Studies On The Performance Of Mergers And Acquisitions Of Chinese Listed Companies

Listed company merger and acquisition is a kind of economic means. Its implicit economic effect is incomparable by general economic acts. Though "company merger and acquisition" is not a legislative concept in meaning, only an appellation sanctified by law circle and economic circle, company merger and acquisition, being efficiency and to realize scale effect, has extensively been accepted by company policy-making level.To begin with, this article sums up and analyzes the theories of M&A. Based on the theoretical analysis of M&A, this article explains the connotative and denotative meanings of M&A performance, and then defines the performance of M&A. After this, through discussing the relation of dynamic synergetic effect and enterprise value, and evaluating the relevancy of core competence and business strategy, this article explains the connotative and denotative meanings of M&A performance further. Secondly, based on the definition of M&A performance, this article builds up a suit of evaluation system, including an evaluation system used for financial performance, which is built up through data envelopment analysis and the other one used for non-financial performance, which is named M&A scorecard developed from ideas of balanced scorecard. Thirdly, this article chooses 96 cases of listed company's M&A happened in 2000. By describing the trend of average efficient level within five years, this article analyzes the status of M&A performance dynamically. Then this article analyzes the factors impacting the M&A performance in China, in which the former factors, medium-term factors, and latter factors are direct ones, while system factors and industrial restructuring are indirect factors. Finally, this article discusses the suggestion about macroscopical policy and the measure about how the listed company increases the M&A performance.