An Empirical Study Of Mergers And Acquisitions Performance By China’s GEM Listed Compancies

Merger and acquisition has become the main form of many companies on a global scale. After China took part in the WTO. Chinese capital market has become mature, the managers of companies come to realize that normative management can make the company stay sustained.The companies need to increase their own competitiveness in order to get better development, and merger and acquisition can expand the scale of companies. Many companies in order to achieve the effective breakthrough choose acquisition other enterprises, mergers and acquisitions has gradually become one of the common activity of capital market in China.Since the Gem trading in 2009, there were many companies to list in order to expand the scale of the market, and merger and acquisition became their common choice.As the Gem M&A activity increasing, the growth enterprise market gradually become one of the important areas of M&A performance study, large amounts of data and the Gem M&A also provides data support for the empirical study. Analysis in this paper,according to the actual circumstance of the development of the gem, gem M&A activity development present situation, selecting the growth enterprise market in 2012 mergers and acquisitions activity of 48 listed companies as samples, to accounting index method to choose appropriate financial indicators, using factor analysis method to select the public factors, build a comprehensive score model, it is concluded that mergers and acquisitions activity of T-2, T-1, T, T+1, T+2, empirically the periods of the change of the operating performance of listed companies, the main conclusions are:(1) In 2010-2015, the Gem listed company M&A activity showed a trend of growth,M&A amount is increasing, mainly in the form of acquisition of horizontal mergers and acquisitions. Gem in the performance of listed companies in M&A significant changes before and after T-2 phase of high performance of listed companies in mergers and acquisitions, T-stage 1 performance decline, T stage performance is the lowest, T+1period steady, T+2 performance improved significantly. According to the selection of financial indicators, enterprise’s profit ability, growth ability, debt paying ability have bigger influence on the enterprise performance before and after the merger.(2) From the perspective of empirical M&A performance, the overall sample company mergers and acquisitions before corporate performance decline, a year after the current M&A performance in stable condition, he second year after the merger of the peroverall performance of sample companies mergers and acquisitions improved in a certain period of time.(3) The Gem of the M&A performance of listed companies show up after a fall first process. In the short term, the merger and acquisition activity can to a certain extent,improve gem operating performance of listed companies in our country.Finally, combining with the characteristics of the Gem in China and puts forward countermeasures and suggestions for the Gem listed company merger and acquisition activity,and points out the insufficiencies of the article research on the outlook for future research.