Mergers Of Chinese Listed Companies Performance Differences

During the late 90s of the last century, mergers and acquisitions conduction of listed companies increased, from 2000 to 2004,the mergers frequency has declined, in recent years, the frequency growth. However, behavior of corporate mergers, how improve business performance? Different people from different angles in-depth study, I discussed the merger performance differences from the industry perspective of the pillar industries.I chose the mid-industrialization of several representative pillar industries, Specifically chose eight industries:the real estate, construction and building materials industry, automobile industry, petrochemicals, non-ferrous metal industry, power industry, electronics industry, biomedicine, and to study the 2006 merger event study. Analyze the performance of various industries and changes in the magnitude of differences after merges, and through the global financial crisis, to test the anti-risk ability of various industries after the merger. I selected four financial indicators as performance indicators:earnings per share, the weighted average earnings per share, net assets and net assets per share rate of return.By studying the performance of different industries and performance of mergers, I find there are obvious differences in growth rate. And for any significant differences in various sectors of the reasons a detailed analysis. I think the market structure, mergers way, the correlation with the macroeconomic and government sector is caused the Performance variance. Article described the several reasons and put forward relevant policy recommendations.The main contribution of this paper is from the view of industry mergers and performance of an in-depth analysis of more unique perspective. The performance of literature from other research point of view, is to study behavior in a particular year or a way of merger performance studies, also have cases of analysis. This article from a different perspective of the industry conducted a study on the acquisition performance. On a systematic analysis of differences and put forward relevant policy recommendations.