资本市场活跃度是经济晴雨表的重要表现，并购是提升自身效率、适应外部环境的有效途径。近年来国内并购频次和并购规模显著增加，成为资本市场中坚力量，完成资源的调配，激发市场的活力。既有文献通常采用财务指标法、事件研究法或两者结合起来研究连续并购的经济效益，并基于学习效应、过度自信效应和财富效应等维度来试图分析连续并购背后的潜在逻辑。本文首先回顾了连续并购的定义、动因及绩效的文献综述。然后简单介绍了星河公司基本情况、连续并购期内的事件情况，并就其并购动机和并购特点进行分析，以案例分析形式对星河公司战略完成情况进行总结评析。然后，本文通过K线走势图描述公司股价波动，陆续使用财务指标法、事件研究法、各收购事项引发的市值变化、并购前后非财务指标的绩效比较法，逐个展开研究，最后给出综合评价。综合研究后发现：（1）星河公司通过连续并购成功实现了业务转型及业务扩张的战略目标，公司市值显著增加。（2）随着并购事件的增多，绩效呈现递减的正相关关系，然而支付过高的收购价格将出现负相关的市场反应。（3）市场对并购事件中各个关键节点均有所反应，且各个关键节点的市场反应不尽相同；个别重大事件因跨期较长，其影响会在早期表现出较大影响。（4）公司连续并购期间各个业务阶段的财务指标存在显著差异，公司经营情况逐步好转，大部分指标数据逐步趋同于同行业平均值。（5）连续并购绩效还体现在非财务绩效层面。通过连续并购前后对比，公司采购、运营、营销、研发、员工构成及风险管理等环节发生了显著改变。建议公司收购股权时合理定价，避免高商誉及潜在减值隐患；进一步加强投资关系管理，增加披露内容，提升关键信息的披露质量。
Mergers and Acquisitions (M&A) are widely used in capital market. The significant scale of M&A transactions has emerged for allocating resources effectively and promoting market vitality. However, M&A is a complex process that involves risks and challenges. Literatures usually use financial indicator methods and event study methods to research the economic benefits of serial M&A, and try to analyze the potential logic based on dimensions such as learning effects, overconfidence effects, and wealth effects.This paper begins with a literature review of the definition, motives, and performance of serial M&A. Then, the basic situation of Xinghe corporation and the events during the period of serial M&A are briefly introduced. The motives and characteristics of the M&A are analyzed, and the M&A of Xinghe corporation are summarized and analyzed in the form of a case study about its strategic targets.Subsequently, this paper uses K-line charts to describe the corporation’s stock price fluctuations, and then adopts multiple methods including financial indicator analysis, event study, market value-added changes caused by each acquisition, and non-financial performance comparison before and after M&A, to conduct a comprehensive analysis of each event that occurred during Xinghe corporation’s period of serial M&A. Finally, a comprehensive evaluation is given.The study reveals several key findings. Firstly, Xinghe corporation has successfully achieved its strategic goals of business transformation and business expansion through serial M&A, with a booming increase in market value. Secondly, the increasing number of events leads to a decreasing trend, while overpayment for acquisition prices can cause negative market reactions. Thirdly, the market reacts differently to each key node, and some major events may have more extended impacts. Fourthly, there are significant differences in financial indicators at different business stages during the corporation’s serial M&A period, and Xinghe corporation’s operating conditions are gradually improving, with indicator data converging towards the industry average level. Finally, the performance of serial M&A is reflected both in the financial and in non-financial aspects, such as business operation, marketing, R&D, employment, and risk management, etc, are all changed significantly. The corporation should not only price reasonably in case of too much goodwill or potential impairment, but also should enhance investment relationship management, with full information disclosure and higher transparency to improve investment judgement.
