Abstract: Abstract: Based on the enterprises resource-based view, this study proposes a new method of measuring the capability of mergers and acquisitions (M&A capability). M&A capability embodies in how enterprises transform resources into the value of mergers and acquisitions. As a result, the efficiency of the transformation reflects the enterprise’s M&A capability. The empirical study shows that data envelope analysis (DEA) can measure M&A capability. We also conduct a series of tests to check the validation of the measuring method. The OLS regression results show that the M&A capability is positively correlated with the cumulative abnormal return and post M&A performance respectively.

摘要： 本文基于企业资源理论的“资源—能力—绩效”逻辑关系，提出了企业并购能力度量的新方法。并购能力体现的是企业如何将资源转换为并购价值，因此，资源到绩效转换的相对效率就反应了企业的并购能力。研究发现，将多个维度的资源作为输入变量，将并购绩效与正常运营绩效分离出来，并作为输出变量，利用数据包络分析方法（DEA），分行业计算的相对效率能较好的度量并购能力。为了检验该方法是否有效，分别利用首次公告日的市场反应和后续的并购绩效进行回归检验，结果显示企业并购能力与两者都显著正相关，表明该方法的有效性。