Analysis And Appraise On The Performance Of Merge And Acquisition In Listed Information Company

Merger and Acquisition(M&A) become the thruster of optimization of organization and adjustment of economy structure. And it has the thruster of essential regroupment of listed corporation. But the performance of M&A is drastically discussed . Information industry is important role in national economy. M&A has become a way in the development of information industry. But the efficiency of M&A was doubted for years. In order to study the performance of M&A of listed company , the influence factors, the degree and direction, a research has been carried out. Experimental and theoretical methods are adopted to analyze the problem under research. 13 companies that M&A occur in 2000 as subject are selected. Accounting indexes are used to test the achievements of the listed companies in the Chinese information industry that have been acquired. To avoid the deficiencies of a single index, the writer chooses quite a few accounting indexes and by means of Factor analysis he constructs the model of comprehensive scores to illustrate the achievements of these listed companies. Then parameter and non-parameter testing methods are used to test the differences of comprehensive scores before and after the acquisitions. The writer goes on to research into whether there are any significant changes concerning the achievements in the two periods. In order to study the impacts that the acquisitions have had on the listed companies, the writer has extended the tested periods to the year before the acquisitions and the third year after them. After the analysis, the writer found that the performance of M&A descended after M&A in these listed informance companies. So this paper puts forward several policy suggestions in approving business acquisition performance. The writer hopes his analysis will be of some help to the policy-makers.