The Empirical Analysis On The Performance Of M&A Of Listed Companies In 2000 And 2001

Merger & Acquisition (M&A), as a means of resource redistribution, is playing an important part in the growth of an enterprise. Recently, the speed of asset reorganization in our country is developing rapidly. It takes a great effect in stock market and is concerned by the market widely. 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.Although from 1950's and 1960's, there are a lot of research regarding the M&A in west countries which have lots of mature methods and conclusion, the stock company's M&A in our country is much different from the west countries because the run system, stock right structure, the environment of law of the stock mark in our country is still developing. Is the performance of M&A in our stock market the same as the west countries'? I would like to consider the empirical studies of the performance of M&A from the quantitative and qualitative method on the list company in the year of 2000 and 2001.This article conducts the relevant studies from two aspects: M&A on listed company and performance evaluation of M&A. The purpose of the research is to discuss if the M&A improves the performance of the list companies and effects on performance due to the participant ,time and stock rate of M&A .We also study the problems of the M&A and prospect the future of the M&A.Part 1 first defines the M&A and elaborates its types and sums up the theory of M&A motives of overseas scholars. Based on the theoretical analysis of M&A, we trace back the development of M&A cases of listed company in our country.Part 2 bases on the achievement of domestic and overseas scholars in performance evaluation, the article concludes and evaluate the abnormal return method and financial index method. Applying these two methods, we analyze and evaluate the performance of M&A in the year of 2000 and 2001. The conclusions are that the performance of private enterprises is higher than the state enterprises, M&A focus on short term's effects in stock prosperity but long term's effects in stock downturn and the rate of stock does not impact the performance of M&A.Through the analysis of theories and motives of M&A and the dissection of the function, performance, constraining factors and future development of M&A occurred to listed companies, the study aims at evaluating M&A reasonably and endeavors to bring forth the guide for the decision and examination of M&A strategy and supplement for the theory of practical study.