The Empirical Study On The Performance Of M&A For Listed Companies Based On EVA

Into the21st century, the global M&A transactions created a record both in quantity and scale. Clearly, the M&A activity has become an important way to seek expansion and development, many companies actively contributed to the occurrence of M&A activity in order to pursue their own interests away. M&A activity, however, can really make a profit for the enterprise, or increase the shareholder’s wealth? It has also been an academia controversial problem. Over the past few decades, especially in Western countries, considerations focused on M&A performance in the following two methods:Market research method and financial index comparison. Due The consideration of the different methods, the conclusions are unable to agree on which is right. Western scholars have put forward two main considerations performance in recent years, there are many scholars have raised objections that the above method has its own limitations, can not fully reflect the true performance of the enterprise, and thus proposed a new research methods—EVA indicator method. Even EVA indicators appear relatively late, but it has been popular in the academic field, it can avoid the above two methods to measure performance limitations. Moreover, in view of the incomplete efficacy of China market and the existence of whitewash financial data and other special circumstances, This article is also based on the basis of the results of previous studies and combined with China’s actual situation, the choice of the EVA index to measure the performance of the master and the company’s M&A activity, and give their own conclusions.Although China’s capital market started late, but complex and changeable:in2006the split share structure reform and the2008economic crisis. The economic situation in the complexity of enterprise performance is also caused by the multiple effects, increased our difficulty of research. Therefore, based on the2008 M&A activity61companies and without the occurrence of M&A activity61companies as the research samples, through were calculated for two samples in a year, the year of and two years after M&A activity, EVA value analysis of enterprise performance changes, then compare two different study samples, take economic situation investigation of conditions and other factors of M&A activities impact on corporate performance, analysis of China’s M&A activities are real and bring a long-term performance. Through the empirical study found that:the year of M&A, company performance to be improved greatly; compared with a year ago had the obvious promotion; one year after the merger, the main and the value of the company began to drop substantially, the wealth of shareholders suffered losses.The structure of this paper is organized as follows:First, in the introduction section describes the background and significance of this research, ideas and content, innovation and research limitations; Then from the market research, financial index method and EVA index method to the domestic and foreign research literature reviews and commentary; In the third part, define and explain the related theory, including acquisition of relevant theory and EVA system theory In the fourth part, introduced to build a EVA computing model and sample selection condition and reason, the fifth part in the evaluation of mergers and acquisitions activity and without the occurrence of M&A activity of enterprise performance based on the M&A activities, analysis on the impact of corporate performance; the last of the conclusion of the study are summarized and given a reasonable explanation, and then from the macro management and micro operation two respects put forward policy suggestion.