Foreign Mergers And Acquisitions Of Listed Companies In China's Economic Performance Empirical Research

In recent years, the M&A of listed corporation by foreign capital developed rapidly, which brought important influence to our country's economy. So it is imperative under the situation to take up the task.In this paper, we review the common M&A motivation and operation performance theory, international M&A motivation and operation performance theory and relevant empirical result. On the base of the review, considering the specific situation of Chinese securities market, we analyze the motivation of foreign capital and Chinese listed corporation to take M&A. Then we bring forward five factors which affect the market response and operation performance of M&A by foreign capital. In empirical research part, we try to collect the stylebooks of M&A of listed corporation by foreign capital which happened from 1995 to the end of 2003. And we use Event-study Methodology, Nonparametric Test and Principal components analyse Methodology to analyze these stylebooks, in order to research the market response, influential factors and operation performance of M&A of listed corporation by foreign capital.On the base of theoretical and empirical research, we obtain some useful results. We believe that these results will provide valuable reference to the government, listed corporations and investors.