A Study On The Performance Of M & A Of Chinese Listed Company From The Perspective Of Deal & Offeror Features

Enterprise-scale mergers and acquisitions are an effective way to expand, while mergers can bring benefits to the acquired businesses has been the subject of academic debate. Although the foreign scholars have made a lot of empirical analysis on various research methods, but it still did not reach a unified conclusion. With the increased openness of the Chinese market and the shares of tradable era, M & A market becoming more and more obvious, mergers and acquisitions have gradually become the main form of expansion of the size, so M & A revenue to the enterprise could become the concern of scholars focus.This paper summarizes research results at home and abroad, based on the 2006 and 2007 occurred in China between A-share market with 116 listed companies as samples,the paper analysis from the trading characteristics and features of the acquisition of two companies, we use of event study method and accounting of the acquirer's M & A Performance for empirical analysis.Evidence shows that , payment has more obvious short-term impact on M & A Performance when only considering of a single factor, cash payment can generate wealth in the short term, which demonstrated the existence of the signal theory; different types of M & A also significantly influence ,the acquisition of non-related increase in wealth to give investors, and related acquisitions gave investors a loss of wealth; associated attributes influence the performance of mergers and acquisitions mainly in the short term, the associated M & A give investors a wealth of benefits; relative size of of mergers and acquisitions have a significant negative impact on the performance in the long-term,bet in the short term is not obvious; equity nature has significant impact on the long-term performance of mergers and acquisitions, the acquisition of state-owned holding company could bring business performance improvement. Consideration the interaction between the effects of cases, associated property and equity nature of the interaction term and short-term performance has a positive correlation; payment and the equity nature of the interaction terms with the short-term performance was negatively correlated,and with long-term performance was a positive correlation; payment and managerial ownership term was directly proportional to short-term performance and inverse to long-term performance; the interaction terms of type and equity nature was significantly positively related to performance; the interaction term of Executive Ownership and the relative size and short-term performance was negatively Related; the the interaction terms of equity nature and relative size was negatively correlated with long-term performance.