An Empirical Analysis On Long-Term M & A Performance Of Listed Companies Of Chinese Beer Industry

As one kind of property right business, M&A becomes an effective capital operating fashion of pursuing the maximum corporation value and accelerating enterprise development. With the rapid development of global economy integrative progress, the enterprise M&A present a series of characterstics:the quantity is many, the scale is big and the mode tends to internationalization. M&A of listed companies has long been the focus in many country and whether M&A can effectively improve the performance of listed companies has drawn great attention both in the foreign and domestic academia. This thesis does an empirical study on the long-term M&A performances of the listed companies of Chinese beer industry. The relative contens and results are as following:First, the thesis reviews the emperical methodology and main results from relevant research regarding to performance of M&A. Most of these research follow two masterstrokes:one is M&A performance evaluating study, it utilizes market research method testing the effect of M&A on stock price and financial performance method examing the effect of M&A on operating performance. The other is factors of M&A performance study, it argues how the factors, such as payment mode, enterprise's development stage and relative scale etc, to effect the M&A performance.Then, the thesis describes the foundamental theories of M&A including Efficiency Theory, Industry Period Theory and Market Power Theory, which are introduced to explain M&A motivation from traditional behavior angle. Meanwhile, the thesis introduces the two traditional study method—Market research and Financial performance method.Based on the critical review of research methods and empirical theories of foreign and domestic M&A performance, this research utilizes the financial index study method and the factor-analysis methodology to form the comprehensive grading model to evaluate the long-term performances of listed companies of Chinese beer industry. The results shows that the listed companies have improved the performances in a long term; In different M&A mode, the performances are different.The innovations of this paper is:the research is base on the two companies'11 years financial data and studying its long-term performances. By this means, we can get a more fair evaluation of M&A performance.