| In recent years, in appreciation of the RMB, the investment driven economicgrowth mode in the background of Chinese, listing Corporation launched overseasM&A events showed a irsing trend year by year. Listing Corporation merger andacquisition behavior in the capital market, its core purpose is to realize the synergiceffect the operation of the enterpirse itself, and ascension birngs about equity valuefor shareholders, the stock market often fluctuation abnormal before and after mergerannouncement date, thus forming the announcement to the so-called wealth effect,wealth effect in the short term will often to the shareholders, bring the excessproceeds or excess of loss, the short-term stock market changes can explain theimpact of mergers and acquisitions of the long-term performance of enterpirses in alarge extent, this is the core problem to be solved in this paper.Based on such a problem, this paper adopts demonstration research method,through the construction of2008-18cases of overseas M&A cross section data of2010years China listing Corporation, by the international popular event study methodand accounting method, phases of announcement of wealth effects of long termperformance, enterpirse, association and among the two empirical analysis, proved therelationship announcement of wealth effect and the long-term performance ofenterprises. Draws the following conclusion:(1) The stock market has the wealth effect is positive, the negative wealth effectto, this proves that China’s stock market in the signal transfer function has beenfurther improved, changed the taste of the M&A events give positive evaluation ofthe non rational market ills. (2)The merger company most Sample Firms3fiscal years in overseas mergersand acquisitions in the profitability, solvency indicators, cash flow capacity indexdeclined in different degree, but the majority of Sample Firms shareholdersproiftability has improved, the overall risk level differentiation phenomenonobviously, performed significantly better than the resources industry companyindustry company overseas M&A after the long-term financial performance ofhigh-end manufacturing.(3)The wealth effect and the M&A a stock announcement completion oflong-term performance atfer M&A is the existence of relevance, before and afterannouncement day cumulative excess return volatility of size and direction andprofitability, cash flow is positively related to creativity, and shareholder profitabilitysignificantly negative correlation. |
