Empirical Analysis On The Efficiency Of Acquiring And Acquired Firms In China's Securities Market

Mergers And Acquisitions ( M&A) is that one firm purchases, acquires, controls another by the transfer of capital's ownership, and that is flowing and restructure of assets between firms. M&A is benefit for firms, and makes them achieve the optimized edge, promotes their efficiency, increases the stockholders'wealth in theory. The domestic research of effect of M&A is incipient, and there are many distinctions on the aspects of data capturing and models, and not many the same conclusions, and particularly the research of each year M&A in China's securities market is very shortage.This thesis analyzed M&A that took place in 2000~2003. The acquiring or acquired were listed. The effects of the merger are examined by comparing the performance of the acquiring or acquired firms with control groups of other listed companies in the same industry. By analyzing factors of several finance indicators and building up integrated-point-function model, the results show that the effects of acquiring and acquired are reverse, and then the integrated effect is close to 0; eliminated the development of industry, the acquiring effect in second year after the merger is highest about acquiring firms, and the acquired effect in second year after the merger is lowest about...