我国制造业并购中目标公司的盈余管理与并购绩效

摘要

The article changes the traditional view and adopts the perspective of earnings management behavior of the target company to evaluate the earnings management in the process of mergers and acquisitions by using correlation analysis and principal component analysis. Combining with the surplus management model, it analyzes how a company’s earnings management behavior impacts M&A performance and re-examines whether M&A can actually bring real benefits to the target company. The research results show that there is a significantly different change of the target company earnings management behavior in the related years, earnings management and performance evaluation of M&A has a strong correlation and a positive correlation, and perhaps the M&A cannot bring the real improvement of evaluation.%在企业并购的过程中，改变常用的主并公司视角，结合2011年沪市发生并购的目标公司2010～2012年的财务数据，从目标公司的盈余管理行为角度，采用相关性分析和主成分分析，结合盈余管理模型，对目标公司在并购前后的盈余管理行为的变化以及这种变化对并购绩效的影响进行分析，重新审视并购是否能够真正给目标公司带来持久收益。研究结果表明：在并购发生前一年，当年，后一年的三年中，目标公司的盈余管理行为存在着显著不同的变化；盈余管理行为与并购的绩效评价有很强的相关性，且成正相关，并购可能并未带来真正的绩效改善。