Performance Evaluation In Mergers And Acquisitions Of Listed Companies In Our Country

The reform of non-tradable shares has very important significance to China’s Capital market. With the reform going on and completion, a wave of mergers and acquisitions will be put on between the listed companies, listed companies and unlisted companies, so that Stock-for-Stock will be a major form of mergers and acquisitions. Stock-for-Stock as a way of optimal allocation of resource will be popular around the word, especially in the context of the international financial environment has become increasingly loose.There are many empirical researches of the mergers and acquisitions performance, in particular empirical research of financial performance. So that play close attention to mergers and acquisitions tends and results of listed companies, which is conducive to promote the development of the listed companies themselves; to promote the progress and perfection of the securities market in China.This paper selected23carried out Stock-for-Stock listed companies as samples, adopted four categories including eleven financial targets, used PCA (principal component analysis), with the aid of SPSS software, extracted the principal components from the eleven financial targets, built the model of the comprehensive scoring function to solve comprehensive score of the sample companies. At last, use the comprehensive score reflect company performance.Through research concluded that the overall performance of listed companies present a downward trend after mergers and acquisitions. On the basis of analyzing the reason of the overall performance decline, from completing legislations about outside environment and firming corporations’management, put forward some policy suggestions on improving integrative securities mergers and acquisition, perfect ownership structure of the listed companies and corporation administering structure.