M & A Performance Analysis On Listed Companies Based On Different M & A Methods

Summary of any internal development and expansion of large enterprises rely to a certain extent, you need the help of some degree of mergers and acquisitions to increase its efficiency of resource allocation in order to achieve a leap in business growth. With the development of china's economy market, M & A activities between enterprises is increasing, more and more business enterprises through M & A strategy to achieve its own development and expansion. In this case, we need to strengthen the research on mergers and acquisitions, the key question is to study whether we can create value for M & A activity.This paper analyzes the M & A, model theoretically, domestic and international M & A Performance Study of the literature review; then introduces the event study method and research method of accounting of empirical research . Taking mergers and acquisitions of listed companies in China in 2008 for example, this paper analyzes the change of the performance before and after M & A , and the combination of different comparative analysis of mergers and acquisitions.This sample data from the companies occurred merger and acquisition in China in 2008, the analysis reached the following conclusions: 1. in the short term performance, M & A activity makes the company's shareholder value has been significantly improved. The companies occurred vertical Merger have the best performance, the performance of the companies occurred horizontal Merger is not significant ,the performance of Mixed M & A is in the horizontal and vertical mergers between .2. In the long run, mergers and acquisitions did not bring significant improvement in corporate performance. the performance of the companies occurred horizontal Merger did not change significantly; vertical merger will give the company a negative impact on long-term performance; mix of long-term performance of mergers and acquisitions give the company a positive impact. Long-term performance of the mixed M & A is the best, the worst performance of M & A is the longitudinal long-term acquisition.To improve the long-term performance, this paper believe that we should strengthen the government's standard and guide function, standing in strategic height to guide and regulate enterprises M&A ,accelerating market-oriented M&A.We should give full play to the resource allocation function, and achieve enterprise merger through the market .Enterprises should regulate managers' actions, prompted managers more attention to corporate rather than its own interests . Enterprises should pay attention to the Post-merger integration. Firstly ,select M&A targets from the enterprise's overall situation .then , formulate strategic planning ,according the purpose of achieving scale effect, reducing cost and risk, promoting enterprise's core competitive ability in the merger activity.