An Analysis Of Performances Of Mergers And Acquisitions Of Chinese Listed Companies

This paper presents to judge the performances of Mergers and Acquisitions (M&A) of Chinese Listed Companies through comparing their changes in Comprehensive Profitability. Then builds an all-around evaluating system of financial indicators to match it and avoid the effects due to the intentional control on profit and loss of Chinese Listed Companies. Finally, analyzes the performances of M&A of Chinese Listed Companies for the period 2000" 2001 using a score function with the Factor Analysis method from Multivariate Statistical Analysis. Come to a conclusion that generally, M&A do not make any effect on the operation of Chinese Listed Companies because of a more than 50% of affiliated deal and illusive performance of Chinese Listed Companies, which is different from some of the conclusions of domestic researchs. Detailedly, Horizontal M&A make Chinese Listed Companies slightly stronger but Conglomerate M&A go opposite, which accords with the theory of M&A basically.