中文摘要：

随着我国纺织服装行业的发展陷入困境,众多企业通过调整经营策略,试图借助资本市场的力量进行转型升级,纺织服装行业的并购数量也因此不断增长。并购是否促进了企业经营业绩的提升,有必要对其进行评价。本文以沪深两市A股纺织服装上市公司2012年发生的并购事件为初始样本,选取17家上市公司,运用DEA的基本模型CCR的改进模型对并购前后两年的相对效率值进行分析。实证结果发现：并购样本的绩效在并购后的两年先降后升,对并购前后绩效均值进行Wilcoxon检验,结果显示并购前后的绩效差异显著,与纺织服装行业的绩效均值相较,并购样本的绩效也更优,整体看并购行为产生了积极的效果。同时分组检验的结果显示非关联交易的效果更好。

英文摘要：

With the development of China＇s Textile and Clothing industry being in trouble, many enterprises are trying to adjust the business strategy and use the capital market＇s power for the transformation and upgrading, so the number of mergers and acquisitions of Textile and Clothing industry is growing. Whether the M＆A has promoted the enterprise＇s performance is a question of necessity in a reasonable evaluation. This paper, with listed companies in the Shanghai and Sl~enzhen A-share textile and garment manufacturing industry from 2011 to 2012 mergers and acquisitions as its initial sample, analyzes the relative efficiency of the 17 listed companies before and after the M＆A two-year value by the CCR＇s improved model of DEA basic model. The empirical results show that： the overall performance first reduced and then increased, and the performance mean in the Wilcoxon test was of significant increase. Compared with the performance of the entire textile and garment industry, the performance of M ＆ A sample is better. By all means, M ＆ A has a positive effect on the operating efficiency of the enterprises. At the same time, the group test results show that non-related mergers perform better.