The Merger Performance Analysis Of China’s Listed Companies In Various Ways Of Restructuring

Along with the step of economic integration, the enterprise merger and acquisition has become the accumulation of capital to expand high speed a very quick path, the merger and acquisition to be whether advantageous to the enterprise value promotion, to be whether advantageous to the improvement company’s achievements, has been the focal point which the academic circle pays attention. In order to enhance the enterprise merger and acquisition the performance, carries on the macro-scientific policy-making for the enterprise, therefore conducts the research from the different angle of view to the merger and acquisition performance to be necessary, this article is mainly study on acquisition performance under different reorganization. This article sampled selects our country from 2007 to 2010 to implement the merger and acquisition 169 to be listed, used the event methodology to study the merger and acquisition short-term performance. And has selected in 169 samples 07 year implementation merger and acquisition 43 samples, used the financial norm law to study the merger and acquisition whether to bring the long-term performance improvement to the enterprise. Studies under the different reorganization way from long-term and the short-term two aspects of the merger and acquisition performance.This first chapter of the paper introduced the selected topic background and the significance, the research technique; The second chapter marched forward the merger and acquisition performance literature review from the domestic and foreign two aspects; The third chapter mainly wrote our country merger and acquisition in present situation, to describe the event methodology and financial norm method data screening and the research technique design and procedure these three partial contents in detail; Fourth chapter and the fifth chapter respectively is the event methodology and the financial norm method conclusion; The sixth chapter are conclusions and policy suggestions.This article uses two real diagnosis methods to result in the following conclusion:(1)all sample company has not obtained the short-term performance, and company’s long-term performance hasn’t improved. In complete sample’s obtains obviously after merger and acquisition several days is accumulating the superior earnings, but vanishes afterward; The merger and acquisition performance enhanced in the past, shareholder’s wealth had the growth, but started the enterprise performance from the merger and acquisition second year to slide, the shareholder wealth reduced. Seconed, uses the stockholder’s rights transfer way merger and acquisition the company attains the short-term performance, after the merger and acquisition, the second year to obtain the long-term performance the improvement, afterward the performance slides, has not improved the long-term performance finally. (3) property peeling way merger and acquisition’s enterprise, obtains negative short-term performance, after the merger and acquisition, the second year company performance improvement, has not obtained the long-term performance improvement finally. (4) property transfer class way merger and acquisition enterprise, long-term and short-term performance not improved.We may see from the above conclusion, choose the different merger and acquisition way, to the entire merger and acquisition’s performance is influential, the enterprise should unify own situation prudent choice merger and acquisition way, because after the merger and acquisition performance nearly existed rises then the drop question in the past, we must strengthen the conformity work after the merger and acquisition, in order to improve the enterprise’s performance and ability. Simultaneously we must strengthen the disclosure of information system, reduces government’s intervention, strengthens the supervision dynamics, under the control of bad motive actuation merger and acquisition transaction.