Empirical Study Of The M&A Performance Of Listed Companies In China

The merger is an activity that a party obtain the other party or multi-party business enterprises equity or assets,and its control over the behavior through different means of payment.The essence of enterprise M&A is resource transfer activity,and the purpose of enterprise M&A is that various enterprise resources effectively combined to achieve the optimal allocation of resources.With the development of China's reform and opening up the system,especially in 2005 after the split share structure reform,the M&A is becoming an important way to achieve rapid business expansion,the number of mergers and acquisitions of companies also showed a linear growth.Whether M&A can improve corporate behavior that has become the core issue of the theory and practice attention.Therefore,in-depth study of the performance of listed companies in M&A for the proper use of resources to effectively integrate acquisitions has important theoretical and practical significance.This paper analyzes according to the theory-empirical-suggestions.First,this paper analyzes the current situation through regarding M&A of domestic and foreign scholars.Then,selecting from the M&A performance of listed companies in China in 2010,and reorganizing database screened 426 listed companies as samples.This paper use accounting research,from the overall sample and classify samples to study the performance impact of M&A.Selecting nine financial indicators constructed from composite score model solvency,operating capacity,profitability and development capacity of the four angles.Using statistical software spss19.0 is to do empirical research from 2009 to 2013 M&A performance.After the study we found that:From the overall sample,the M&A gives enterprises to enhance short-term performance,but does not have the sustained performance of mergers and acquisitions that increased at first after a downward trend.Samples from the classification point of view,whether the merger is from relevance of view,the results show the relevance of M&A performance is better than non-affiliated companies;The subject from the perspective of the way M&A,research shows that equity merger showed the superior performance than asset merger,but the risk of equity merger is greater than the asset merger acquisition.Finally,according to research findings and China's economic environment,we propose measures to improve our M&A performance suggestions.