The Research On M&A Achievement And Optimization In The Chinese List Companies

After four tidal waves of merger and acquisition (M&A), the western countries, represented by American, lead the fifth tidal wave of M&A. Especially since 1999, many new characteristics and directions appear during the process of M&A. In our country, since Baoan acquired Yanzhong in 1993, there were thousands of M&A of the listed companies in Shanghai and Shenzhen happened, and hundreds of important stockholder's rights transference. Especially since 1997, the M&A in our country is largely increasing every year. But the M&A motive couldn't be made clear. The M&A performance aren't perfect. Many problems such as the illegal operation appear. Therefore, this dissertation explored the motive and performance evaluation of M&A of listed company systematically.First, after summarizing and analyzing the western researchers'economic production about the M&A motive of common enterprise, through management theories and methods, this dissertation analyzed the M&A motive of listed companies systematically according to the demand levels of listed companies. This dissertation also disclosed and explained the real motive in the M&A of listed company. Based on company M&A theory, finance and accountant theory, system optimization theory of many objects, this dissertation constructed M&A performance evaluation model of listed company from the perspective of stakeholders. This dissertation analyzed the factors that whether enterprise's M&A is successful or not. This dissertation made relative M&A theories enriched and perfect. This dissertation studied the strategies of listed company's M&A from the perspective of enterprise, industry and government. Finally, the related countermeasures and suggestions were put forward.Secondly, through the three evaluation methods including extra yield ratio method, financial index method and performance evaluation matrix this dissertation constructed, this dissertation evaluated and analyzed the M&A performance of listed companies in the empirical investigation. Some related conclusions were following: In the evaluation methods, the three performance evaluation methods could draw the different conclusion. But the conclusions showed the performance evaluation matrix of M&A this dissertation constructed is more close to the practice. The performance of M&A is the index that integrated long-term with short-term performance of enterprise. The method of extra yield ratio and financial index emphasize the short-term effect of M&A, but the performance evaluation matrix of M&A analyzed the enterprise M&A performance from the perspective of qualitative and quantity, long-term and short-term. The different strategic guidance will lead to different M&A result in the implementation of the enterprise's M&A. Of course, the enterprise's M&A will finally serve for enterprise strategies. Therefore, the actual evaluation result of M&A performance must take the enterprise's practice into consideration.In conclusion, this dissertation enriched and developed M&A theories of listed company from the new perspective. This dissertation also improved and developed the other M&A performance evaluation methods effectively. The performance evaluation matrix of M&A this dissertation constructed is fairly rationality and practical, which could be used to evaluate the M&A performance of listed company.