An Empirical Study On Diversified M&A And Horizontal M&A Performance Of Chinese Listed Companies

With the further development of China’s socialist market economic system, the continuous improvement of M&A activities of our enterprises will be gradually showing the characteristics of standard and mercerization. In the topic of whether the performance of enterprises has improved after the occurrence of M&A activity,foreign scholars has made a large number of academic researches,using different methods in the past few decades,but the conclusion is also no agreement.However,what effect have horizontal M&A and diversified M&A on the performance of enterprises after M&A activity and whether it creates value for our enterprises and society also needs in-depth discussion of domestic scholars.This thesis summarizes the theory of M&A Motives, both at home and abroad were reviewed using the event study method and financial index method for diversified M&A and horizontal M&A’s acquisition performance and empirical examination of the situation of industry of our country and the background and the present situation of the performance of Chinese listed company M&A research system.On this basis, I select the2006-2008year of52groups (Performance of mergers and acquisitions of financial index data extending to the end of2010), using the SPSS software based on factor analysis method to study the horizontal M&A, diversified M&A and the total sample M&A company’s performance and dynamic process, reveal the horizontal M&A and diversified M&A’s acquisition performance’s differences, performance and types of M&A’s relationship. Finally, according to the above research conclusions put forward the relevant policy recommendations about the diversified M&A.