Empirical Research On The Performance Of Listed Companies Of M&A In China

Merger and Acquisition (M&A) is an efficient method for enterprise external growth and the redistribution of the production resources. When China enterprises are facing to challenges in reorganizing and adjusting industry structures, it is an important channel too. Because of the complexity and the diversity of the combinations, M&A are not all correct and successful. Especially, M&A is confined by various factors during the transferring process of the Chinese economy system reform. At the same time, the discuss on whether the performance of M&A is good or not has became a hotspot for economist all over the world, different economist holds different idea. Therefore, it has immediate significance to appraise the present enterprise M&A performance under the present condition for the M&A development in China. Firstly, this dissertation looks back the study on M&A and the history of M&A foregone,and analyses it's motive deeply ,on base of which expatiates current principal theory about M&A existing in the west countries systematically. Secondly, according to the present situation of M&A of listed companies in China, we have chose 15 financial indexes which can evaluate the enterprises'performance, using the method of factor analysis, we construct a general function that could weigh the enterprises'performance. Through the whole empirical test, we find many corporations try to adopt the M&A when their achievement is the worst, though the performance after merging is on the rise, the T test value is not very remarkable. In the grouping test, we conclude that trade factor, way of merging, and whether it is a ST company or changing first big shareholder has great effects on performance after M&A, but stock structure and whether it is paid transfer have no notable influence on it. At last, the author gives some suggestions for improving the acquisition performance of Chinese listed company. It seemed that reducing government interference, improving the information disclosure system and modifying the criteria for making seasoned equity offering were possible way out.