Listed Companies In China M & A Performance Empirical Analysis

In recent years, with the rapid development of global economy integrative progress, there have been more and more merger and acquisitions because the companies improve competitive ability to gain richer profit. The enterprise merger and acquisitions present a series of characteristics, the quantity is many, the scale is big and the mode tends to internationalization. As one kind of voluntary property right business, Merger and Acquisition (M&A) becomes an effective capital running mode that it make the companies pursue the maximum corporation value and rapid development. In modern economics there is an obvious phenomenon, every big company uses M&A mode to develop from a small one into a great one. But with the rapid development of companies M&A in our country, the companies face much more difficulty and the M&A results are not satisfactory because of historical, institutional and other reasons.The research purposes of the article have two points. The first is to analyze the financial indicators of the sample listed companies from the year before M&A, the M&A year, the first year after M&A, the second year after M&A. and summarize the status in quo of M&A performance of listed companies in China. In allusion to the actuality of low M&A success ratio and the situation of our country , I will bring forward to the influence factors of M&A success ratio and indicate measures to improve the performance of companies M&A. The research is used for reference to future M&A of listed companies.The thesis has five chapters. Chapter 1 is prolegomenon. Introduce the research background, the purpose and meaning of research, the main content, thinking route and research methods.Chapter 2 is company M&A theories and the evaluate methods of M&A performance. Introduce the concept of M&A, the types and those M&A motivation. And expatiate the kinds of evaluate methods of listed companies M&A performance, then bring forward to the analysis method that the article will use.Chapter 3 is empirical analysis of listed companies M&A performance in our country. Firstly, introduce the development situation and development phases of Chinese listed companies. Secondly, analyze the financial indicators of the sample listed companies from the year before M&A, the M&A year, the first year after M&A, the second year after M&A through the selection of research object ,samples ,financial indicators of M&A performance evaluation. Finally, summarize the status in quo of 2004 M&A performance of different kinds of listed companies in China.Chapter 4 is analysis of the influence factors of Chinese listed companies M&A performance. According to the empirical analysis, find out the question of listed company M&A and analyze the influence factors of M&A performance.Chapter 5 is the measure of improving listed company M&A performance. Based on the influence factors of M&A performance, indicate the measure of improving M&A performance.The main contribution of the article has two points. First, through the empirical analysis of national listed companies M&A performance, the conclusion about the listed company M&A performance is brought out. The performances of three kinds of M&A are all not very steady, horizontal mergers are better; conglomerate mergers have wide fluctuations, more uncertain reasons and need long time inspection; vertical mergers are the worst and the performance is constantly fallen. Secondly, based on father research and the situation in China, I study the factors from the angle of M&A conformity, manager activity, finacing tools and law environment, then put forward the thinking route and measures to improve listed company M&A performance. The article will provide the reference of future listed company M&A, and furthermore, it will give help to the people that they engage in enterprise M&A practice and theory research.