| Merger and Acquisition (M&A)which is an effective approach to adjust industrial structure and expand corporation running scale rapidly has been developing for more than 100 years in western, there are gone through five rounds of the wave of M &A, and it's going through a new wave at present. However, the discuss on whether the performance of Merger and Acquisition is good or not never stopp, no matter in domestic or at abroad. After a extensive and deep research of the theories and research methods about M&A performance, we find out:Because globalization of competition enhance the market risk of enterprise greatly, we also need to introduce index which reflects the state of risk indicators when we assess the performance of M&A, so we can reflect the total performance of enterprise more reasonable and more comprehensively. Meanwhile, Because of the constant standardization and improvement of domestic stock market, it provide feasible environment for our research. Hence, this paper choose 145 listed enterprises that took place merger and acquisition in 2004 as the research samples, we introduce VaR(value at risk) to measure the total market risk of the listed enterprises, and compare the M&A long-run performance from two aspects:the VaR of the listed enterprises-the total market risk and the integrated-point-function model,so we can analysis and compare the performance of Merger and Acquisition.This paper carry out the empirical research to these enterprises, according to the results of Compare Means and the analytical results of the integrated-point-function model, we draw these conclusions following:(1)The acquiring firms'total market risk raised remarkably after the M&A, and the increase in the first two years is relatively bigger, and then the increase slightly falls.(2) On the whole, the acquiring firms' performance of Merger and Acquisition is a rising trend after the M&A, and in the first two years the increase is relatively small,and then the increase is large relatively. |
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