The Research On The Performance Of M&A Of Chinese Listed Companies And Influencing Factors

Mergers&Acquisition, refers to mergers and acquisitions among enterprises. Merger, in1989, jointly issued by the State Commissio n for Restruc turing、the State Pla nning C o mmissio n, Ministry o f Finance and State-owned Assets Administration Bureau on " Interim Measures on corporate mergers", which is defined as "an act, that an enterprise buying the property rights of other enterprises to letthem lose legal personality or change their legal entities";acquisition refers to an enterprise realize its actual control of other enterprises through the purchase of their whole or part of assets, the acquirer still has an independent legal personality. Cause mergerand acquisition both are using property rights transactions to control acquirer, we call them M&A.In the process of mergers and acquisitions, a variety of market factors, a variety of resources goes to the most capable of producing cost-effective place to achieve the optimal allocation of resources, and promote the development of capital markets. Marx once asserted that capitalism due to the presence of large-scale socialized production and the production of personal possession of fundamental contradiction is bound to perish, however, untilnow, capitalism stillexists, which is due to mergers and acquisitions to resolve this contradiction, small and medium enterprises can be merged into one large enterprises, being listed companies, the production will also change from the individual to the public. Western countries, since the late19th century, have experienced5waves of mergers and acquisitions, and now is facing the sixth wave of mergers and acquisitions. The protagonist of the China M&A market-private enterprise in the1990s, multina tio nalcorporations in2000s a nd the state-ownedenterprises after2004have been the lead singer. Recent trends show that the protagonist of the next period will be listed companies.They are characterized bysearching for M&A outside the country and integrating theindustry.Whether M&A will bring the positive effect for listed companiesis researched by many scholars in our country, the methods is basicallylearning from foreign mainstream research methods which is financialindicators method.This paper adopts accounting study to research M&Aperformance. In accounting study, this paper establishes a system offinancial indicator. The sample used in this study includes M&A casesover the period2008to2009, finally there are59takeovers satisfyrequirements.The main conclusions are as follows:(1)In our country, M&A doesn’t improve the performance in thelong run;(2)In China, strategy, motives, operation, government-orientedand post-merger integration are important factors on affecting M&Aperformance.