我国上市企业跨行业并购的协同效应研究

s one of the main purposes of cross-industry mergers and acquisitions, synergies are also the main means of measuring the effects of mergers and acquisitions. The mainstream view is that it is difficult to create synergies when implementing large-scale cross-industry diversified mergers and acquisitions compared to peer mergers and acquisitions. Some scholars have considered the background of the M & A market and found that based on cost and resource advantages, cross-industry M & A motivated by technology and resources in emerging markets can achieve the expected synergy. This article aims to investigate whether, as an emerging market with a low income level, the implementation of cross-industry mergers and acquisitions by listed companies in China can produce significant synergies. Empirical findings show that mergers and acquisitions in the same industry in the short term are more conducive to the creation of shareholder wealth. Cross-industry M & A payments that exceed 21.15% of the target company \'s value will cause a negative reaction in the market and fail to achieve the expected synergy. WACC) significantly reduced, capital cost synergy is significant; DEA model analysis found that mid- and long-term cross-industry mergers and acquisitions DEA performance showed a benign change trend, from the medium- and long-term (three years) perspective, cross-industry mergers and acquisitions can produce synergies, but statistically Not obvious. It is recommended that companies prudently intervene in cyclical industries before cross-industry mergers and acquisitions, and make strategic planning and risk assessment from a long-term perspective.