An Empirical Research On Foreign-capital M&A Performance Of Our Listed Companies

The development of Foreign-capital M&A, as a two-edge Sword, has been bringing both positive and negative effects on China's economy, which accordingly leads to the controversy on this issue from all circles. Consequently it is significant to carry out research on the effect produced by Foreign-capital M&A upon both China's macro-economy and the domestic individual enterprises, In-depth study on this issue can help us appraise Foreign-capital M&A objectively and thus draw up correct policies to make good use of it.The rise of Foreign-capital M&A provides a good demonstration research platform for academia. However, recent researches in M&A performance always concentrates on theoretical research, there are few research on the M&A performance empirical result, especially on the factors affecting Foreign-capital M&A performance of the domestic listed company after being merged by foreign capital. Therefore, this paper firstly introduce the meaning and reason of Foreign-capital M&A and the performance of Foreign-capital M&A and so on. Then this paper try to collect the 15 stylebooks of M&A of listed corporation after being merged by foreign capital which happened in 2003.We will compare the M&A performance of 15 stylebooks and will synthetically analyze factors that affecting the M&A performance of listed corporation after being merged by foreign capital.This paper introduce a new method to evaluate the Foreign-capital M&A performance. Considering Data Envelopment Analysis (DEA) has superiority in evaluate comparative efficiency. So we apply DEA in M&A performance evaluation of listed corporation after being merged by foreign capital. After gaining the M&A performance index of the listed companies through DEA, the paper draw some conclusions using SPSS analysis, and which reflect the difference that factors affect the M&A performance of listed corporation after being merged by foreign capital.On the base of theoretical and empirical research, we obtain some useful result .We believe that these results will provide valuable reference to the government, listed corporations and investors.