| Merger and Acquisition (M&A) is always one of the hotspots on research of listed company. The M&A research of listed company are in the beginning in China, but with the development of securities business in China gradually, and M&A act frequently, the research is become more and more valuable. Following the development quickly on the market economy in China, the M&A problem of listed company is more and more noticed by scholars. Foreign scholars have done much research on it, but local scholars research it later, and many of them research the short-run performance effect of M&A. This paper mainly r esearches the long-run performance of M&A using empirical method, evaluates the strength and weakness about M&A of listed company to table a feasible proposal.Through empirical research method-finance index analytical method, the paper researches the long-run performance of M&A of listed company in China. We use the sample data which is happened in stock A of SHEN & HU stock markets from 1998 to 2002, and analyze the performance effect of acquiring firms. The time segment of research is between 1997 and 2005. According to 11 finance index, such as EPS, inventory turnover ratio, ROE, asset-liability ratio, liquidity ratio and so on, and factor analysis method, we can analyze the long-run performance effect of M&A of listed company. At the same time, the paper also analyzes the sample data which is from SHEN stock market and HU stock market respectively, to compare if the difference of area affects the M&A performance. Then, the paper analyzes the sample data which is according to the diversity of WIND industry, to compare if the difference of industry affects the M&A performance.According to the sample research, the mainly content and result as follows:1. As the whole sample data to say, the short-run performance is enhanced to some extent after M&A, but the long-run performance is decreased.2. As the sample from SHEN and HU stock market to say, there is a little difference in M&A in areas. |
PDF Full Text Request