The Study Of The Merge & Acquisition And Performance Evaluation Method Of Our Country's Listed Company

Merge & Acquisition(M&A), as a means of resource redistribution, is playing an important part in the growth of an enterprise. It just the same as that said by the Nobel prize owner, famous American economics George J Stegerler:"Watching famous American giant enterprise, almost everyone adopt merger and acquisition to grow up by a way, to an extend. Merger and acquisition being used so largely, there must have inherent superiority." With the development and expansion of security market in our country, M&A of listed company is becoming a hot issue in the economic field.This article conducts the relevant studies from two aspects: M&A of listed company, and performance evaluation method of M&A.Chapter; 1 first defines M&A and M&A of listed company, elaborates its characteristic and types and sums up the theory of M&A motives of overseas scholar. Based on the theoretical analysis of M&A, tracing back the development of M&A cases of enterprise and listed company in our country, and combined with their respective features, this article analysis the motive of listed cqmpany and probes into the main types of M&A. Then analyses the restraining external factors and existing problems, and put forward suggestions and countermeasures.Chapter 2. based on the achievement of domestic and overseas scholars in performance evaluation, concludes and evaluate the abnormal returns method, business performance method, financial index system,method and cost-earning . analysis method. In view of the current situation of co-existence of negotiable and nonnegotiable share in listed companies, put forward two methods to evaluate performance: examination method of stock price and examination method of value-add. Finally analyses and evaluate a case with these two methods respectively.Through the analysis of theories and motives of M&A and the dissection .of the history, current situation, constraining factors and existing problems of M&A occurred to listed companies, the study aims at putting forward relevant countermeasures. Whereas by approaching the evaluation method of M&A efficiency, the study endeavors to bring forth the guide for the decision and examination of M&A strategy and preparation for the theory of practical study.