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

M&A of listed companies has long been the focus in many countries and whether M&A can effectively improve the performance of listed companies has drawn great attention both in the foreign and domestic academia. Nowadays there have been large amount of theoretical and empirical studies on M&A performance. However, comprehensively, there is great uncertainty concerning value effect of the M&A. Such factors as the reform of separated stock right, the consummation of related M&A laws and regulations, increasing number of listed companies, the need for development of Chinese listed companies have created prerequisites for the listed companies to do M&A. We can expect that M&A of listed companies in China will constantly emerge in the future. In this context, it is of great importance considering the effects of M&A and its performance for our listed companies.This article is based on the viewpoints of economics and management, summarizing the M&A motivation theories in western countries and put forward the M&A motivation of domestic listed companies. Then, the research provides theoretical basis for the analysis of M&A performance of domestic listed companies. Through the comparison of the financial indicators and market reactions before and after M&A, an objective and fair...