| With the development of economic globalization, the sixth wave of mergers and acquisitions is the rise worldwide, in order to capture a larger market share, foreign enterprises have by way of mergers and acquisitions, the rapid expansion of business scale and enhance the competitiveness of enterprises. Both the number of M&A transactions, the amount of the transaction or the spread of industry, geography and so on has expanded each year. The acquisition of Chinese enterprises will seize the opportunity of the global economy, moving from the past, the main role of the asset is acquired gradually become a major asset to the acquirer.In the role of market mechanisms, to obtain operational control of the business enterprise of the other, through the acquisition of some or all of the other property companies to achieve business integration assets. In recent years, with increasingly sophisticated all-round development of China’s economy and capital environment, our M&A activity gradually increased, especially listed companies before the merger occurrence valuation of enterprises, contribute to the target company has more reasonable knowledge and understanding, capable of enterprise value and acquisition value of the target company’s situation has a more comprehensive grasp of the merger to determine the success of an important help. Therefore, studies to assess the problem in the M&A situation in China is of great significance.This paper is divided into five parts, the first part introduces the background, sort of research on domestic and international mergers and acquisitions and corporate performance correlation, analyzed a variety of perspectives; second part describes business valuation and theory of mergers and acquisitions, business valuation leads through mergers and acquisitions, business valuation methods introduced, and laid the theoretical foundation for empirical analysis below; third part, on the basis of the second part of the theory, with41listed real estate companies as samples, Select the2000-2012year data, using factor analysis, regression analysis method to do empirical analysis of the correlation between M&A and corporate performance; Part IV, EVA valuation case study; Section V, conclusions and recommendations.Firstly, using the model of the M&A performance study to evaluate the sample, and then a comprehensive performance evaluation scores as the dependent variable and the explanatory variables selected in this article multivariate linear regression analysis of backward strategy, research shows that M&A transactions related or not, the cash payment, Target asset-liability ratio, corporate free cash flow, the relative size of the target company’s choice, as well as mergers and acquisitions in descending order, a premium level of importance of the impact on M&A performance. |
