The Research Towards The Mergers And Acquisitions Performance Of Defense Listed Companies

As the deepening of civil-military integration and the growth of defense industry enterprises' asset securitization,defense industry enterprises started to expand through adjusting capital market and optimizing resource allocation.Defense listed companies have gradually become the main power to promote the marketization reform of defense industry since Guidance on Promoting the Shareholding System Reform of Defense Enterprises and Implementation of the Interim Measures about the Shareholding System Reform of Defense Enterprises promulgated in 2007.Over the years,frequently mergers and acquisitions(Hereinafter referred as M&A)of defense listed companies have made promoting market expansion and integrating resources through M&A a feasible way to improve enterprise performance.Therefore,to study the impact of M&A of defense listed company,analyze both its influence factor and effect degree and put forward feasible policy suggestions would promote the development of national defense industrial market,improve the M&A performance of defense listed company,reinforce cooperative effect of M&A and deepen civil-military integration.Based on domestic and international studies on M&A performances,the paper which selected M&A of defense listed companies as research subject,firstly defined the delimitation of M&A of defense listed companies and analyzed the principle of M&A through economic theories.Secondly,the paper chose major asset-reorganizing events from 2005 to 2015 to study what concrete,short-term and long-term effect M&A had on company performances from the perspective of M&A type,product field,kinds of underlying assets and the correlation to the transaction by using factor analysis model,multiple linear regression model and test methods.With empirical research,conclusions are educed:(1)M&A doesn't produce active effect in improving defense listed company's corporate performance;(2)The impact M&A type,product field,kinds of underlying assets and the correlation to the transaction have on defense listed company's corporate performance varies with time duration.At last,the paper proposed countermeasures to improve corporate performance of defense listed company,deepen civil-military integration and promote the development of national defense industrial market from the angle of government,enterprise and society.Choosing defense listed company as the starting point,the paper that broadened the view of civil-military study provided empirical support for national defense industrial market reform and guidance for decision-makers of listed defense companies,which stimulates the development of national defense industrial market.