The Performance Of Enterprise Merger And Acquisition

From macroscopic view, enterprise merger and acquisition (M&A) is proceed reorganization of an industry, in reason of allocation resource. From microccopic view, enterprise merger and acquisition (M&A) is the certainty path in condition of market economy, it is efficient path too to government facility property right system transitional.All sorts of economics school attempt use thei own theory frame to analyses the agent of merger and acquisition. Owing to difference of the economic theory foundation, they have formed various hypotheses of agent,whereas these hypothesis most and least had no means of work out the comprehensive interpretation of merger and acquisition.This thesis firstly gives a general view of enterprise merger and acquisition, M&A agent and the forms of enterprise merger and acquisition. Then basing on the market model, we detect the long-run abnormal stock returns enterprise after M&A. The result is the significantly negative stock price response to M&A.There are some factors influent the long-run abnormal stock returns. The empirical study proves that horizontal merger and acquisition gains the highest the long-run abnormal returns, while the conglomerate M&A gains the least. And the ownership structure have effect on the long-run abnormal stock returns.At the same time, we study the enterprise evaluation after enterprise M&A. The study shows the correlation between ownership structure and enterprise evaluation . The relationship between the ratio of state-owned stock and the enterprise evaluation is significantly negative correlation. The correlation between ratio of corporate stock and the enterprise evaluation is significantly positive correlation. The study also shows that the forms of merger and acquisition can influent the enterprise evaluation after M&A. The horizontal merger and acquisition have the best influence on the enterprise evaluation.In the abstract view, enterprise merger and acquisition has active contribution in regard to optimized allocation of resourses, realized effect of scale economics, depressed transaction cost, decentralized operation venture, and promoted industrialstructure transition and upgrade. However, real evidence with the result shows that, actual effect of merger and acquisition not larger than we expected. The reason is that the behavior of enterprise merger and acquisition is a very complicated econemic active. Realizing effect of enterprise merger and acquisition need not only inner conformity but also exterior institution environment. Specification and perfection exogenous factors which influence enterprise merger and acquisition, is the institution safeguard which good effect enterprise merger and acquisition can be realized.