Use EVA Index Research M&A Performance Of Real Estate Listed Companies

M&A is an important means of capital expansion, it is also the important way for the enterprise rapid expansion. M&A is one of the most important functions of capital market to achieve the optimal allocation of resources， andrealize the capital expansion in low cost, high efficiency. But due to the complexity and diversity of M&A, many company did not achieve the M&A target.M&A is not only entrepreneurs used for rapid expansion of an enterprise means, it is also the same theoretical scholars all heated in a theme of research.In recent years, China’s real estate industry has achieved vigorous development, but also because of the rising development, countries are constantly took measures to curb excessive growth of the price of the estates. Government policies on the estates has resulted in the integration of the peak, based on thethis background, this article intended to study the real estate agency of short-and long-term M&A performance. Most scholars research on the performanceof M&A mainly adopts event study methods and accounting research methods,in terms of short-term performance, most scholars have the same conclusion:after merger the M&A company’s short-term performance will be improved; but there are controversials in long-term performance, some scholars think that mergers and acquisitions contribute to the company’s long-term performance improvements, and the other part of the scholars think that M&A can make the acquisition of the company’s performance fell. this paper chooses EVA index method to study the performance after mergers and acquisitions, and only pick upreal estate industry trying to get a unified conclusion.This article’s results show that in the short term both lateral and mixedm&a, these company in the short term after M&A performance has obvious improvement, and horizontal m&a is better than that of mixed m&a; due to various reasons, the acquisition of the company’s long-term performance after themerger, after the merger integration did not increase the wealth of the buyoutfirms, the loss of wealth about mixed m&a company is greater than horizontal m&a company.