| Merger and Acquisition (M&A) has a long history in western. It promotes the economic development in a lot of countries. In the condition of market economy, the corporation can absorb external resource and expand its running scale by M&A. In China, the history of corporation M&A is less than ten years, so is the listed company. However, the discuss on whether the performance of M&A is good or not has never stopped all over the world, different economist holds different idea.This paper gives the existed methods and the results of appraising the performance of M&A, and then select the listed companies, whose M&A happened in 2001 as samples, and the Economic Value Added (EVA) as the standard of the performance of M&A. On the basis of introducing the M&A's definition, motivation, we provide the purpose of the M&A and its expected effects, this paper focuses on whether or not the performance of M&A can create the value of the listed companies. The relative contents and results are as following:First we review the definition, the type and the mode of M&A, and then point out M&A is a vital form as capital management is concerned. The statistics shows that M&A occupies the largest percent in the total number. In order to survive in the severe competition, pursue the maximum of its profit and shareholders' benefit, as well as realize the adjustment of industrial structure and make the resource to rational distribution, corporation makes use of M&A to expect to promote company's value. Secondly, we describe the method and standard of corporation performance appraisal, we decide on the useful EVA system for the following positive analyzing.Finally, According to the result, we point out the feature of M&A in 2001, China, and explain the reason why the performance of M&A is different as each other, and we get the result that M&A can create value for the listed companies. What we will to do is to provide feasible strategies for the company's M&A and its further development. |
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