通常认为，公司通过并购交易，可以发挥协同效应和市场势力的作用、有利于公司可持续发展，其最终目的在于提升公司绩效与能力。但是，公司并购及其整合效应如何，直接关系到并购目标的实现，因此，研究公司并购整合效应对于分析和判断并购整合的成功与失误之因就显得尤为必要。目前国内外关于公司并购整合效应的研究方法有两种：事件研究法和财务指标法。事件研究法建立在市场有效性基础之上，而现实中证券市场并不是完全有效的，中国证券市场还很不成熟，受较多不确定因素影响，用事件研究法得出结论的有效性具有较大的不确定性。因此，本文主要采用财务指标研究法，并结合非财务指标分析，从公司绩效（财务与非财务绩效指标）和企业能力分析的视角构建公司并购整合效应分析框架。本文将青岛啤酒股份有限公司作为并购整合效应的案例研究对象，基于公司绩效（财务与非财务指标）与企业能力分析的视角，采用其近20年的公司年度报告作为基础资料，深度解析青岛啤酒并购扩张、十年整合和双轮驱动三个阶段的并购整合效应，探寻其并购整合效应对公司绩效与能力的影响，总结青岛啤酒并购整合成功与失误之因，并为青岛啤酒的公司战略调整提出建议。

Usually think, the company through mergers and acquisitions, can play a synergistic effect and the role of market forces, conducive to the sustainable development of the company, the ultimate goal is to improve corporate performance and ability. But, company merger and acquisition and integration effect how, directly related to the realization of the targets, therefore, the research company merger integration effect to analyze and judge the merger integration of success and failure is necessary.Research method has two kinds of company merger integration effect, event study method and financial indicators. Event study by the effectiveness of market hypothesis, and there is no completely effective securities market, China's securities market is still very immature, affected by many uncertain factors, using event study the effectiveness of the conclusion has great uncertainty. Therefore, this article mainly USES the financial index method, and combined with the analysis of non-financial indicators, from corporate performance (financial and non-financial performance indicators kpis) and enterprise competence analysis from the point of view of the company merger integration effect analysis framework.This article will Tsingdao Beer co., LTD., as the main research object of the m&a integration effect, based on the corporate performance (financial and non-financial indicators research) and capacity analysis perspective, using its nearly 20 years of the company's annual report as basic data, the depth resolution of Tsingdao Beer m&a expansion, internal integration and two-wheel drive three stages of merger integration effect, explore its effect on company performance and ability of m&a integration, Summary of success and failure for Tsingdao Beer m&a integration，and put forward Suggestions for tsingtao beer company's strategic adjustment.