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不相关并购是企业进入新的行业,实现外延扩张的一种重要战略选择,但是不相关并购是否能够给企业带来收益一直受到质疑。以2005年A股市场发生不相关并购的企业为研究对象,选取财务指标,利用因子分析法对企业绩效进行评价;同时从核心竞争力的角度对样本企业进行划分,分析它们进行不相关并购的绩效表现。研究发现,拥有成熟的核心竞争力的企业在不相关并购后,整体发展较好。
Unrelated mergers and acquisitions (M & A) are an important strategic choice for an enterprise to enter a new industry and achieve its expansion. However, whether or not M & A can bring benefits to the enterprise has been questioned. Taking the unrelated M & A enterprises in the A-share market in 2005 as the research object, this paper chooses the financial indexes and makes use of the factor analysis method to evaluate the enterprise’s performance. At the same time, it divides the sample enterprises from the core competence point of view and analyzes them for the unrelated M & A Performance. The study found that, with a mature core competitiveness of enterprises in the non-related mergers and acquisitions, the overall development is better.