Comprehensive Domestic Listed Companies, M & A Performance

This research is mainly about performance of merger and acquisition .For improving stock market in our country ,the merger behavior of listed company has grown rapidly . According to the phenomenon ,research in this field is very popular , as though researchers have not come to general recognition. At present the research in this field mostly stressed on extracting samples to perform qualitative analysis, and did not pay much attention to listed company's financial data quantitative analysis.According to present situation in the country ,having studied many kinds of theories of merger ,this research has analyzed process of listed company's merger to find potential problems in these behaviors. So I have withdrawn the certain quantity listed companies from the overall according to classified standards. Then i have carried on the analysis with the DEA(data envelopment analysis) model to its achievement and have used distribution lag model to analyze the DEA data. Through the research, i hope to promote myself in this field and help others a little in the future research.Meanwhile ,the DEA appraisal is a kind of relative validity ,It obtains relative efficiency by compare certain enterprise to the synthetic corporation. So certain enterprise's achievements value of various years cannot be compared directly. This article introduces the concept of the rate of achievements' change during one year and brings it together with the data of enterprise's merger behavior. Finally i have drawn conclusions that there is the weak correlation between enterprise's performance and its merger behaviors. This research contains:First it introduced this article research background, the research goal, present situation of domestic and foreign research as well as the content, method and frame of this study.Second it the mainstream research methods and real diagnosis research achievements of enterprise's merger and the concept, classification, theory of merger of domestic and foreign scholars.Third it introduced the DEA model and given an example to illustrate how the DEA model is used in this article.Fourth it calculated Chinese listed companies' achievements by the DEA model; analyzes correlation dependence between companies' achievements and their annexing behaviors according to the distribution lag model; draws the article's conclusion on this problem.Fifth it gave several suggestions, which is based on the conclusion made above, to government department and companies; indicates several insufficiencies of this article paper and makes the forecast to the future of model revision and research direction.