M & A Performance Of Chinese Listed Companies Empirical Analysis

As China's capital market gradually establish and improve, as corporate mergers and acquisitions as a means of capital operation, the enterprise has been receiving increasing attention to foreign mergers and acquisitions have more than 100 years of history, but in China is still a new thing. From deepening the reform of state-owned enterprises, listed companies through mergers and acquisitions do not solve the economic scale enterprises, the industrial structure is irrational and excessive corporate debt issues to promote the stock of assets between different economic entities in the optimized combination; Judging from China's securities market development, China's securities market in the beginning to take shape as after Dr M & A of listed companies to use the stock market to play the function of optimizing the allocation of resources, it is deep-seated in the securities markets function of the important aspects of development. In light of China's economic reforms to enrich the actual acquisition of a listed company and improve listed companies merger policy would help to promote mergers and acquisitions of listed companies in the new round of economic cycles play a greater role, but also contribute to the further development of China's securities market and China's economic structural adjustment effective.In the opening chapter in this paper on China's domestic M & A activities of the three waves, the simple introduction to China by the three waves of mergers across time and has some important characteristics, to understand China's annexation of the reality of the reorganization, a deeply appreciate China's most recent wave of merger and the size of the , the degree of deep.In this paper, the basic concept of corporate mergers and acquisitions and a simple classification, and focuses on mergers and acquisitions of listed companies and the history and present some of the features were analyzed. And I hope that some industries can be applied to the economic theory of industry mergers different ways to explain, first of all, from the point of view of the economies of scale within the industry and horizontal integration, and transaction costs from the point of view of a vertically integrated industry, from the final mixed synergies to illustrate the need for mergers. The analysis of horizontal integration, which involves a new classical economics and industrial organization theory; In analyzing the process of vertical integration, mainly from the transaction costs to elaborate; Analysis mixed in the process of mergers, mainly in the scope of the economy, asset selection and arrogant hypothesis as the basis. Combining Western and Chinese companies due to the different dynamic merger, a specific analysis, and a lot of events for the support of the merger will enable us to have a more intuitive theoretical awareness and understanding.By using statistical analysis methods commonly used in the - principal component analysis, mergers and acquisitions of listed companies selected financial indicators were analyzed. By using 2000 data listed company takeovers of listed companies merger performance quantitative analysis, and after three years of continuous tracking data, merger performance on a continuous evaluation. This paper hopes to the qualitative analysis and quantitative analyse to combine the acquisition of listed companies have a more intuitive performance understanding.Finally, this article deals of listed companies in the course of the risk of a simple analysis, and that a number of proposals. The deal irregularities conducted Economic Analysis, the final against China's listed companies at this stage in the merger and acquisition market of a number of issues, the economics of limited knowledge and understanding of the securities markets, made some suggestions for improvement.