Empirical Research On The M&A Performance Of Chinese Listed Companies

With the rapid development of our economy,there are more and more mergers and acquisitions of Chinese Enterprises in quantity and scale.M&A plays an important role in the development of enterprises.It is an important strategic choice for enterprises to expand the scale and improve the competitiveness of them.Beside,it is an effective way to optimize the allocation of resources.In recent years,there are more and more merger and acquisition activities in Chinese real estate industry.Under the pressure of the national macro-control and industry competition,a number of real estate listed companies have been found to exist and develop.To get industrial integration and resource allocation optimization,it is the best way for real estate enterprise to choose the merger and acquisition.At the same time,it is an effective way for them to improve the industry concentration and achieve a healthy and stable development.Domestic and foreign scholars have carried out deep research in company mergers and acquisitions motivation and M&A performance.The M&A has close relationship with national economic system and development condition.As the feature of complexity and diversity,there are no consistent conclusions to the study.Nowadays China is at the critical period of deep reform and economic transformation.So the study of merger and acquisition performance of Chinese real estate company has big significance.It introduces the concept of M&A performance and the evaluation method of M&A performance.This paper introduce the evaluation index system of companies performance.Then we expounds the construction of the M&A performance evaluation index system of listed companies,discusses the principles of selecting the index system.We introduce the ideas of selection and select specific financial indicators of listed companies.At the same time,we study the performance before and after merger and acquisition.Not only is the theoretical analysis,this paper also combines the case of Sunac's merger and acquisition of Greentown with a detailed empirical analysis,including the introduction,motivation,process of the M&A.Through the analysis of the data before and after the merger to determine the effect of integration and management,we could sum up the experience and recommendations of the merger and acquisition activities.The research of this paper has a big significance to the merger and acquisition of listed real estate companies in China.The conclusion can be used to assess the value of the enterprise after the merger and acquisition.It can also help to measure the operating performance of the operators,which has important significance.