A Study On Industry Life Cycle And M&A Performance Of Listed Company

This thesis is based on the hypothesis of Industry Life Cycle and Merger Type. When the enterprises in the different stages of the industry life cycle taking the different types of merger, their performances are different too. In order to test the applicability of the hypothesis, this thesis will divided the samples into 4 types on the bases of industry life cycle theory: developing industry, growing industry, mature industry and declining industry, and then do the empirical analysis to the performance of M&A. The conclusion is that different types of listed company has different performance after M&A. Growing industry and mature industry can achieve better M&A performance than developing industry and declining industry. The conclusions basically back up the hypothesis of Industry Life Cycle and Merger Type. The conclusion of this thesis can also do favor to the M&A decisions of listed companies in China.This thesis consists of six chapters. The 1st chapter is the part of Introduction, which tells the basis and the background of the topic selected, the train of thought and new ideas in this thesis. The 2nd chapter reviews the theories and the researches on the performance of M&A. The 3rd chapter introduces the method of research and how to choose the indexes. The 4th and 5th chapter do the empirical analysis. The 6th chapter obtains some conclusions, and raises some advices accordingly.