当前，收购兼并是一个常见的企业成长方式。在现实中，取得理想的效果或者达到预想效果的企业并购活动不是很多。本文通过对山推股份与楚天工程机械有限公司的并购整合后的绩效分析，说明企业并购后整合的重要性。作者对案例背景及兼并双方公司进行简要介绍，对整合后状况进行分析，对可能运用到的企业收购兼并的理论进行了归纳，并运用这些理论对山推股份收购兼并楚天工程机械有限公司在企业并购后的绩效进行了分析。本文主要从以下几个方面着手：一、导论。首先介绍了问题研究的背景和意义，然后归纳了本文的主要研究方法——案例分析法。二、企业并购与整合的相关理论。在本章里，主要阐述了并购绩效的相关理论。三、并购案例简介。选取了山推股份并购楚天工程机械有限公司的案例，对并购方和被并购方做了简单的介绍，并对并购后的整合过程做了简要的描述。四、案例分析。本章主要包含三个方面的内容。首先，并购后公司绩效评价问题；其次，并购整合成功与失败的原因分析；最后是并购整合的困境求解。五、并购整合案例的启示。

Mergers and acquisitions is currently a common business growth mode. In practice, but the results are not so good as the desired. This paper tells the importance of integration by analyzing the performance of the M&A of Shantui Shares and Chutian Engineering Machinery Co., Ltd. The author briefly describes the case background and the two parties of M&A, analyzes the condition after the integration, summarizes the related theory and applies it to this case.This paper includes the following aspects.1. Introduction. Briefly introduces the case background, the researching significance and the main method—case analysis. 2. The theory of M&A and integration. It exposits the related theories of M&A Performance.3. M & A Case Profile. Makes brief introduction of the two companies of M&A, and the post-merger integration process.4. Case analysis. It includes three parts, the problem of post-merger performance evaluation, the success or failure reason analysis of M&A integration, and the dilemma-solving methods of M&A integration.5. The enlightenments.KEY WORDS: Listed Company Merger and Acquisition Merger Performance Enterprise Integration