An Empirical Study On The M&A Performance Of Chinese Real Estate Listed Companies

Nod to m&a both in theory and practice is an important means of enterprises rapid expansion and shortcuts because of various uncertain factors exist in the process of mergers and acquisitions,cause a lot of mergers and acquisitions cannot be successful or successful but did not realize the anticipated target of the enterprise mergers and acquisitions mergers and acquisitions is an important means of entrepreneurs used for rapid expansion of an enterprise not only,is also a theoretical scholars all heated in a theme of research.In recent years,China's housing industry has achieved vigorous development,but also because of rising house prices,the state also does not break introduced measures to curb the excessive growth of house prices in 2007,beginning in 2008,the real estate industry in our country started to usher in a wave of merger,acquisition and reorganization,to the m&a party due to mergers and acquisitions at a much lower bargaining power,it is with a low cost of mergers and acquisitions great opportunity of access to resources for the acquired party,through merger,acquisition and reorganization to integrate the resources opt out or transfer the project to gain greater development platform,also do not lose a good selection in this paper,namely from the background to the study of short-and long-term m&a performance of the housing industry.Research on m&a performance in the main is to use the traditional method and event study method,the study of short-term performance of mergers and acquisitions,most scholars believe that short-term performance of m&a abroad company ascension is not obvious,but most of the domestic scholars are in favor of mergers and acquisitions company after the merger of short-term performance improves,there may be associated with our country market economy system is not sound;And part of scholars believe that mergers and acquisitions in long-term performance research of the company's long-term performance after m&a has improved,and the other part of the scholars think that acquisition of the company's long-term performance after the merger does not rise but drop And EVA index method,this paper chooses to mergers and acquisitions after merger,the company's performance,and based on the research of the housing industry company,only to a unified conclusion.This paper firstly summarizes the relevant theories about m&a and m&a performance at home and abroad,then the third chapter briefly introduces the present situation of the real estate industry in our country and analyzes the influence factors of the real estate industry mergers and acquisitions,the fourth chapter about the application of EVA valuation model in enterprise mergers and acquisitions,then according to the design of the model of housing industry has carried on the empirical test of m&a performance of listed companies.This paper's results show that in the short term and the use of event study scholars concluded appeared inconsistent,both lateral and mixed mergers and acquisitions,mergers and acquisitions company in the short term after m&a performance is declining dramatically,and merges the EVA value declines are much larger than the mixed m&a;But the acquisition of the company's long-term performance after the merger,obviously,because of various reasons,after the merger integration make acquisitions gradually increased the wealth of the company,the mixing effect of m&a performance is better than horizontal mergers and acquisitions,it just conforms to our country real estate industry development present situation and requirements,mergers and acquisitions by mixing and dispersing the risk of enterprise funds,to create maximum benefits for shareholders.