An Empirical Study On M & A Performance Of Listed Companies In China Under Different M & A Modes

In the 1980 s, China’s first M&A events occurred after the reform and opening up, then the enterprise mergers and acquisitions has gradually become the important way of growth. With the continuous development of the Internet market, China’s Internet enterprise M&A events from the number and size have obvious improvement. However, M&A can achieve the optimal allocation of resources, whether can improve the performance of enterprises, Companies can survive in the wave of reform of the economic globalization, and realize the long-term strategic objectives, people’s attention gradually.Through the analysis of the characteristics and motivation of Internet enterprise mergers and acquisitions, based on the 82 M&A incidents of Internet companies as samples, using the financial index method and the EVA method, from the profitability, value creation ability, debt paying ability, operation ability, growth ability and capital stock expansion ability six aspects to select 11 financial indicators for the financial indicators, Construct the comprehensive evaluation function, calculate the comprehensive score of M&A performance differences between different M&A model. Horizontal and vertical M&A performance curve inverted U, U curve was a mixed M&A performance. By correlation, both present is U type curve. Finally, this paper based on the results of the study, from the selection of acquisitions and mergers and acquisitions mode, and resource integration of three aspects are also proposed.