Chinese Listed Companise: An Empirical Test Of M&A Performent

Today, more and more enterprises expand rapidily their scale by mergers and acquisitions. At the same time different types merger and acquisitions will bring very different results. According to the tipical theory,economists sort out different types merger and acquisitions with the M&A motives .Because not only the M&A motives affect the performent of mergers and acquisitions , but also the M&A strategic policy do,so the research of M&A performent contact with the M&A motives. Chinese scholars do not affirm that M&A create value for Chinese listed company. So the research about M&A still go on. In this paper , the samples selected for the time spaned 1993 to 2008, during the times the greatest impact on the M&A cases should be the non-tratble share reform. This paper analyzed the relationship between the M&A motives and the M&A performent in the way of the non-tratble share reform. First , this paper establish a theoretical framework about the M&A motives in china based on a framwork of M&A motives established . Then this paper analyzed the relationship between the M&A motives and the M&A performent of Chinese listed companise. Second , basing on the specific data of Chinese listed companise, paper tests the relationship between the M&A motives and the M&A performent with the theory above. Finally, giving the appropriate policy recommendations.The main conclusions, on the one hand, the M&A motives affect the M&A performent, only this type M&A can increase the value of companise that the M&A motives are to recreate value for this company;on the other ,the non-trading share reform changed the capital market structure, making the M&A motives have been changed, thus affecting the performance.