近年来,从事传统行业的上市公司并购高科技企业的现象层出不穷,很多上市公司通过并购高科技企业实现产业转型,高科技企业也因此获得更多的融资机会。本文对这一现象进行了研究。本文选取了沪深两市1999～2006年上市公司并购高科技企业的113起案例作为样本,通过因子分析法对所有案例并购前后的绩效以及产业效应对并购绩效的影响予以考察。本文在实证分析的基础上结合产业周期理论对前面的实证研究结果予以解释,认为在高科技行业整体上处于景气期(即整个高科技行业处于产业周期的成长和成熟阶段)时,上市公司并购高科技企业后业绩有显著性提升,同时,产业效应对上市公司的并购有积极显著的影响,此时上市公司选择并购高科技企业容易取得成功。就某一特定的高科技产业而言,本文认为当该产业处在成长期和成熟期时,对并购绩效有显著提升,产业效应显著。 In recent years, the phenomenon of mergers and acquisitions of high-tech companies by listed companies in the traditional industries has emerged in an endless stream. Many listed companies have achieved industrial transformation through the acquisition of high-tech companies, and high-tech companies have therefore obtained more financing opportunities. This article has studied this phenomenon. This paper selects 113 cases of high-tech companies from listed companies in Shanghai and Shenzhen from 1999 to 2006 as samples. Through factor analysis, the effect of all the cases before and after mergers and acquisitions and industry effects on M&A performance is examined. Based on the empirical analysis, this paper explains the previous empirical research results based on the industrial cycle theory, and believes that when the high-tech industry as a whole is in a prosperous period (ie, the entire high-tech industry is in the growth and maturity phase of the industrial cycle), the listed companies will merge. The performance of high-tech enterprises has been significantly improved. At the same time, the industrial effect has had a positive and significant impact on the mergers and acquisitions of listed companies. At this time, it is easy for listed companies to choose and acquire high-tech companies for success. In terms of a specific high-tech industry, this paper believes that when the industry is in the growth and maturity stage, the performance of mergers and acquisitions has significantly improved and the industrial effect is significant.