| The mergers and acquisitions (M&A) of the firms, especially the oversea M&A, is a significant function for enlarging the scale of the firms and exploiting the oversea markets, which is being paid more and more attention by the Chinese government and sino-enterprises. In the October of 2007, the Subprime crisis brake out in the United States, which evolved into a financial crisis of the west world. From the beginning of 2008, the financial crises started to influence the real economy: the real estate market kept in a depression; and the price of the recourses fell a lot. Along with the stock market shrinking, the capital market bubble is over-squeezed, and the policy barrier is becoming loose. Here finally comes an opportunity to speed up the distribution of oversea market for Chinese firms that are with a strong desire to mergers and acquisitions, and were not seriously affected by the financial crisisFrom the perspective of M&A performance, this paper conducted an empirical analysis on overseas M&A activities of Chinese listed companies through the DEA method on the background of the financial crisis. The Super-Efficiency Model of the DEA method is applied in the paper to reveal the features of the banks'production efficiency, and then to evaluate the overseas M&A performance of the firms.For the first time, the paper applied the Redundant Input and Output in the Super-Efficiency Model to analyze the M&A performance. It rectifies the Pareto Effect of the pure performance study by analyzing the input efficiency of the firms .For breaking through the limitation of the short term and few samples, the paper makes use of quarter financial data of the Chinese listed companies to obtain a clearer results.To overcome the limit of the short time span from the beginning of the financial crises till now, in order to obtain more specific results provide a strong basis, we use the quarterly financial status of listed companies based on the input / output data as research data, which has greatly enriched the sample within the limited time. At the same time, it makes it possible to study the integration process after the M&A. By deeply studying the relationship of the resource utilization level of the firms and the production efficiency, the paper reveals how the new parts affect the firms'efficiency, and empirically proves the importance of the Integration process for the M&A. |
