M & A Empirical Study Of The Growth Of Small And Medium-sized Listed Companies

Survival of the fittest is a basic rule for small and medium-sized enterprises in market economy. In drastic competition M&A is the crucial operation for the growth of SMEs and one third of global SMEs have achieved growth through it. Chinese SMEs develop quickly and are active in M&A nowadays.The paper does following researches according to issues above. It analyzes M&A motivation of listed SMEs in China based on literature review and theory summary, establishes an evaluation model of the growth of listed SMEs aiming to 131 listed SMEs having M&A in 2004 and builds a synthetic model with factor analysis. Then it does grouping test on influential factors such as M&A style, payment style, related deal, shares circulation, the quality of overwhelming shareholder and ST.The main conclusion is that after M&A performance of listed SMEs rises after stumbling. The Wilcoxon test value is very remarkable and all enterprises grow significantly beyond others in the same industry. Vertical transaction, related transaction, cash payment, circulation shares, the overwhelming institution shareholder and non-ST affect the growth of enterprises obviously.