A Study Of Merger & Acqusition Behaviour Of Listed Companies

Look far and wide to the developing history of capital market of western countries in four hundred years,it has become an effective way for many enterprises to turn into international professional giants by effective Merger & Acqusition (to shorten it ,calls M&A). Also in China, enterprise M&A is getting more and more popular, and become the theme of deepening state-owned enterprises' reform and optimizing resource configuration. Listed companies make use of their advantages and play the role during the process. With eleven years' some how short development of stock market in China,more and more classic or Chinese characteristic M&A cases spring up.Firstly,the paper reviews the domestic and abroad M&A 's history and present situation. Then,it researches the reasons why enterprises want to M&A in the both point of theory and reality. Also it analyzes the special reasons why enterprises in the domestic stock market prefers to M&A.Next,within a special period of sample times,the paper summarizes M&A's operation patterns of many domestic listed companies at the angle of practical research,sorts them into eight patterns. They are Integrated M&A,Share transfer upon consideration,Management Buy-Out,Share transfer given gratis,assets replacement,absorb and merge,invest to hold share and M&A on the second market. The paper also statisticses and analyzes the datas of many cases.Finally,at the basis of analyze to M&A achievements,the paper summarizes the risks and exist problems,and then puts forward to the government a series of policy proposals to prompt enterprise M&A.