企业经济效益的提高不能只靠生产经营,而需要资本和资产经营并重,通过企业的兼并和接管从而使得企业的资产得到最有效的再配置。本文通过对1996～2002年我国上市公司并购活动的绩效进行实证研究,以检验并构的效果,从而对企业并构活动进行评价。 The improvement of economic efficiency of enterprises can not rely solely on production and operation, but requires the equal emphasis on capital and asset management. Through the merger and takeover of the enterprises, the assets of the enterprises can be most effectively re-allocated. This paper conducts an empirical research on the performance of M & A of listed companies in China from 1996 to 2002 to test the effect of the merger and acquisition to evaluate the corporate activities.