China Listed Company Merger And The Performance Of Empirical Research

Merger and Acquisition (M&A) is an efficient method for enterprise external growth and the redistribution of the production resources. When China enterprises are facing to challenges in reorganizing and adjusting industry structures, it is an important channel too. However not all enterprise M&A can realize the above-mentioned functions, it's also a two-edge sword. Compared with the western M&A actions, the enterprise M&A in China has its own special character. Therefore ,it has immediate significance to appraise the present enterprise M&A performance and analyze the main influencing factors under the present condition for the M&A development in China. This paper is studied in the framework of "summarizing theory of M&A, researching motives of M&A and the main influencing factors, empirical studying the M&A performance of listed companies in China, finding the problems of implementing M&A in China and solving these problems.Major accomplishment of this paper is concluded in the following. First, concept of M&A is studied from the point of its form. Intension of company M&A, relation of asset reorganization and M&A and the basic modes of the M&A are summarized. Second, motives of M&A are studied in macroscopic way and microcosmic way, the influencing factors to the M&A performance are analyzed. Third, selecting the listed companies, whose M&A happened in 2000 and 2001 as samples, the changing tendency of M&A's performance in a long time are tested from whole to group. Forth, some advice for improving the M&A performance in our country are provided.