| In a market economy, the survival of the fittest, survival of the fittest is the basic law of the development of listed companies. In recent years, global economic integration accelerated, in order to enhance their competitiveness to obtain more lucrative profits, surging wave of mergers and acquisitions of listed companies, showing and a series of characteristics such as the number, scale and international.M & A as a listed company paid a resource property transactions have increasingly become the pursuit of value maximization, to speed up the development of efficient capital mode of operation. The development of mergers and acquisitions in foreign countries has been one hundred years of history.The current part of the fifth M & A wave of mergers and acquisitions, this merger wave of the special relationship between economic globalization so that it has many unique and unusual strategic significance. Compared with all previous waves of mergers and acquisitions, the current round of mergers and acquisitions scale, to invest in the huge, involved in so many countries involved are unprecedented breadth of the industry.In the same industry, two strong come together, complementary advantages have become the main theme of the current round of mergers and acquisitions, corporate mergers and acquisitions motivated by the pursuit of the strategic position of market competition and industrial advantages, in order to enhance market forces in order to seek competitive technology development and application of monopoly position, in order to consolidate the industry to locate and seize the resource elements. Clearly, today's mergers and acquisitions of listed companies has not only a profit-based business operations, it is the pattern of global economic restructuring of strategic behavior, will be the impact of national macroeconomic policies and listed companies, an important factor in long-term decision-making.The acquisition of the impact of the performance of listed companies scholars from various countries has always been the focus of attention problems. Over the years, scholars of various countries in different ways from different perspectives, using the same method from different perspectives, using different methods from the same perspective on the performance impact of mergers and acquisitions have done a more in-depth study.But in the end how much benefit can from the number of listed companies, mergers and acquisitions in the end in itself can bring many benefits, these still need to go through the scientific quantitative analysis and comparison, for the acquisition system and then developed a relatively sound market system as an example to study the performance impact of mergers and acquisitions of listed companies are also it is very necessary.In September 1993, Shenzhen Bao'an Group, through its Shanghai company to buy in the stock market in Shanghai Yanzhong Industrial 19.8% stake in the company's total equity stake, opened China's use of the market M & A to bring the curtain. M & A activity in China began to sporadically appear to have taken place in 1997, listed companies, controlling the transfer of M & A increased from 9 in 1996 soared to 33 since starting,After 10 years, the mergers and acquisitions of listed companies development rapid, mergers and acquisitions form of increasing the increasing number of mergers and acquisitions, involving an amount of bigger and bigger. Mergers and acquisitions of listed companies to adapt to the requirements of the company's business expansion, but also to achieve the company's economies of scale to achieve the company's use of equity and capital market financing is an important way to development of the company is also market-oriented re-allocation of social resources, a powerful tool.The summer of 2007 the U.S. subprime mortgage crisis erupted. Today, the sub-prime crisis has evolved into a serious financial crisis. The current financial crisis spread to more extensive, deep impact on the global capital markets had a great impact on the financial industry, a large number of bad debts, cash flow rapidly declining;nterprises, especially small-scale private enterprises as a result of raw materials, fuel prices, shortage of funds led to bankruptcy. Financial crisis on international M & A activity had a significant impact. The contraction of credit caused financial institutions to corporate fund-raising in an emergency, is difficult to guarantee huge sums of money required for mergers and acquisitions due to market conditions and the deteriorating conditions on mergers and acquisitions M & A sides were unable to reach a compromise increased.According to data provider Thomson Reuters data released report,2008 Global M & A transaction volume was only 2.8 trillion U.S.dollars, representing a 31% decline in 2007, is the lowest level since 2005, ending a global mergers and acquisitions for 5 consecutive years of an upward trend.2008 M & A failure case is also a record high.2008 M & A failure rate (M & A was abandoned after the number and the number of announced M & A ratio) reached 28%, while in 2007 the figure was 25% in 2006 compared to 17%.However, in 2008 China's M & A market remains very active posture. On the Shanghai property market transactions, information display, in 2008, the Shanghai United Assets and Equity Exchange, turnover in the first time exceeded 100 billion yuan, corporate mergers and acquisitions involving 30 provinces and cities nationwide, more than 6000 enterprises, enterprises of all types share class mergers and acquisitions The number of projects accounted for all the transactions of 93.5%.Of all the mergers and acquisitions, domestic mergers and acquisitions total transaction volume of 66.2 billion U.S. dollars, more than in 2007 the total domestic M & A transaction volume 61.3 billion U.S. dollars. Then, in the case of such a high number of mergers and acquisitions, the acquisition of quality, how? China's mergers and acquisitions is to enhance the business performance, or reduce the scale of performance? Whether it should continue on a larger scale mergers and acquisitions?This paper systematically collected M & A event of listed companies in China in 2008, aimed at by comparing the listed company from 2007 to 2009 the company performance, to be relevant conclusions, which will undoubtedly end of the current financial crisis is not the case, China's listed companies, M & A produce a certain point towards, as well as some practical recommendations.This paper uses EVA as an evaluation of performance indicators of listed companies, by calculating from 2007 to 2009 the value of listed companies, EVA, EVA comparative analysis of the number of absolute and relative direction, thus evaluation of mergers and acquisitions is to increase the value of listed companies, or damage to the corporate value.Main contents of the various chapters of this paper is as follows:Chapter I is introduction, introduces the background and purpose of this research to study the ideas and frameworks, research methods and the expected contribution. Full-blown financial crisis in 2008 cases, in the international M & A market, a serious blow to the case, China's M & A continues to show a large scale, more than the amount of characteristics such as mergers and acquisitions at this time is really for listed companies to bring the ideal