Mergers And Acquisitions Fund Mergers And Acquisitions Of Listed Companies Performance Research

With the rising of China’s economy in the world, the capital of rushing into China’smarket is increasing, and the measures of obtaining capital by enterprises are becomingmore and more diverse and pluralistic, while as a new method of obtaining capital, due toits unique advantage, M&A fund has played a positive role in consolidating industry,turning around the corporate in plight, improving the efficiency of enterprise, so itdevelops rapidly in the China’s market. However, M&A fund also has the disadvantage ofshort-term action. In this view, on the basis of current researches about M&A fund arevery limited, this thesis researches the actual impact of the performance of listedcompanies which are bought out by M&A fund through the comparative analysis ofcorporate performance before the M&A and later. This perspective of analysis is full ofreal value and certain theoretical significance.First, This paper combs the theory through literature analysis methods, and on thisbasis, analyzes the cons and pros of acquisitions fund and influences on performance oflisted companies which is in their acquisitions activities with the normative research andempirical research. Then this paper proposes supposition that mergers and acquisitionsfund will enhance the performance of the listed companies, and screens out31listedcompanies by mergers and acquisitions fund shares ranked within the first five of allshareholders from all the listed companies which is merged by acquisitions fund between2005and2006.In this paper, I use the descriptive statistics and factor analysis methods tocompare the performance of listed companies in M&A activity before and after a total of10years. The findings show that buyout funds have the positive influence on the listedcompanies in long term performance. At last，I propose some suggestions on promotingChina’s M&A Fund M&A activity.