M & A Performance Study, Based On The Eva Index Of Listed Companies In China

M&A activities have been in the ascendant since the first M&A activity happened in America at the end of 19th century. All of the world has been undergoing five M&A tides till now. With the development of capital market and reforming of stated-owned enterprises moving forward, M&A activities are also arising continuously in domestic security market.This caused scholars began to examine M&A's effects with great interest. Presently, most of them agree that the objective corporations could benefit from M&A.However, whether or not M&A activity is good to acquiring corporation, it is still in question.Beginning with the concept of corporate financial value,using the conception and method of economic added value, this paper analyzed whether or not M&A activities add acquiring corporate value on the base of demonstration ,hoping to giving some useful advices for the future M&A activities.First of all,the thesis introduces the main two methods of researching the M&A effect and the main reasons of choosing the EVA. Secondly, the paper chooses 66 listed companies which have M&A activities in 2002 as sample and caculated the EVA of these companies from 2001 to 2005.Through collecting and analyzing the data, we concluded that not too many enterprises have got benifits from the M&A activities. That is to say acquiring companies have no considerable discrepancy before and after M&A. Finally,the essay analyzed deeply the behavior of domestic M&A cooperating M&A value-added theory and real state of our country,and gave some advices improving M&A effects.