performance?This is worthy of our in-depth research. This paper will use a combination of empirical and normative approach, starting with a theoretical analysis of mergers and acquisitions of listed companies performance-related issues, and then present more advanced evaluation of EVA as a performance indicator listed company, using information to draw relevant conclusions.Chapterâ…¡Literature Review.Respectively analysis the literature between foreign and domestic performance of the listed company M & A, and then right at home and abroad in different literature evaluation. From the literature review we can understand that mergers and acquisitions of listed companies at home and abroad have adopted the basic performance of accounting research method and the event study method, but the acquisition of foreign scholars concerned about the performance of earlier empirical studies in the sample selection and content of experience, select the time span of data long, quantitative research as the main way, can the event study method and accounting a good combination of research methods and concluded with a strong convincing.Comparatively speaking, Chinese scholars study the performance of M & A is not yet mature, although showing a gradual increase in recent years, the growing trend of increasingly rich, but compared with similar study abroad, many Chinese scholars use more qualitative analysis, quantitative analysis has recently begun to way change the length of time in the study, empirical analysis methods have yet to be further improved.The third chapter is a listed company merger-related theory, which expounded the theory of the focus of this article. Mergers and acquisitions of listed companies mainly talked about the concepts, related to the acquisition of listed companies as well as the theoretical basis for mergers and acquisitions of listed companies in China in 2008 profile.Through mergers and acquisitions, performance, M & A performance concepts such as layers of anatomy, we will have an initial understanding of mergers and acquisitions of listed companies and thus leads to the acquisition-related theories such as transaction cost theory, efficiency theory, the theory of understanding of market power, the paper introduce the features in China M & A market under the 2008 financial crisis, in order to pave the way empirical research.This fourth chapter is to introduce new ways-EVA that evaluated M & A Performance of listed companies. Evaluate the performance of listed companies have a traditional event study research methods (market share analysis) and the Accounting Act (financial indicators to assess the law). The practical application of these two methods and then there are many flaws in both, EVA can make up for the shortcomings of these methods, so more and more listed companies welcome.EVA taking into account the company's input costs by reflecting the company's performance will help companies implement the long-term value creation as the central principle, can effectively avoid corporate short-sighted behavior.Chapter V is the focus,that is empirical analysis China's M & A performance of listed companies on he EVA-based system. In this paper, for the 2008 listed companies, we choose a total of 47 selected listed companies as samples from mergers and acquisitions occurred in the capital or equity transfer of the incident,According to certain criteria,first,analysising the company's overall performance of the sample,obtained more than half of the sample increases through mergers and acquisitions company performance;Second, deviding the sample to sub-manufacturing, real estate, integrated industry, wholesale, retail and other industries five categories, mergers and acquisitions of listed companies in different sectors of performance analysis and comparison, the best results that retail mergers and acquisitions, both short and long term both for the company to create a very high value; manufacturing, real estate due to a longer production cycle,short-term performance of mergers and acquisitions was not significant; on the contrary, a comprehensive industry and other industries short-term benefits are obvious, it should be noted that measures taken to maintain the long-term M & As return;As the manufacturing industry occurred the largest number and amount of mergers and acquisitions we separatly analysis the amount of the largest manufacturing sector, broken down into machinery and equipment, petrochemical and plastics eight categories of companies, by comparing the learned, mergers and acquisitions, mergers and acquisitions are not for listed companies to bring positive results. Intuitive empirical studies reflects the 2008 performance of listed companies in China M& A situation.This sixth chapter is to study the conclusions, policy recommendations, limitations and prospects.After using the evaluation methods-EVA index of listed companies on China's M & A performance of empirical analysis, we know that mergers and acquisitions can get help to improve the performance of listed companies, but mergers and acquisitions of companies in different sectors with the differences in performance, particularly in the manufacturing performance of listed companies, mergers and acquisitions, and there is no ideal in the increase.In response to these findings; this paper proposes, in the current financial crisis, should encourage and support the implementation of China's listed companies, mergers and acquisitions.Listed companies should enhance the feasibility of pre-merger analysis, preventing blindness in M & A activity;mergers and acquisitions,strengthening the integration of resources and shaping the company's core competitiveness. Finally, the paper points out the limitations of the study, a follow-up study of prospects.The main contribution of this paper are as follows:(1)According to China's national conditions, making the company's EVA performance evaluation tool to appropriate amendments, and further using a revised system of the performance of listed companies in China M & A evaluation.(2) Selecting the mergers and acquisitions of listed companies in China took place as a research samplethe financial crisis during the international M & A market downturn, the stock market decline circumstances, has a strong practical significance of the current financial crisis was not over the case of the development of China's M & A market(3) compared to what the industry come the best performance, under the mergers and acquisitions in the financial crisis through sub-sectors,and which poor performance of industry mergers and acquisitions, the performance of the different performance of listed companies have separately proposed the feasibility of proposals in order to achieve the purpose of improving the value of listed companies.As the limitations of knowledge structure of the author, a hasty study time, and our special circumstances in related fields, this paper uses economic value added performance of mergers and acquisitions of listed companies to study the following deficiencies that may exist:for example, still use the financial performance of this evaluation system, right paid insufficient attention to non-financial performance evaluation; in mergers and acquisitions sample size, data, the choice of adjustments is limited. |
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