的提升,1/3的企业实现了净资产收益率的提升;(2)从并购前后经济绩效的均值看,营业收入显著提升,净资产收益率显著降低,净利润和每股收益无显著变化;(3)从年值看,仅营业收入显著提升,净资产收益率呈降低趋势但并不显著。
Enterprises with the intention to enhance technological capabilities for strategic technology acquisitions, the ultimate goal is still to obtain economic benefits. Using the financial data from 1998 to 2011, based on the significance test, the economic performance of Chinese M & A by Chinese enterprises from 2001 to 2008 was analyzed. The results show that: (1) According to the statistics of growth and recession, most Chinese enterprises realized the increase of operating income after the technology mergers and acquisitions, two-thirds of the enterprises realized the increase of net profit and earnings per share, and one-third of the enterprises realized the net assets (2) From the mean of economic performance before and after M & A, the operating income increased significantly, the return on net assets decreased significantly, and there was no significant change in net profit and earnings per share. (3) From the annual value, only the operating income Significantly improved, net return on assets showed a downward trend but not significant.