在我国,对上市公司的并购:一方面,它是政府拯救亏损企业以及调整产业结构的重要手段;另一方面,它也是企业寻求壮大、实现自身目标的有效途径之一。自从我国加入WTO以来,我国发生上市公司的并购案例逐年上升,涉及并购的金额达1500亿元左右,平均每起并购案的金额约为2.2亿元人民币。本文运用综合分析法对我国上市公司并购的长短期绩效进行了研究,结果表明,我国上市公司并购长期绩效比较显著,而短期绩效则不明显。 In our country, the mergers and acquisitions of listed companies: on the one hand, it is an important means for the government to save the losing enterprises and adjust the industrial structure; on the other hand, it is also an effective way for the enterprises to seek for growth and achieve their own goals. Since China’s accession to the WTO, the number of mergers and acquisitions of listed companies in our country has been on the rise year by year, involving a total amount of about 150 billion yuan for mergers and acquisitions and an average of 220 million yuan for every merger. This paper studies the long-term and short-term performance of M & A of listed companies in China by means of comprehensive analysis. The results show that the long-term performance of M & A of listed companies in China is significant, while the short-term performance is not obvious.