[摘　要]　分析房地产公司开展并购的内外部原因，选择盈利能力、偿债能力、营运能力和发展能力四个方面的10个财务指标构建评价体系，利用因子分析法对样本公司并购前后两年的经营绩效变化进行定量研究，发现大部分并购公司的经营绩效在经历了两年下降之后才有所回升，最后分析了影响并购绩效变化的原因并提出相关政策建议。

[关键词]　房地产公司,并购,因子分析法,绩效

Abstract: This paper analyzes the internal and external causes of real estate M & A activity, selects 10 financial indicators of profitability, solvency, operation ability and development ability to construct the evaluation system, then makes a quantitative research on the sample companies operating performance change before and after M & A by using factor analysis method, find that most company's operating performance experienced two years of decline before rise again. At last, analyzes the influence and the reason for the variation of M&A performance and puts forward relevant policy suggestions.

Key words: real estate company; M&A; factor analysis; performance

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