A Research On Merger Performance Of Listed Companies In China

The five global waves of merger and acquisition(M&A)have produced a large number of large multinational companies,promoted the development of national economies,laid the foundation for the formation of the international economic structure.The deepening of economic globalization has made the economic links between our country and the international community increasingly closer.In addition,China’s economy is in the stage of transformation and upgrading,the industrial structure adjustment is further accelerated,the rapid economic growth and the continuous improvement of the capital market have led to the prosperity of the M&A market.The special form of M&A — merger is considered to be an effective strategic merger,has become an important way for domestic enterprises to optimize the allocation of resources,is playing an increasingly important role in the current listed company’s capital operation in China.Although there are many theories that merge activities can bring a variety of positive effects to the enterprise,but the performance of China’s listed companies is affected by a variety of factors in the merger.It is of great significance to study the motives,status and performance changes of the merger of the listed companies in China.This paper first summarizes the development history and research status of the merger of the listed companies,introduces the concept and classification of enterprises’ merger,and further explains the theory of merger on the basis of the theoretical research of scholars at home and abroad,including the Effective theory,agent theory,transaction cost theory,resource redistribution theory and risk dispersion theory,so that we have a more intuitive understanding.Secondly,it analyzes the present situation of the merger of listed companies in China,and finds out the main problems in the merger transaction.Based on the characteristics of China’s capital market,this paper takes nearly 100 listed companies in China’s A-share market as the research samples,uses the event research method and the accounting research method to construct the merger performance evaluation system,analyzes the short-term performance and long-term performance,researches the merger performance under different merger transactions,and gets the corresponding research results.Finally,the relevant countermeasures and suggestions are put forward for the present situation and performance in the merger.The main conclusions are as follows: First,the effect of the merge on improving the performance of the enterprise is not very satisfactory.The government behavior is often involved,and sometimes it does not provide reasonable guidance for the merger.Second,short and long term performance research conclusions are inconsistent.It may have a good effect in short-term,but did not completely make the two sides to complement each other in long term.Merger is a high-level form of equity capital operation,and the operation process is more complex,so that it is more difficult to integrate.In terms of short-term performance,the value of the overall sample company shareholders has been increased in the event period.In terms of long-term performance,the performance of the overall sample company has experienced the first drop and then the change.The performance of the second year after the merger is lower than that before the merger.Third,in order to improve the performance and to promote the healthy development of enterprises,the government needs to regulate the government functions,reduce the degree of intervention,improve the capital market construction and help service agencies.The enterprise needs to strengthen the strategic consciousness,pay attention to the coordination with the outside of the enterprise,and the integration quality.The innovation are as follows: First of all,in the selection of the research object,this article select the relevant data of hundreds of listed companies in the capital market,and do not study it in the form of case,so that the result is strong persuasive.Secondly,in the choice of research methods,combined with the event research method and accounting research method for short-term and long-term performance research,the short-term performance and long-term performance changes were compared before and after merger.Finally,in the selection of financial indicators,combined with the existing research literature,in accordance with the "enterprise performance evaluation index system",so the selected financial indicators can fully measure the long-term performance,the results are more reasonable.