Research On M&A Performance And Main Influencing Factors Of Chinese Real Estate Listed Companies

After nearly two decades of rapid development,the China's real estate industry is facing the same problems as the vast majority of the industry like removing excess capacity,improving the quality and Changing direction.At the same time,the merger and acquisition(M&A)of the real estate industry is also full development.However,whether the merger and reorganization can improve the quality and effici-ency,and how to improve the quality and efficiency,it needs to be seriously disc-ussed.This article mainly analyzes The Performance Change of Real Estate Listed Companies in China from 2010 to 2015 on the basis of the latest available data.The research of this paper will provide reference for how to improve the performance of M&A in China.The article choose real estate a-share listed companies in which M&A activity occurred in 2011 as samples.And choose all the real estate listed companies in the year as a reference group.Using the method of accounting research and factor analysis to build the comprehensive score of M&A performance to analyze the performance change of Chinese listed real estate enterprises during M&A.The following conclusions:(1)It can improve the company's short-term M&A performance significantly for China's real estate listed companies through M&A.However,the changes of long-term performance are not obvious.(2)The results show that the main factors are macroeconomic policy,ownership structure,type of merger and acquisition,M&A attributes,M&A scale and M&A integration.(3)If it is from the impact of the overall performance of M&A performance,The equity dispersion is better than equity concentration and the legal person share is better than that of state shares;If it is from the promotion of short-term performance of the company,horizontal M&A is better than other M&A model The Correlation transaction is better than the non-correlation,and The larger companies M&A performance is better than the small one.Finally,this paper puts forward some countermeasures from two angles of government and enterprise.