Empirical Research On The Performance Of Mergers Acquisitions And Restructurings Of State-owned Enterprises

Since the "BAOYAN" incident in1993, merger, acquisitions and restructuring (M&A&R) of listed firms developed at an alarming rate. Even in2009after global financial crisis, the transaction volume of the global M&A&R fell26percent to＄2.4trillion—the lowest transaction volume since2004.But the M&A&R with China reached its highest level—the transaction volume reached＄166.4billion.China has the most state-owned enterprises, it has a wide national ownership and plays an important role in the development of China. So M&A&R of state-owned enterprises are the main body of M&A&R of China, we can be in perspective Chinese M&A&R through having a research on it, so researching M&A&R of state-owned enterprises is meaningful.Under current circumstances, state-owned enterprises have many problems, for example, assets are too large and its quality is poor, serious internal control problem. Such problems show that the reform of state-owned enterprises has a long way to go. M&A&R as a necessary means of deepening the reform of state-owned enterprises, we should pay attention to it. George once said that world famous enterprises almost no one do not adopt M&A&R to grow in a way, no one can grow by completely internal accumulation. M&A&R as an effective means that optimizing the allocation of resources、industrial structure and enhancing the market competitiveness has been the public recognition. For state-owned enterprises after M&A&R the operating performance has improvement or not is the focus of the article.The article takes the listed state-owned firms that occurred M&A&R in2007、［2008and2009as the original sample, and at last sorts out143samples by s series of screening. With software SPSS, the article used the principal component analysis of factor analysis to calculate the factor score of143samples before and after the M&A&R, get the factor scores trend chart. Because the composite score did not change significantly, than the article used the non-parametric tests to analysis the significant of the factor scores in each observation period, finally calculate the mean and the positive of the factor composite scores difference, according to them overall evaluating the operating performance change of the overall samples、the target company samples、the buyer samples. The article gave the samples classification according to the way of M&A&R, and focused on researching the samples under asset acquisitions and asset divestitures.