The Research On The Performance Evaluation Of Mergers And Acquistions For Listed Companies Based On DEA

During the one century-lasting period from the end of 19th century to today,the world has witnessed five waves of mergers and acquisitions (M&A) .Human practice has proved M&A activities to be an important means by which businesses grow and market reallocates resources.In terms of the overwhelming economic globalization,M&A activities,with more frequent occurrence,have influenced the world economy significantly.This paper firstly defines the concept of M& A ,then comment Western motivation theory and the M & A Performance of the domestic and international. Review study on the basis of performance that the existing research methods and the lack of research and design flaws, the paper does a comprehensive analysis of the characteristics of performance evaluation methods. So this paper make use of the main business revenues, total profits, the main business costs , the main business taxes and surcharges, the cost of total assets, a design method based on the DEA Performance Evaluation System, and use listed companies which had mergered in 2004 as the research Samples. From different angles , this paper in-depth analyze of the changes in performance before and after the M&A, and also make use of one-way analysis of variance by SPSS. The analysis methods were used to do statistical significant test ,revealed various factors on the impact of M&A. Generally speaking, M&A can improve corporate performance level;From across various industries, industrial M&A, commercial undertakings category, real estate M&A is of outstanding performance; From different shareholding structure, listed companies corporate shares accounted for the largest proportion of the company after the merger can significantly improve the company's performance, in the outstanding shares of listed companies accounted for the largest share of the company after the merger to significantly improve corporate performance; From the perspective of different manner on comparative studies, M&A and vertical mixed after the merger can be effective in the improvement of M&A. Corporate Performance; From the association of listed companies on the perspective of M & A Comparative Study, affiliated transactions with non-affiliated transactions can make a listed company after the merger was significant positive gains. Thus it comprehensively and accurately reflects the differences between the various factors on the performance impact of listed companies of M & A .Based on the empirical research of the listed companies, a correct decision-making can be made to improve M & A and provides a reference for the achievement.