A Study On M&A Performance Of Chinese Listed Companies

Mergers and acquisitions occurred in Western developed countries,and mergers and acquisitions among enterprises continued in the process of self-capitalist capital gathering to the evolution of free competition and in the process of free competition to monopoly capitalism.For more than one century,various types of companies around the world have taken mergers and acquisitions such as vertical mergers and acquisitions,horizontal mergers and acquisitions,conglomerate mergers and acquisitions and so on.Some companies have the opportunity to create and grow into a global company.In the 1980s,the first time in China,mergers and acquisitions between enterprises,and in the nineties occurred in the "Bao Yan event" to further promote the beginning of China's securities market M&A activities.In the process of the establishment,development and improvement of China's securities market and the continuous progress of state-owned enterprise reform,the number of mergers and acquisitions of enterprises mergers and acquisitions in China is increasing,and the M&A activities are also continuing to increase,showing a rising trend.With the increase in the behavior of corporate mergers and acquisitions,the academic community of this company's activities also increased.For the case of mergers and acquisitions have occurred,domestic and foreign experts and scholars have conducted a multi-angle and various types of special studies,in which the performance of mergers and acquisitions is the most important research.So far,the research and analysis on the performance of M&A are generally based on the overall M&A market.The research focus is also focused on whether the M&A can really generate the benefits,the value of which is generated and the performance impact Factors and so on.Scholars have few people for different industries listed companies,the resulting M&A performance comparison analysis,in addition,financial indicators and annual performance of the merger between the scores of comparison,and few people involved in this area.Based on the M&A activities and the financial indicators of the listed companies in Shanghai and Shenzhen in 2011,this paper analyzes the overall performance of the M&A by using the accounting research method and the performance of the different industries in which the selected samples are located Analysis,in addition,the corresponding financial indicators and annual performance scores for the corresponding analysis.After research and analysis,we concluded that:(1)M&A activities carried out by listed companies in Shanghai and Shenzhen have negative effects on the performance of the Company.For the six years(2010-2015)before and after the acquisition,the results of the analysis show that:after the merger The results of the show is a downward trend,indicating that the Shanghai and Shenzhen companies through mergers and acquisitions,the purpose of expanding its profits has not been achieved,not only that,but also dragged down the company's overall performance rise,there has been a decline.(2)In the factors that affect the performance of M&A performance of listed companies,the industry also has some impact on it,but the impact of different industries on M&A performance will be different.In addition,some industries M&A performance,in the acquisition and the first year after the acquisition of the highest value,then there will be a significant decline,even worse,some industries than the performance level before the merger even lower.(3)The financial indicators and the overall performance of the degree of correlation is not the same.As for the development of capacity,the main business income growth rate,net profit growth rate in the changes after the merger showed a rise and then down,and then rise in the situation,only net asset growth rate has shown a decline,,The trend of decline,rising,consistent with the overall performance of the trend of coincidence.In general,M&A activities contribute to the improvement of enterprise development capabilities.Solvency,the current ratio,quick ratio changes in the merger is not obvious,asset-liability ratio has emerged on the rise.