An Empirical Study On Performance Of M&A Of Listed Companies In China From The Aspect Of EVA

Nowadays, a large amount of domestic and international M&A happened constantly. It had undoubtedly expanded the scale of enterprises at a fast speed. But whether had it increased incomes for the shareholders, created benefit for enterprises and brought value to the society?Over the past 30 years, western scholars had carried on lots of academic researches in the value effect of M&A, but great uncertainty exists in general. Since our country is still in economic transition period, the development of M&A market seems extremely important. We need to strengthen the study on takeover. Therefore study on whether M&A creates value or not is the most important thing. To study the effect on the performance of M&A of listed companies in China, firstly, selecting the listed companies, whose M&A happened in 2004 as samples, analytic models are established by EVA; then, empirical tests of sample are done.Empirical results show: Value effect side,firstly, the M&A activities by most of sample firms in our country have the negative influence to their capability, which is to create value in short term. From the long-term point of view, M&A synergy start to come into play, but it has a certain time lag. Secondly, the capital utilization rates of the list companies are not ideally enough. To prove the M&A performance, according to current relevant problems, some policy measures and proposal have been put forward.