纵观世界经济发展历史，尤其是在资本密集型和资源密集型的行业中，几乎所有
的企业都是通过并购重组成为行业中的王者。我国企业并购的历史很短，企业并
购活动之始亦由政府推动方徐徐拉开帷幕，政策的导向一直是推动企业并购重组
的强劲动力。从 2005 年的《钢铁产业发展政策》到 2009 年《钢铁产业调整和振
兴规划》出台，直至“十二五”规划，足见政府对加大钢铁行业并购重组力度的
重视。我国钢铁产业集中度低，产品结构不合理,从 20 世纪末至今，我国钢铁行业
并购重组活动也是层出不穷，但是由于我国正处在特殊的经济环境转型时期，加
之证券市场有效性差，对企业并购绩效优劣的评价没有形成完善的理论体系。

本文在阐明了研究背景、研究意义、研究方法及相关理论综述后，提出了 A
钢铁公司并购重组 B 公司的案例。运用财务分析法对并购绩效进行分析，选取了
企业偿债能力、营运能力、盈利能力和发展能力四个维度作为分析内容，在每个
维度上分别选择了三个财务指标包括资产负债率、流动比率、速动比率、应收账
款周转率、存货周转率、总资产周转率、净资产收益率、销售毛利率、每股收益
总资产增长率、净资产增长率及净利润增长率。选取的数据样本为 A 钢铁公司和
B 钢铁公司连续四个财务年度的财务报告数据。通过对 A 钢铁公司和 B 钢铁公司
连续四年中并购前后的财务指标分析对比，显示出了横向并购对发起并购企业和
目标并购企业的绩效影响是不同的，并购活动对于发起并购企业的影响不及对目
标企业的影响显著。由此归纳出我国钢铁企业横向并购绩效中存在的一些问题，
本文基于对这些问题的的分析的基础之上，提出了有助于提升未来我国钢铁企业
并购绩效的几点建议。

关键词：钢铁企业，并购，绩效分析A Performance Analysis on a Basis of Horizontal Merger and
Acquisition of Iron and Steel Enterprises
Abstract
There are two approaches in respect of pursuing development strategies of modern
enterprises. One is that an enterprise can gradually stand out from the rest during
competition through its own accumulation. The other is that it can gain a competitive
advantage through capital operation mode, e.g. merger, acquisition and restructuring.
Throughout history of development of the world economy, especially in the
capital-intensive and resource-intensive industries, almost all enterprises become the
king by means of merger, acquisition and restructuring. The history about enterprise
merger and acquisition in China is short, furthermore the merger and acquisition of
enterprises is propelled by the government initially and starts slowly and gently. Thus
the strong force to promote merger, acquisition and restructuring of enterprises can be
always attributed to governmental guidance. Emphasis should be apparently laid on
merger, acquisition and restructuring of iron and steel industries strengthened by
government from Development Policy of Iron and Steel Industries in 2005 to Plan on
Adjustment and Revitalization of Iron and Steel Industries in 2009, until “The Twelfth
Five-Year Plan”. China has a low concentration and an unreasonable product structure
in its iron and steel industries. The merger, acquisition and restructuring of iron and
steel industries in China have appeared one after another since the end of the 20th
century up to now. However, a perfect theoretical system on qualitative evaluation of
enterprise’s merger and acquisition performance is not established in China because it is
in a special transition period of economic environment and additionally there is a poor
effectiveness in securities market.
The case that A Iron and Steel Company will merge, acquire and restructure B Iron
and Steel Company is presented in this paper after explanation of research background,
research significance, research method and relevant theories. The performance of
merger and acquisition can be analyzed by means of financial analysis. The analytical