An Empirical Analysis On M&A Performance Of China's Listed Company

Merger and Acquisition (M&A) has a long history in western. It promotes the economic development in a lot of countries. In the condition of market economy, the corporation can absorb external resource and expand its running scale by M&A. In China, the history of corporation M&A is more than ten years, so is the listed company. Nowadays, a large amount of domestic and international M&A happened constantly. It had undoubtedly expanded the scale of enterprises at a fast speed. But whether had it increased incomes for the shareholders, created benefit for enterprises and brought value to the society? However, the discuss on whether the performance of M&A is good or not has never stopped all over the world, different economist holds different idea.On the basis of introducing the M&A's definition, this dissertation analyses the current principal theory about M&A existing in the west countries. By comparing, we have known about the basic driver causes for M&A in different conditions. Then we research the status of M&A among the listed corporations in our country. This paper gives the existed methods and the results of appraising the performance of M&A. Then we research the status of M&A among the listed corporations in our country. Because of the high ownership concentration and the lack of state-stock right, the agent risk in M&A become higher. So, we analyses the characteristics of the present M&A in China and the performance of M&A in China. In the empirical research part. Firstly, we studied the market reaction and merger performances of 116 samples that merged in 2002 by event-study methodology, then, we study on the variables of return of earning (ROE) and main camp service profit margin through 4 years from 2001 to 2004.At last, on the basis of empirical results, we provide some advice for improving the M&A performance in our country. This text launches the following research mainly:First we review the definition, the type and the mode of M&A, and then point out M&A is avital form as capital management is concerned. In order to survive in the severe competition, pursue the maximum of its profit and shareholders' benefit, as well as realize the adjustment of social industrial structure and make the resource to rational distribution, corporation makes use of M&A to expect to make the micro and macro performance of M&A come into truth. This chapter provide a...