Research On Consolidation Merger Modes And Performances Of Listed Companies

Merger and reorganization is a way for a company to take capital operation, gain core competition and realize strategic development. Since 1980's, there is a merger tide sweeping all over the world headed by America, involving in telecommunications, steel, finance industry and so on. Merger in Asia market becomes active day by day in 21 centuries, attracting all the eyes from the world.And with the development of integrative global economy and our market economy in China, merger becomes the fast way to be strong and is cared by many companies and the government. However, how to make the merger business become simple and convenient in our market full with fierce competition? The cash merger, conversion merger or stock payment becomes as the indispensable ways for our companies to take, especially for the listed ones. And these ways are reinforced unceasingly.Consolidation merger is the derivative or high-grade form of merger. It means that the buyer still exists after the merger, and the target company is under and integrated in the main body. This merger can make or cultivate a listed company having international competitiveness, promote the international competitiveness of Chinese securities business, and accelerate Chinese listed companies and Chinese securities business internationalization.This paper is with the integration mode and performance research of consolidation merger. It introduces the theory of this topic at first. Then it concludes the feature and innovation of different modes by comparative analysis method on our successful cases. The performance is researched by two demonstration analysis ways: event study and accountant study. At last it summaries the issues of realizing the company fast and permanent development to pay attention to, in order to provide the precious reference for the development of capital market and company reformation in China.