Empirical Study On The Performance Of M & A Of Chinese Listed Companies

With the development of World economic integration,the wave of global M & A have been intensified. The multinational companies have used M & A to expand their territories, M & A is the rapid growing path to expand production scale of enterprises, and it is an important way to promote concentration of capital and optimal allocation of resources to achieve external business growth objectives.China's listed companies learn from the growth of large companies in developed western countries actively, M & A events have been increased year by year. Through M & A to achieve its industrial upgrading and improve the competitiveness of the company to participate in global competition. The study of M & A performance of listed companies in china is an important topic concerned by a wide range of practitioners and academics.This study is carried out in accordance with the M & A performance theory the M & A performance evaluation system,the M & A performance analysis, on this basis, proposed strategies and recommendations to increase the M & A performance of listed companies in china. First, elaborate the content of M & A and the related theories of M & A, while focusing on the motivation theory of the M & A performance. Secondly, establish the M & A performance evaluation system. This paper selects M & A events in shanghai and shenzhen listed companies from 2006 to 2009 as the research objects, and selects 50 companies for the sample companies according to certain standards, uses event-study methodology and accounting study methodology to research the M & A performance of listed companies in china.The event-study methodology is based on the changes in stock prices and measures the market reaction to the M & A of listed companies, in order to study the M & A performance of listed companies in china. Accounting study methodology is based on datas in the financial statements of listed companies, uses factor analysis method which is an comprehensive evaluation, constructs a comprehensive evaluation model of operating performance of listed companies, studys the merits of the performance of M & A on the basis of finance. Finally, in according to the above situations, we propose some proposals to improve the M & A performance of listed companies in china.The results show that:in the short term, event-study methodology results show that the M & A improve corporate performance; in the long run, the results of accounting study methodology show tha the company's long-term performance has not been improved.According to the industries, the M & A companies are divided into the manufacturing and non-manufacturing.In the short term, the manufacturing industry performance of M & A is superior to non-manufacturing industry.In the long term, the manufacturing industry performance of M & A has been improved,but manufacturing industry dose not. According to the related M & A, the M & A companies are divided into related M & A and non-related M & A.In the short term, the short-term performance have been both increased,the cumulative abnormal returns associated with related M & A is higher than non-related M & A.In the long run,the M & A performance of related M & A has not been improved, the M & A performance of non-related M & A has been improved but lack of continuity.