M & A Performance Comparison Between Listed Companies In China Based On Dea Research

As a process of allocating and reallocating resources, M&A is an important mode of enterprise development and also a basic representation form of economic progress under the internal motivation and exterior press. In the past 100 years, there are so many M&A activities happened all over the world, and it run through economic progress all along.After entered WTO, China turned its policy from self-determination open to contract open. Promises to open internal market must break the existing patterns. In the process of the new equilibrium coming into being, Chinese enterprises have to face cruel competition, so we can forecast that it will raise a new round of M&A tide in China.The rise of M&A provides a good demonstration research platform for academia. However, recent researches in M&A field always concentrates on the comparison analysis between fore-and-aft M&A performance of one listed company itself. There are few research on the M&A performance comparison between listed companies, especially on the factors affecting M&A performance comparatively. Thereby, this thesis will focus on the comparative research of the M&A performance between the listed companies in China. In order to compare the M&A performance between the listed companies, we put forward eight hypothesis about M&A performance comparison after analysing factors that affecting the M&A performance synthetically.Considering the differences between the research emphases of this thesis and other researches, it necessary to introduce a new method to evaluate the comparative performance of M&A. Data Envelopment Analysis (DEA) has superiority in evaluate comparative efficiency, so we apply DEA in M&A performance evaluation in advance.After gaining the M&A performance index of the listed companies through DEA, the thesis draw some conclusions using SPSS analysis, and which provide a theory basis for the improvement of list company M&A performance.