Study On Performance Appraisement Of M&A Of Chinese Listed Companies

Financial crisis in the last year has seriously affected the economic development, and the government issued a series of effective measures as response, at the same time, the government dig up the importance of "M&A" as a enterprise operation strategy once again, premier Wen Jiabao affirmed "M&A" could serve as a mainstream solution to the financial crisis and create social value. "M&A" became a hot topic among economists, but whether M&A can find the real "chance" in the crisis, and how to seize the opportunities rather than letting them turn into crisis once again, the in-depth discussions of the economists are needed by all of these once again.The thesis takes in-depth discussions to the problems of M&A performance about the listed companies in China through the positive analysis about the listed companies which has taken M&A in 2004 and the study about correlative literature and theoretics, and holds the viewpoints as: the M&A performance of all the samples is unsatisfactory, though there has a rebound to the performance, a sharp decline occurred after M&A, and the M&A failed to achieve the strategic objectives in general; studies as different types, the horizontal mergers have the best and steady increasing performance, followed by vertical mergers and the mixed mergers have the worst effect. The thesis analyzes the influential problems to M&A performance and advances some recommendations in the end.