中文摘要：

在中国企业中,关联并购现象非常普遍。与公允并购相比,发生在上市公司和其关联方之间的并购交易的并购价值更高还是更低？基于现金流视角,以中国A股上市公司的并购事件作为样本,通过实证检验发现：关联并购的并购绩效显著低于公允并购;与非国有企业相比,当并购方是国有企业时,关联并购的并购方并购绩效更低。最后,我们将相对并购价值分为两部分：正常部分和非正常部分,发现非正常部分对并购绩效有着显著的负向影响。可见,关联并购损害了并购公司的股东价值。

英文摘要：

In China,mergers acquisitions with related party are common phenomena. About half of the MA transactions in Chinese A stock market happen between listed firms and their related party. So,how is acquirers＇ merger performance of related-party MAs？ Is it lower or higher than that of arms＇ length MAs？ This paper examines this problem thoroughly. The findings show that acquirers＇ post-merger performance of related-party MAs is significantly lower than that of arms＇ length MAs. Meanwhile,if the acquirer of related-party MA transaction is state-owned,post-merger performance is poorer than that of non-state-owned acquirers. In the end,relative deal value is classified into two parts： normal part and abnormal part. The abnormal part is caused by related-party transactions. Also,the abnormal part of relative deal value has a significantly negative effect on acquirers＇ post-merger performance. Taken together,the findings suggest that related-party MAs lead to poorer decision-making and lower value creation for acquirers＇ shareholders overall.