李晓， 赵息^*

（  天津大学管理与经济学部，天津 300072；  ）

摘要： 对现有并购活动进行绩效研究，有利于发现问题并对未来的并购活动提供指导。选择2011-2013年我国房地产业上市公司并购事件为研究样本，根据主并公司和目标公司所属行业细分为产业并购和混合并购，分别采用事件研究法、EVA法评价短期和长期绩效。研究发现：短期来看，产业并购和混合并购均获得了显著为正的超额收益；而在不同的事件期内，两种并购活动超额收益率的变化趋势存在差异。长期来看，产业并购当年和后一年EVA值增大，第二年开始减小，但变化均不显著；而混合并购绩效则显著下降。以上结果说明，不同类型的并购活动，其绩效表现存在差异。
关键词： 企业管理；房地产业；并购绩效；事件研究法；EVA法

LI Xiao， ZHAO Xi^*

（  College of Management and Economics, Tianjin University, Tianjin 300072；  ）

Abstract： Studies on the performance of M&A are beneficial to find the problems and provide guidance for the future M&A activities. In this paper, we choose the M&A events of Chinese real estate industry listed companies from 2011 to 2013 as the study samples, dividing them into industrial M&A and conglomerate M&A according to the industries of the acquirers and the targets. We use event study method and EVA method to analyze short-term and long-term performance. We find that, in the short term, the acquirers of both kinds obtain significant positive abnormal returns; but in different period of time, the abnormal returns of different kinds show different changing trends. In the long term, performance of the acquirers of industrial M&A increase in the current year and the following year, and decrease in the second year, but these changes are not significant; While the performance of conglomerate M&A decrease significantly. All of the results indicate that the performance of different types of M&A are different.
Keywords： Business administration; Real estate industry; M&A performance; Event study method; EVA method