Listing The Company's Foreign M & A Performance Empirical Research

In Chinese capital market,foreign capital M&A is the hottest topic recently.On the contrary of the warmly speeding foreign capital M&A,the recognition of foreign capital M&A differs greatly since the June 1995 when the 1^st foreign capital M&A case was taken place in China.From the perspective of regulator(or government), foreign capital M&A is a component of the foreign direct investment(FDI),which can promote Chinese economic growth and step up it's industries from inputting advanced technology and management.But the foreign capital M&A can also shape a monopoly power,jeopardizing the safety of state's economic and consumers' welfare. Meanwhile,from the viewpoints of listed companies,foreign capital M&A,as a mechanism of outer corporate governance,can enhance their performance.But concerned the poor ability to encounter hostile takeover,foreign capital M&A must be a threat to Chinese listed companies.Finally,foreign capital M&A reveals a lot of information about the industries,companies,or even the macroeconomic situation, which means a lot for investor.This dissertation reviews the history of foreign capital M&A in China,keeps a tight pace with the literature of foreign capital M&A both in China and USA.After selecting a bundle of cases to illerstrate the factors which place influence on the performance of foreign capital M&A,We do a empirical study using event studies, accounting based study and nonparametric test to investigate the performance of foreign capital M&A.As the results,when the industry difference was controlled,we found that there are some factors influence both short run and long run M&A performance,while some are not.At the end and as a conclusion,we explore the practical meaning of the empirical results concerning antitrust and regulation.