| Mergers & Acquisitions (M&A), a form of corporations'restructuring, plays an important role in China's industries and economic structure adjustment. Since the end of 80s in 20th centuary, M&A in China is growing vigarously with the growth of domestic economy and capital market. As a tool to optimize industrial structure and increase the efficiency of resource alloction, M&A in China has a substansive impact on the sustainable growth for China's economy.China's economy, however, is in its trasition period. The marekt mechanism has not been perfect yet. Thus some specilities lies in: the shortsightedness and speculation in M&A, fake mergers and financial mergers. These do harm to the actural effect on M&A.Based on such considerations, the dissertation use the well prepared sample to study the economic effect of M&A from the viewpoint of industry layer, focusing on the actual results. The sample ranges from 1994 to 2000, totally 1000 or so with the consideration of diffenrent M&A agents, different benchmarks, industries and time range, etc. In terms of time range, width and depth, the dissertation behaves better than before and helps understand better China's M&A during trasition economy. The main body includes:a) In Chapter 1, the theoretical and empirical importance of the study have been illustrated, followed by the defination, models and experience of M&A. Based on the actual M&A in China, the rearch questions are proposed.b) Chapter 2 deals with the current characteristics in China's M&A with the emphasis on the empirical analysis of micro and macro factors effecting China's M&A.c) The core is the economic effects; thus the dissertation arrange 3 chapters coping with this. Stock price performance, financial performance and DEA are three methods utilized respectively in the 3rd, 4th and 5th chapters. Besides the three methods accordingly analyze the result, with the next one follow the one before giving a more convincible answer.d) The fact is that the performance of China's M&A is rather underscore. No apparent proof has illustrated the mergers running for industrial effects and the events are increasing. The 6th chapter does empirical analysis of the motivations for M&A and initiates motivation theory of two dimensions, that is to pursue scale of economy and efficient operation. And during transition period, the enterprises will go for restrictive and shortsighted revenue maximized. The analysis of motivation from the perspective of industrial chain is done as well.e) Chapter 7 finds out the problems and reasons behind the current industrial structure and analyze the necessity of scale of economy and efficient operation. At the same time four case analysis have been used to do some welfare analysis.The research methods in the dissertation include: empirical analysis, industrial economy, statistics, finance and DEA. The time range is as long as ten years. The innovative contributions:a) M&A timing. In the macro layer, M&A is positively related to economy and freedom and weak related with stock index. From the industrial view, capital intensive and high Tobin's industries merge frequently while growth and revenue has no impact on M&A frequency.b) M&A motivation. Two-dimensional motivations currently are on the one hand, pursuing scale of economy and efficiency is a strategic one; on the other going for restrictive and shortsighted revenue is a tactic one. Because the state-owned enterprises have a good stake in China's economy, our government should intervene M&A in line with the discipline of market economy and induce the results to the exact purpose.c) M&A Performance. Under event study, short-term stock price performance is better while long-term one is worse relatively. Horizontal and vertical mergers do well while mixed one bad. Industries with high market concentration, high-techs and international competitiveness do well. And in the industries with high entrance barrier, the merged side performed better. Under financial performance study, the merger year has a good result and falls substantively one year later. The suspicious purpose in the financial report in the merged side appears itself for the quick change and this has been proved by the method of DEA.d) M&A welfare effect. In terms of small scale and efficiency gap in China's enterprises, the M&A welfare effect is analyzed as well from the view of asymmetric market structure and industrial chain. Cases are in automobiles, electricity appliances, steel and beer industries.In all, the innovative contributions in the dissertation:a) M&A industrial effect analysis. The specific fields are that the motivation with capital intensive and high Tobin's will result in more frequent mergers; price and financial performance together; industrial chain and asymmetric viewpoint for the M&A welfare effect analysis.b) Short-term and long-term analysis. M&A performs well in short time, while underperform in future both in stock and financial report. The reason behind is analyzed; over transfer of control and fake report are studied.c) In combination with the transition economy characteristics. Compared with mature westerns, China is in the wave of the first part of theirs. And these are explicitly unique China's M&A.Based on the empirical M&A facts, the systematic analysis is done in China's M&A during transition economy. Several proposals and policy is well founded proposed. The academic and empirical importance is manifested itself in the dissertation.
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