发生并购的上市公司其长期绩效比其他上市公司下降更快。
The results show that the financial effects of Mergers and Acquisitions listed companies decline faster than those of others.
委托代理问题在长期并购绩效中表现明显，但短期时出现并购方绩效提高，说明市场的不健全及投资者的非理性。
Finally, the principal-agent problem is significant in long term, but the short-term performance is improved which may be caused by the distemperedness of market and the irrationality of investors.
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