为了研究不同的并购动因对企业长短期绩效的影响，本文将选取 2016 年 发生并购事件的公司作为样本，采用计算 CAR 的方式，根据 CAR 的符号将样 本公司分成协同动机和代理动机两组，分析两种动因下的公司分别会产生怎 样的绩效，以及不同并购动因对公司绩效影响是否有显著差异。经研究发现， 并购行为从长期来看是会降低企业的总体绩效，且不同的并购动因对并购绩 效的确会产生影响。具体来说，在短期内不同的动因在影响企业绩效方面会 产生显著的差异，但从长期来看，并没有发现明显的区别。此外，本文还将 具体从代理动因的角度，进一步研究第一大股东持股比例对公司并购绩效是 否会产生显著影响，研究结果表明其会对公司绩效产生正向影响。

In order to study the impact of different M & A drivers on the performance of enterprises, this paper will select the companies that took place M & A events in 2016 as samples, and analyze the performance of the companies under the two motivations respectively，and whether there is a significant difference in the impact of different M & A drivers on corporate performance. It is found that M & A behavior will reduce the overall performance of enterprises in the long run, and different M & A drivers will indeed have an impact on M & A performance. In addition, from the perspective of agency motivation, this paper will further study whether the ownership ratio of the first largest shareholder will have a significant impact on the performance of M & A.