Emipirical Study On M&A Performance Of Listed Company

In various countries of the world,Merger and Acquisition(M&A) of listed companies have always been focused.Whether M&A can improve performance effectively or not has aroused the domestic and foreign academic enormously attention.At present,there are a large number of theoretical and empirical study on M&A performance.In general,the value of M&A effect is uncertain.In order to study the impact of M&A to chinese listed companies,the thesis attempts to inspect the performance of listed companies during the M&A years by empirical study.The thesis,on the base of reviewing the M&A motive theories and previous research relevant to M&A performance, takes Financial ratio analysis to study on M&A performance. It takes listed companies as the samples that have experienced M&A in 1999-2001,selects twelve financial indexes to evaluate the performance of M&A,then sets up integrated-point-function model by analyzing factors.on this foundation,it examinates the performance of M&A by Using different synthesis scores with Paired Sample T Test.Through comparing integrated performance score of M&A,it inspects the five-year performance changing of whole samples and different types of samples.The research results show:most chinese listed companies,to some extent,improve operating performance after M&A,but the results are not significant.Different type of M&A lead to different results.In short-term, the performance of horizontal M&A is obviously.In a longer time, the performance of vertical M&A and conglomerate M&A are superior to horizontal M&A.The performance of the relating M&A is superior to the irrelating M&A.M&A industry tendency is obviously.And the performance of manufacturing industry is remarkable.The results partially explain the reasons why M&A activities frequently occur.It also shows that the majority of listed companies M&A is efficient.M&A can improve operating benefit and optimize resource allocation.Regarding this,it is should be created conditions mainly from two aspects that including the system environment and M&A main restraint so as to promote the healthy development of chinese M&A market.