Research On Financial M&A Of China Listed Companies And Their Performance

Since 1997 and 1998, China security market has been in the road of development. But our M&A market is not mature and there are so many financial mergers and acquisitions in it. This paper makes a full research on the reasons, the advantages and disadvantages of financial mergers and acquisitions in our country. After making empirical analysis on it, reasonable suggestions for the improvement are presented.Firstly, this paper reveals that the primary aim of our listed company's m&a activities belongs to financial mergers based on summarizing all kinds of papers and theories in m&a performance and motivation. And then the birth and development, the characters, the classification, the system factors of financial m&a activities in china will be discussed detailed.In following sections, empirical analysis is applied for the financial m&a performance. Based on that, affections on market, participant and macroeconomics caused by financial m&a is analyzed. And then there is a case study of a listed company "anshan hecheng"(600669).After then, this paper put forward some advice on the system of property right, market exchange, policy and law.Finally, this paper makes a summarization and gives its conclusions.