A Study On The Performance Of M&A Of Chinese Listed Company On Chinese A Market

The performance of a large number of M&A activity emerged in the domestic andinternational capital market is the key topic which the financial management scholars concern andstudy. Especially in China, with the basic completion of the split share structure reform, capitalmarkets and M&A regulations improving daily, M&A market has emerged in the prosper anddeveloping situation. Therefore, studying listed company's M&A performance is especiallyimportant.In this paper, on the basic of domestic and foreign scholars researchment about M&Aperformance, using factor analysis, through the construction of comprehensive scoringmodel,studied65M&A cases occurred in2008. And from the type of M&A and corporateperformance, method of payment and company performance in two aspects to carry on thediscussion and analysis.The results of empirical study show that: on the whole, the performance of China's A shares oflisted companies after M&A have a certain extent rise, but there are still individual performance ofthe company after the merger take place down. Horizontal merger and vertical merger performanceare superior to the conglomerate merger. The stock payment manner than cash payment in the shortterm can improve the acquisition of the company's performance.The empirical results also show that the company's M&A performance is affected by anumber of factors,as the macro and microscopic aspects. To improve the performance of mergersand acquisitions, the company need to have the support of the policy.