Manufacturing Listed Company Merger And The Empirical Study Of The Efficiency And Performance

Nowadays Chinese government is regulating state-owned economic structure strategically. As an important means, merge and acquisition(henceforth M&A) can regulate economic structure and distribute resources, at the same time corporations may also develop rapidly through M&A. Under this background, studying M&A is very important and great significant topic in socialist market economy.The studying target of this thesis is about manufacturing industries' listed companies' M&A from 2000 year to 2004 year. Based on the hypotheses of the efficient market, the market structure of manufacturing industries belonging to monopolistic competition type and the rationality of M&A, the thesis analyses the reaction of stocks and the performance evaluation of the listed companies during the course of M&A. In the short term of M&A, for studying M&A's stock market efficient, the thesis use event-studying to analyze whether M&A bring any extra profit to the listed companies' share holders. In the long term of M&A, for studying M&A's performance evaluation, the thesis use accounting-studying and Wilcoxon test to analyze whether M&A bring any changes of companies' performance evaluation. The conclusion of the thesis reveals that all M&A do not bring any extra profit to the listed companies' share holders; manufacturing industries' M&A and manufacturing industries' horizontal M&A make its listed companies' performance evaluation improve distinctly, the performance evaluation of vertical M&A and conglomerate M&A of manufacturing industries do not change. According to the thesis's definitions of M&A's market efficient and M&A's performance evaluation, the thesis think that manufacturing industries' M&A and subdivisional manufacturing industries' M&A are all successful. There are two new methods of studying M&A in the thesis, one is that the studying target of the thesis is about manufacturing industries' listed companies' M&A and the market structure of manufacturing industries is hypothesized to monopolistic competition type; the other is that the thesis uses comparing samples to make a reasonable and compared environments for analyzing M&A's performance evaluation.The paper consists of six parts: firstly, reviewing the documents and submitting the researching target and ways; secondly, stating the concept, type and theories of M&A; thirdly, the studying hypothesizes and the studying samples are explained; fourthly, analyzing the stocks' reactions of the listed companies during of M&A; fifthly, analyzing the performance evaluation of the listed companies during of M&A; lastly, drawing the conclusion of the thesis and analyzing and explaining it.