China M & A Market In Macro And Micro Analysis

Merger and Acquisition (M&A) has a long history in western countries. 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.Because of our special economy institution background in China, compared with the western mature M&A activities, the M&A motivation of our enterprises are in a much lower grade, it is far from the regulatory and orderly trend it should be. Also the enterprise M&A is facing many risks, not all M&A will be successful, so the M&A Performance appraisement is very important. Reviewed the research results of western and Chinese researchers about the M&A Performance, we come to the study and focus on that in this paper.Through the horizontal and longitudinal tendency comparison, we can judge whether the M&A can improve the Profit ability of the sample enterprise. Finally, according to the result, we point out the features of M&A in 2003, and explain the reason why the performance of M&A is not as good as expected, from which we summarize that affect the result of M&A in China and build the micro-econometrics model of M&A in China.