Study On Evaluation On Merger And Acquistions' Performance Of Listed Companies

This paper makes a deepgoing investigation on corporate merger and acquisitions'theory on force factors and performance evaluation above all from the angle of view by relating strategy to finance.This paper establishes value creation theory basis of empirical study on the basis of overall synthesis and points out corporate M&As'performance reflects through three levels of social performance , synthesis performance and transaction performance .On the basis of research above ,the paper evaluates respectively M&As' synthesis performance and transaction performance of Chinese listed companies by constructing multiple evaluation index by the way of multivariate statistics methods and calculating abnormal return by the market model .It is concluded from the study on synthesis performance that whether listed companies are M&A companies or target companies , their M&As'synthesis performance is good as a whole ,which means M&A conducts 'effect on Chinese listed companies is mainly positive,but there are still lots of problems need solving ,such as M&As'intention is deviating from value creation and blind expansion. The further analysis of relating impact factors shows that objective value creation results of M&As of listed companies are related to prasi-M&A conducts under the circumstance of strategic rejustments of state-owned assets. Case study on transaction performance analyses the characters of abnormal return distribution of M&A companies and target companies. The study also finds that transaction performance is not consistent with synthesis performance whose basis is company' real value,which reflects our Chinese capital market is still immature.Based on the analysis of empirical conclusions, the paper poses Chinese listed companies 'M&A strategy in the future and policy selection.