Research On M&A Performance Of Listed Companies In China

Enterprise merger and acquisition in the history of international has more than100years of history, the first peak of mergers occurred between1898and1903. With the development of the world economy today mergers in the wheel of history has gone through6merger wave. Economic development in China started late in Western developed countries, after the reform and opening up, China’s economy was beginning to take off, resulting in relative to the history of mergers and tie-ups in China Shi Lai said to much in the world. Track time during China’s rapid economic development, merger and acquisition of Chinese enterprises have gone through4peak. Mergers are not only plays an important role in the history of enterprise, in the history of the global economy has also left its indelible contributions. So before that, many experts and scholars have conducted a lot of research on Enterprise merger and acquisition and varying the direction of their research, research on motivation of mergers and acquisitions, there are study on acquisition performance. Scholars before most of the empirical studies of the merger is, although empirical research samples, research more accurate data, research findings are more persuasive, but it didn’t make the combined in the analysis of specific cases, readers’awareness on the impact of mergers and acquisitions for the company is not intuitive. This article is based on the previous study through a specific case study on acquisition performance of this foothold is the object of the study was primarily targets companies rather than acquisitions. The impact of mergers and acquisitions to both sides of merger and acquisition enterprises is different, this article focuses on the targets in the wake of mergers and acquisitions in terms of both non-financial and financial indicators that the changes that have occurred and before the acquisition of the status of a contrast. At the same time, author study of Shanghai jahwa "marry" ping an of China for a series of institutional changes and after product upgrade, by analyzing the cases summarized in this article gives a detailed description of the analysis. Comparison of research this paper is single, is a case study approach. This paper is divided into6chapters, two big ones. Research methods in part by document analysis and specification writing literature review, these two approaches knowledge acquisition performance analysis, in part using event study methodology and accounting research methods to analysis of specific mergers and acquisitions bring to Shanghai jahwa acquisition performance. First, the first starting from the reason for writing this article, and then summarizes the results of previous study on acquisition performance, and then comes to the theoretical analysis of acquisition performance, then wrote about the present situation of development of enterprise merger and acquisition in China. Secondly, described in the literature and theories from the preceding section, find of its Shanghai jahwa part correspond to specific case studies, see if the real impact of mergers and acquisitions on corporate performance is consistent with the theoretical conclusion. Main sections of this paper is as follows:Chapter one is an introduction, this chapter introduces enterprise mergers and acquisitions research background, objectives, research methods and, expected contributions and deficiencies. Introduction study background this article from three areas:mainly needs greater integration of the global economy, China’s rapid economic development, mergers and acquisitions played an important role in enterprise development needs. Main is the author tells the reader the purpose of the study the point of writing this article. Research thinking and method of writing in this article is written in what had been some of the specific ideas and research methods. Contributions and weaknesses in expected contribution and defects outlined in this article.Chapter two is the literature review. Literature review is introduced through the two aspects, namely merger motivation theory of literature review and literature review of merger benefits. Literature review of merger benefits contains two elements, a long-term acquisition performance of a literature review, literature review on two short-term acquisition performance. Section III on both a summary analysis of the literature, a literature review.Chapter III is a theoretical analysis of acquisition performance. This section, there are three elements, including performance influencing factors of acquisition performance theoretical analysis, mergers and acquisitions, and measuring acquisition performance. The focus of this chapter is to introduce the measure of merger benefits, which is the focus of this article. Method of performance measurement focuses on financial indicators and non-financial indicators in two ways. At the same time, financial indicators are divided into short-term financial goals and long-term financial targets, through financial index analysis can be very intuitive to see mergers and acquisitions before and after the performance difference. Can be seen through analysis of non-financial indicators of enterprise development potential in the future, as well as for long-term development of the enterprise’s efforts during the period.The fourth chapter is mergers and acquisitions analysis. Describes the development of Chinese listed companies (total of four stages of development), new trends in merger and acquisition of Chinese listed companies (trends in three), problems of China’s merger (introduces the three issues). This article by writing allows the reader of this chapter see merger and acquisition of enterprises in China now, and the extent of future development trends and problems in the merger right now. Matting it, for fifth chapters of specific case studies and guide.The fifth chapter is specific to the case study. Case study focuses on the implementation of mergers and acquisitions corporate backgrounder, acquisition, merger integration, and specific acquisition performance analysis for this case. Introduces the implementation of merger is the merger of incident specific operational processes. After the merger integration of Shanghai jahwa introduces the "married" after ping an of China in order to better achieve acquisition performance where and how to implement the integration profiles and the analysis of the situation. Performance analysis of acquisition performance analysis are divided into short-term and long-term financial analysis. Short-term performance analysis is primarily conducted through the event study methodology, study the merger of Shanghai jahwa impact of share prices in the short term. Long-term performance analysis of financial and non-financial indicators. Through long-term financial index analysis, we can see Shanghai jahwa changes that have taken place on the financial data after the merger. Through analysis of non-financial indicators of Shanghai jahwa United after the merger can be seen in the long-term development of improvements and efforts on related indicators.The sixth chapter presents conclusions and recommendations. Conclusion is written mainly for Shanghai jahwa make this merger a success reflected in which specific aspects. Proposal is written in the mergers and acquisitions to be successful need to pay attention to what matters.This contribution is reflected in the performance indicators on the whole. Includes non-financial indicators and financial indicators. There are six main non-financial indicators. Financial indicators have two broad areas. The performance of short-and long-term performance. Short-term performance using event study methodology the study impact of mergers and acquisitions on short-term share price. Long-term performance studies are mainly used6large financial indicators of relative and absolute indicators such as net profit. Then there is the long-term performance research also analyzes mergers and acquisitions give economic added value in this direction and extent of the impact of.Deficiencies in this article are mainly case study does not represent industry, limitations were in large measure responsible for this limited analysis of practical and persuasive enough. Second is what I want many data companies are not published, and manual data collection errors, the inevitable omissions. And writing time is limited and the author limited, and knows very little about enterprises’ merger and acquisition of knowledge, so a lot of understanding and analysis were not in place.