The Empirical Research On The Performance Of Diversification M&A Of Listed Companies In China

Diversification M&A is the primary way about diversification management and enlarge the scale of the corporation.It is the arguable topic about whether diversification M&A could acquire performance for the corporation. Foreign scholar apply traditional research method discover that diversification M&A could not improve the performance of the corporation.Along with opening grade increased about Chinese market,diversification M&A become the primary way about asset acquisition of the corporation.Whether diversification M&A can bring back performance for the corporation become focus that people pay attention to.And because particular about market environment in China,traditional research method could not measure the performance about diversification M&A very well. Under this circumstance,using a new method to measure the performance about diversification M&A of corporation in China plays a significant role.In the first place,this paper analysis theory about the diversification M&A,in order to provide explain foundation about latter analysis.Then analysis the deficiency about traditional research, combine with the DEA model and optimization group thought construct the model to measure the performance of diversification M&A about corporation in China.Using the efficiency index of the model denote the performance of the corporation.Then this paper select the sample issued in 104 diversification M&A listed corporations in 2002,from 2001 to 2005 account index.Using the whole performance,technic performance ,scale performance make contrast analysis about diversification M&A performance,and test with the result.Using the same index analyse different trade and ownership structure sample performance. Finally, based with analysis result combine with the factor about manger, corporate governance,finance,scale, competition make a influencing factor analysis, to explain what factor could affect the performance about diversification M&A.