| It is a unique phenomenon that Chinese universities operate enterprises along the history of high education allover the world as well as in the high-tech industry, which is also special enterprises cluster in the whole economy of China. The development of enterprise should be combined with capital market. Merger and acquisition (M&A), as the effective method to optimize the enterprises' resources, plays an important role in the growth of enterprises. The research object of this thesis is focus on the phenomenon of university owned enterprises merging and purchasing listing companies. The paper is composed of three parts: Part one, the author gives a brief introduction of the development history and characteristics of university owned enterprises, and summarizes the features of these listing companies whose dominant shareholders are universities. Combined with the theoretical research of domestic experts and abroad, the author also summarizes the motives of M&A happened in university owned enterprises. Part two, the literature review is followed, which introduces the research methods and results of M&A performance of domestic experts and abroad. Focusing on this unique phenomenon, the author conducts the research on M&A performance. Then based on the results, the author analyses reasons why this phenomenon happened. In the third part, compared the M&A characteristics and performance between Tsinghua University owned enterprises and Peking University's, the author tries to find factors which influenced these M&A and the final performance. The objective of this study is to probe into whether there are some unique performances in M&A of University owned enterprises through analysis on several aspects, and try to find whether there are some special factors that can influence the M&A performance. Then the author draws the conclusion that the factor of University cannot improve the performance of M&A in the public company.
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