The Performance Appraisement Of Mergers And Acquisitions Of Chinese Listed Companies

As a"willing and compensated-needed"model of capital uses, M&A has affected on social economy and the companies themselves.M&A not only adjust the structure of macro economy, optimize the resources distribution, but also renew restructure, abilities of the firm. It just the same as that said by famous American economics Stegerler:"Watching famous American giant enterprise, almost everyone adopt M&A to grow up by a way."However, Because of the complexity and the diversity of the combinations, M&A are not all correct and successful. Especially. Therefore, it is urgent for us to analysis those issues and the contradictions of M&A of China, and look for the feasible way of M&A which improves the achievement of M&A actions and makes our social economy developing constantly, healthy and stably.Firstly, this paper is looked back the study on M&A and the history of M&A foregone, and analyses it's motive deeply ,on base of which expatiates current principal theory about M&A existing in the west countries systematically. Secondly, according to the present situation of M&A of listed companies in China, we have chose 18 financial indexes which can evaluate the enterprises' performance, using the method of factor analysis; we construct a general function that could weigh the enterprises' performance. Through the whole empirical test, we find though the performance after merging in at early stage is on lost and at last stage is on the rise, the Wilcoxon test value is not very remarkable. In the grouping test, we conclude that trade factor, way of merging, way of paying, and whether it is a ST company has some effects on performance after M&A, At last, the article is given some suggestions for improving the acquisition performance of Chinese listed company. It seemed that reducing government interference; improving the information disclosure system and modifying the criteria for making seasoned equity offering were possible way out.