An Empirical Study On The Performance Of M&A Of Chinese Listed Companies

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 t strengthen the study on takeover.Therefore study on whether M&A creates value or not is the most important thingAfter researching,the writer draws some conclusions as follows:the M&A performance of listed companies as a whole is not good;The study also shows that the forms of M&A can influent the enterprise evaluation after M&A.The horizontal M&A have the best influence on the enterprise evaluation,while,the impact to the performance from affiliate transaction is significant.At last,by analyzing the result of empirical research,the writer gives some suggestion.