Study On The M & A Performances And The Influence Factors Of China's Retailing Listed Companies

Because of the typical scale economy and scope economy of retailing business, more and more retail enterprises choose to realize rapid expansion by mergers and acquisitions (M&A). Now M&A has become a hot spot of retailing business.With the scale expansion and opening up of retailing industry after successfully entry into WTO, the M&A deals are increasing gradually in China's retail market.Based on the qualitative analysis of M&A cases in China's retail market, this dissertation selected 36 M&A cases of china's retailing listed companies from 2004 to 2008, and used the method of TBHAR to analyze the influence of M&A on the enterprises performance quantitatively, then analyzed the possible affecting factors of the M&A performances by regression analysis. The results show that the M&A performances of China's retailing listed companies have a special change of descending firstly then ascending. And ownership concentration, the proportion of state-owned shares, the proportion of tradable equity, retail formats and affiliate merger have a certain influence to the enterprise performance in a short time, but in the long run, the M&A performances depend chiefly upon post-merger integration. Based on the above research conclusion, this paper also gives some proposals and views in the end.