Study On Short - Term Performance Of M & A In North And South

With the development of global economy, M&A has become companies’ main way to expand their scales. M&A can promote the competitive strength of companies and help them gain more profit and advance the performance. In recent decades, the study of performance is playing a very important part in the field of M&A. So this paper does some researches on the M&A performance of the CSR merging CNR,analyzing the influence of the event on both companies.At first, the thesis briefly introduces the origin and background of M&A and then clarifies the goal and innovation of doing the research. On the basis of previous studies and theories, the thesis continues to study the modes of payment, M&A’s general motivations and some special motivations under the social and economic mechanism. In the following, the thesis employs the method of Event-Study Analysis,using Cumulative Abnormal Return as measurable indicator to analyze the M&A performance’s fluctuation of before and after the event. Then, the study concludes that CNR and CSR both gain positive Cumulative Abnormal Return, but compared with CSR, CNR gets a higher Cumulative Abnormal Return. What’s more, the thesis studies some other aspects of the M&A performance. At the end, the thesis states some deficiencies of the study and points the direction of the following studies,hoping providing certain reference for the research of M&A.