The Real-example Analysis Of M&A Of Chinese Listed Companies

Since the beginning of 1990s the security market of our country has been developing very fast. There have all got considerable development no matter in market capacity, transaction means, supervision rules or the quantity of listed companies. With the constant promotion of reform and opening-up, the listed companies, which are high-quality enterprises of our country, are playing a more and more important role in our country's economic growth. The listed companies have already begun to step into the condition of the normal development at present. Its profit and performance are better than the other counterpart's companies greatly. Meanwhile, the listed companies carry on the adjustment of the product structure through the rearrangement of assets by drawing support from this platform of security market constantly to optimize the disposition of resources.. Merger and acquisition (M&A) account for very large proportion in the rearrangement of assets of listed companies. A lot of listed companies utilize this way to expand enterprise's business scale, realize managing in pluralism and deepen product structure. Therefore studying merger behavior of the listed company has realistic meanings.This paper will combine the current situation of M&A of listed companies to explore and analyze the potential problems that emerges in the course of M&A, based on analyzing and researching to various kinds of merger theories. But the domestic study on this mostly overweight qualitative analysis and real example examining through drawing samples in all merger companies and has not paid attention to drawing samples in the classification of the listed companies. In view of this, this paper pay attention to study the general overview of M&A in the listed companies , then classify the overall listed companies of M&A according to different criteria and draw samples in the companies that is classified to analyze the achievement before and after merging of different classes of companies.According to such thought about research, this paper has done the following tentative research. At first, the basic overview of M&A of the listed company is analyzed including the distribution of trade of companies, stock right structure distribution , time distribution of M&A and analysis of performance of M&A. The whole overview of the company that merges can be learned from the above analysis. Secondly this paper has especially carried on real example analysis to analyze the change of the business performance before and after M&A. While analyzing, this research distinguishes the mergers that happen during affiliated parties and the mergers that don't happens during the affiliated parties. Then we choose the corresponding financial index to do factor analysis to get the synthetic grade separately to study the performance of their M&A through comparing their scores. We find that the M&A of the non-affiliated parties is more effective than that of affiliated parties. What's more, the short effect of the former is more serious than that of the latter. Finally this paper analyzes the problems that the listed companies are faced in the course of M&A and has put forward relevant policies and suggestions.