The Research On Stock Exchange M & A Performance In The Chinese List Companies

The combined trading convertible has been widely used in the international capital market integration, but in the way of the deal China started late, there are many imperfections. China's securities market has gone through three stages: pre-split share structure reform; equity reform period; circulation period. In 2007, China basically completed the split share structure reform, the stock market got into the circulation period, the cases of convertible merger gradually increased. Therefore, to study the performance of convertible combination about the listed companies in China is of great significance.This paper selects nine indicators of four categories, uses financial indicators analysis, selects the lord company's convertible mergers of listed companies from 1998 to 2007 as samples, using SPSS software to do factor analysis to study mergers and corporate performance convertible relationship. First, this paper studied the overall sample and found that in the year when conversion of listed companies merged, the lord company's performance had increased, but there would be a downward trend two years later. Secondly, based on the view of the industry correlation of merger convertible, we found the performance of convertible merger-related businesses in industry-related businesses is not as good as that of convertible merger performance in non-industry-related businesses.Through further analysis of the results we found that the main reasons are: (a) Chinese company has the speculative nature of convertible merger and handling characteristics, combined with an obvious "big ones devour the small" feature; (b) Conversion merger integration is not proper, ignoring the effective integration of all factors of production; (c) Conversion of joint legislation is not perfect, with a feature of lag and many blind spots. Therefore, we put forward some reasonable proposals to direct at the reasons that this result causes.