The Empirical Research On Performance Of Option Incentive Within Native Listed Companies

M&A (Merger and Acquisition) plays an important role in enterprise resource allocation, which is employed by more and more companies. With the development of economic integration, Enterprise merger has become the shortcut of capital accumulation with rapid expansion. The economic of world has important influence by thousand times and huge volume of merger annual. In other words, the industrial developments of western countries were based on history of M&A development. Therefore, activities of M&A have become the social topic and the hot spot issue of theoretical research, especially problems of M&A performance. Since 1997, enterprise merger became the main factor to allocate the resources in market. Hence, scientific analysis and evaluation of enterprise merger performance are great significance to scientific decision of M&A, perfect relevant national legislation and regulation of M&AThe aim of this paper is to analyze the differences and similarities of M&A performance between different ways of M&A in state-owned enterprises in short-term and long-term. This study is based on a new M&A classification, comparing the performances of state-owned enterprises in pre and post M&A periods which implying with different classification methods. The investigation is employed SPSS, event study, accounting research method and synthetically score to process the data, and then finding the expect results.According to empirical study, M&A could bring benefits in short-term market rapidly, but not in long-term market; the different enterprises with the different roles have the different performances in M&A activities; there are differences of performance in enterprises which imply with different M&A methods in short-term and long-term markets. This paper will analyze the influence factors which cause above results of M&A, and put forward countermeasures and suggestionsThis paper is divided into seven parts:the first part is introduction, which mainly to introduce background, purpose, and the train of thought and research methods; the second part is literature review, providing the theory of M&A and empirical investigation of M&A performances at home and abroad; the third part introduces the background of state-owned enterprises carry out M&A, the effects of local government in mergers and classification of M&A in this paper; the fourth and fifth parts study the performances of enterprise merger empirically in short-term and long-term respectively; the sixth part is analyzing the influence factors and put forward countermeasures and suggestions; the last part summarizes the contributions and deficiency of this paper, and putting forward the further research.