Study On The Performance Of M&A Of Chinese Listed Companies

In the current capital market, the enterprise's merger and acquisition is the most can manifest its market efficiency and have an innovation vigor link. In the switcher emerging market, the enterprise are often insufficient the ideal in adapting the market economy ability, the long-term stability management, the rigorous financial control, long-term research and development strength, product aspects and so on renewal, How to arrange the enterprise's merger and acquisition reasonably and effectively, to realize the economic structure adjustment and the industry promotes, to govern the structure of the consummation company, to active stock market, to attract the investors, are always the topic which the government, the investor, the business management level and the scholar pay attention together.Since 2003, the Chinese Enterprise's merger and acquisition has assumed the trend of escalation widely, the merger and acquisition domain, multiplication of the pattern, have unfolded the Chinese Enterprise merger and acquisition appearance from certain stratification plane. Each scholar has also done the comprehensive research to the performance of enterprise's merger and acquisition , causes the enterprise's merger and acquisition regardless of theoretically all obtained a better development and the utilization in the actual operation. But, with the overseas scholar different is, at present the domestic scholar the sample choice merely displays to the merger and acquisition event in for unilaterally for to be listed's situation, but merger and acquisition both sides with very are actually few for to be listed's situation some people to conduct the research. Along with our country economy rapid development, between to be listed's purchase more and more are surely many, has the merger and acquisition performance research to be listed appears more importantly.This article first introduced the present domestic and foreign scholars regarding the merger and acquisition theory aspect contribution, including the merger and acquisition's concept, the overseas classics merger and acquisition theory as well as the domestic related merger and acquisition theory, and have carried on the limits to this article concept; Next, this article theoretically to affected to be listed merger and acquisition performance the factor to carry on the analysis, including factors as manager's ability and quality, government behavior and so on; Once more, through conducts the bilateral research to Our country To be listed merger and acquisition performance, finally discovered, the purchase company in the merger and acquisitionannounced day the shareholder's wealth obviously drains, goal company around merger and acquisition announcement date shareholder's wealth remarkable increase, but the merger and acquisition event overall performance is not remarkable changes, this article further to managed the performance and to be listed the total performance which took over control in the merger and acquisition occurs has conducted the relevant research, finally discovered in front of the merger and acquisition purchased the company and the goal corporate management achievement disparity is bigger, then always took over control the performance in the merger and acquisition to be also bigger; Finally, this article to studied has carried on the summary, from aspects and so on superintendent behavior, government behavior, stockholder's rights structure to enhanced the merger and acquisition performance between Our country To be listed to carry on the forecast.