The Empirical Study On Performance Of Mergers And Acquisitions In China's Listed Companies

Since Mergers and Acquisitions (M&A) rise in western countries with the United States as their representative, five big tides of M&A have taken placed in the world. M&A, as a means of resource redistribution, is playing an important part in the growth of an enterprise. After 1990's, with the establishment and development of security market in our country, M&A of listed companies is becoming a hot issue in our economy. Currently, it's not long for China to realize its promise to WTO, global competition will come true. Our economy will join in the globalization more widely, deeply and rapidly. M&A of Chinese listed companies will meet a brand-new phase of development.M&A tides lead scholars, home and abroad, to deeply discuss the performance of M&A from different scientific angles, but not a single conclusion has been made yet. Then, how is the performance of M&A since a large number of M&A of Chinese listed companies happened constantly? Has it really created value? Therefore, this article makes an empirical study on performance of Mergers &Acquisitions in China's listed companies, exploring the performance of value creation of the Mergers &Acquisitions in China's listed companies.Based on the viewpoint of M&A value drivers, the essay provides a new idea on the performance of M&A value. Based on explaining the theory of M&A value drivers and its performance, it analyses the influence that M&A strategy has on enterprise value and value drivers, to introduce the Value-Based Management, to discover M&A value drivers and to convert it into meaningful key Performance indicators, so as to construct a system of key Performance indicators to evaluate the performance of M&A listed companies. Based on this, it analyses the performances of M&A of Chinese Listed Companies using a score function with the Factor Analysis method, and it turns out M&A hasn't fundamentally improved the management performance of listed companies. Through this study, I hope find out some sound evidences to prove the performance of M&A listed companies in China, to make M&A really become a path for enterprises to discover and create value, to provide Chinese listed companies with some lessons to make decision of M&A, and provide government departments with some instructive advices in making policies and supervision for their reference.