Sample distribution of mergers and non-mergers.

This research mainly explored the effects of mergers and acquisitions (M&As) on the financial performance of Chinese listed companies and the determinants of post-M&A financial performance of mergers by incorporating adjustments for business cycle fluctuations. The research was divided into two parts. The first part applied data envelopment analysis (DEA) models for the calculation of the financial performance scores of mergers and non-mergers in six major sectors before and after M&As. Comparative analyses of financial performance trends between mergers and non-mergers in similar sectors revealed that M&As often decrease financial performance scores of mergers compared with non-mergers. The second part adopted regression analyses and robustness test to evaluate the effects of listing duration, financial leverage level, free cash flow and target type on post-M&A financial performance. The results showed that mergers’ sufficient listing duration, high financial leverages, adequate free cash flow and asset as target had significant positive impact on the post-M&A performance of mergers. Opposite to the free cash flow hypothesis, this study revealed that free cash flow is beneficial for mergers in China. These findings emphasized that lack of experience and managerial hubris are the primary factors contributing to the underperformance observed within the Chinese M&A market.本研究主要探讨了并购（Merger and Acquisition, M&A）对中国上市公司财务绩效的影响，并通过纳入经济周期波动调整项，分析并购方并购后财务绩效的影响因素。本研究分为两个部分：第一部分采用数据包络分析（Data Envelopment Analysis, DEA）模型，测算六大主要行业内并购方与非并购方在并购前后的财务绩效得分。通过对同行业内并购方与非并购方的财务绩效趋势开展对比分析，研究发现相较于非并购方，并购活动往往会拉低并购方的财务绩效得分。第二部分采用回归分析与稳健性检验方法，评估上市时长、财务杠杆水平、自由现金流以及标的类型对并购后财务绩效的影响。研究结果显示，并购方较长的上市时长、较高的财务杠杆水平、充裕的自由现金流以及以资产作为并购标的的情形，对并购后财务绩效具有显著的正向影响。与自由现金流假说相悖，本研究发现，在中国市场环境下自由现金流对并购方而言是有利的。上述研究结论表明，经验匮乏与管理层自大是导致中国并购市场出现绩效不佳现象的核心因素。