An Analysis Of M & A Performance Of China 's Retail Listed Companies

Since the turn of the century, China’s retail industry mergers and acquisitions quantity presents the fast growth, the number of mergers and acquisitions increased from 5 2001 to 2015 in 108, increased by nearly twenty times. In view of the phenomenon of the increasing number of retail mergers and acquisitions, in this paper,the present situation of retail industry mergers and acquisitions and m&a performance and m&a motivation is analyzed. Based on the analysis of present situation of retail industry mergers and acquisitions, the first reviewed the development status of China’s retail industry, analyses the main forms of China’s retail industry pattern.Through the analysis of the concentration of retailing industry, from the side to show a general situation of China’s retail industry mergers and acquisitions.This article selects the m&a incidents in 25-2015, 2006 as sample, the retail industry mergers and acquisitions performance analysis. Then according to the dupont analysis, from the enterprise financial profit ability, operation ability, growth ability,debt paying ability, capital stock expansion ability selection of the five dimensions of the 13 evaluation indexes, through factor analysis to the three years preceding the mergers and acquisitions, mergers and acquisitions that year, and three years after the merger of the performance comprehensive scoring model is set up, as measured by composite scores before and after m&a performance.Finally draw the conclusion: mergers and acquisitions of China’s retail industry to have not too much effect the performance of listed companies. In considering to explain the empirical results, this paper tries to start from the motivation of m&a.Respectively from the points of the basic reason of mergers and acquisitions,corporate mergers and acquisitions motivation, the government’s point of m&a motivation to analyze the enterprise m&a motivation, finally based on the empirical analysis results puts forward three Suggestions from the point of government,that is:1.Reduce government intervention in the process of m&a. 2. To strengthen theconstruction of legal system in China securities market; 3. Carry out classification management, reduce the agency problem. From the Angle of enterprises are also put forward three Suggestions: 1. Clear purpose of m&a; 2. To strengthen the enterprise resources integration after the merger; 3. To improve the management ability after m&a. In order to promote the healthy development of China’s retail market.