| Merger and Acquisition (M&A) is an important capital operation method to enlargebusiness and capital. Presently, Chinese listed companies place more and moreemphasis to this method. While the academia pay more attention to M&A performance.Due to the difference of research sample, research method and so on, there aren’tuniform research results.Because of unbalance of regional economic development, the process of marketeconomy of the eastern, the middle and the western regions of China has cascadedevelopment position. Generally, it is more advanced in the eastern regions than thewestern ones. China is also a country with many nationalities. The minority nationalityregions, which are mainly located in the western regions, always have personalcharacters of politics, economics and culture, as a result, the minority nationalityregions not only have own national personalities, but also have backward marketeconomy process. Presently, the studies about M&A performance of listed companiesare lack of the points about different regions specially, let alone minority nationalityregions, which is not coincident with Chinese real unbalance market economy processposition. In fact, the process of marketization will to a certain extent influence thescientific of M&A decision, the efficiency of M&A integration, and then influence theM&A performance. So, it is very necessary to study the M&A performance of listedcompanies in the minority nationality regions specially.This paper selects the listed companies from minority nationality regions whichhave M&A events in2006-2008as samples, using financial index method, afterstructuring comprehensive evaluation system, calculate annual financial index scoresof samples for5years and the average annual differences, then analyze the position ofM&A performance and the reasons of such performance results.After research, the writer draws some conclusions as follows: the M&Aperformance of listed companies from minority nationality as a whole is not good in short-term, while is evident positive in long-term; connected M&A has betterperformance than non-connected ones; the M&A performance of the companies bothin the same province is not good in short-term, while is positive in long-term; relatedtransactions of M&A are superior to non-related ones; the M&A performance of highownership concentration have better performance than others. At last, by analyzing theresult of empirical research, the writer gives some suggestions. |
