Empirical Research Of The Effect Of M&As And Restructuring In Stock Market On Enterprise's Performance Of Operational Cash Flow Returns

M&As and restructuring are perpetual content in every country' stock market. In these years, M&A activities in my country is very active, it has been am important component part of my nation economic activities, and has far-reaching effect on market structure and industrial structure. Many a scholar takes part in the research of M&A one by one. Although the research contents are manifold, among them, performance of M&As is am emphatic one. Because of some restrict conditions, the researchers have not drawn unanimous conclusion, which has been a disputatious question academically all the time. The focus of dispute exists not only in conclusion, but also in research method. The paper studies the performance effect of M&As with new method called cash flow return. The aim of the study is not only to measure the cash flow return itself, what is more, by means of cash flow return we can appraise the operational performance of M&As enterprises, the method of which is firstly employed by western scholars, and is now generally used in western academic field. As cash flow is am important index reflecting operational performance with the feature of objectiveness and not easily manipulated by accountants. It can reflect operational performance of M&As enterprises objectively, really and scientifically, so we can say, cash flow return method is am additional and perfect method in the performance appraisal methods of M&As enterprises.The paper' contents contain four aspects: The first, effect of event of M&As of going-public enterprises on cash flow return; The secondly, relationship between stock price fluctuation of M&As event and cash flow return; The thirdly, effect of transfer of corporate control right of on cash flow return; The fourth, effect of shift of main business on cash flow return. The main analytic method the paper uses is quantitative one: firstly, analytic models are established; then, empirical tests of sample are done. In this step, in order to study deeply, all samples are classified according to their character; and then, each result of empirical test is analyzed. Empirical results show: The event of M&As exert some right effect on cash flow return of acquiring enterprises, and unremarkable negative effect on acquired enterprises; Stock price fluctuation of M&As has little effect on cash flow return; Transfer of corporate control and main business have different effect on cash flow return. In general, the efficiency in the M&As market is low in our country. To improve enterprise operational performance, according to current relevant problems, some policy measures and proposal have been put forward.