| Merger and Acquisition(M&A) has been becoming the thruster of optimization of organization and adjustment of economic structure. Moreover, it has been turning to the thruster of essential regroupment of listed corporation. However, it is a problem whether the performance of M&A has been changed pratically before and after M&A .Does the performance is lifted M&A make the company or the target company? They are the problems that is drastically discussedThe paper selects the the listed company of mechanical industry among the manufacturing industry as the target for study. The manufacturing industry is the material base of national economy and the main part of the industrial enterprises. The mechanical industry in China constitute the one third in manufacturing industry. The listed company of mechanical industry is not only the top ones, but also ,mainly the accounting information disclosed are more correct and believed comparatively.On the basis of referring the resarch fruit in the past,the paper ,as the instruction with the classic theory of M&A ,do the study and check the performance of M&A for the listed company in mechanical industry utilizing the accounting indexes. Selected the 33 companies listed in 2005 under M&A as examples,the paper focuse on the 10 accounting indexes expressing four accounting abilities. The paper constitute the model of comprehensive M&A points by the means of Factor analysis and make analysis on the changes of comprehensive points before and after M&A,which to see if any change practically for performance. The result of study indicates that there is a process of up and down for performance as a whole. It is improved remarkably in the first year ,but then it goes down as minus effect. The different M&A showes the similar way in different periods after M&A ,but not same way .It can be thought that M&A happened among the listed company of mechanical industry in 2005 is succesful in the shorter period ,but lack of sustaining ability. |
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