中文摘要：

通过文献综述和我国上市公司关联并购的现实分析，本文提出了我国上市公司关联并购行为的战略支持动机，将关联并购行为划分成与主营业务有关和与主营业务无关两种类型，分别实证分析其支持和掏空的绩效影响效果．结果表明，与主业相关的关联收购行为提升了企业的绩效，具有支持的效果；与主业无关的关联收购行为降低了企业的绩效，具有掏空的效果．

英文摘要：

Based on the literature and the analysis of the reality of Chinese listed companies, the paper presents the strategic supporting motivtion of M＆A with related party （MARP）. The M＆A with related party is classified into two types：related and unrelated with its main business. Then, an empirical analysis is made of the performance effects of both types on listed companies. The results show that the related MARP improves the performance, propping listed companies;but the unrelated MARP lowers the performance, tunnelling listed companies.