Research On The Long Run Performance Of M﹠A For China List Companies By BHAR Method

This dissertation has gotten the conclusion that Chinese M﹠A is in a elementary process by introducing and comparing the history of overseas M﹠ A and Chinese M﹠ A. This conclusion main incarnates that the history is short, the success ratio is low, experiences are lack, the correlative laws are immaturity and theory researches are insufficient and etc. At the other side, as American economist professor STIGLER said, almost all huge corporate haven't developed mainly by intestine accumulation. So, M﹠A is the essential choice in the way of Chinese companies'development and grandness, and devotion into the worldwide economic arena. Our country's M﹠A truly presents a trend to gather momentum. M﹠A always relate with large sums of money and enormous social influence. In order to improve the M﹠A success ratio, reduce the blindness and provide with suitable M﹠ A theory in the Chinese background, so research the effect of M﹠A to companies is looming ahead.This dissertation choose the listed companies'M﹠A cases as the sample to research the Chinese companies'M﹠A performances. This dissertation used the method of BHAR to calculate the long run abnormal return, and scale the M﹠A performance of listed companies. Based on these data , used regressive analysis to scale influent factors'influence to M﹠A performance. Found on quantitative and qualitative analysis, this essay put forward some suggestions for Chinese M﹠A.This dissertation presents the following innovations:(1)Used some rational methods to calculate the value of expectant returns, provided with the basic to calculate the value of BHAR and research the M﹠A performance.(2)Used quantitative and qualitative analysis to explain affection of factors to M﹠A performance.