China's Empirical Research Of M&a Performance Of Listed Companies

The2008financial crisis made the global economy in a dilemma, but China’soverall economic growth remains. Financial crisis led to the economic structure of theworld to shuffle, in the new round of competition, opportunity and unexpected risks, thegovernment of China hopes that local enterprises can seize this historic opportunity,optimize the industrial structure of our country, and realize the great-leap-forwarddevelopment of the economy in our country. In this economic forms and politicalsituation, M&A become China’s listed companies and the expansion of the strategicadjustment of a kind of important ways.Because China’s listed companies are mostly reformed and came by thestate-owned enterprise, the relationship between parent company and the listedcompany is complex, in order to better development of a listed company, groupcompany can temporarily sacrifice overall interests, and at the same time the listedcompany develop to certain degree, the group company will transfer the interests ofthe company through various means. Though after reform, China’s capital marketrealized the full circulation, theory with shares the same rights, the power ofshareholders are equal, but the biggest characteristics of the listed’s ownership structureis ownership concentration, the conflicts of interest still exists between smallshareholders and controlling shareholders. The conflict between the main performanceof the listed company for M&A performance impact. In the listed company and anassociated enterprise merger and reorganization, because the market is not standard andcorporate governance not perfect, the affiliated party can use to the listed companiescontrol and influence, make the deal paid market principles against equivalent, mergersbetween both parties in interests transmission or transfer, seriously violated the listedcompany and the interests of small and medium shareholders.This text, according to the theoretical analysis-empirical test-countermeasures onthe idea. First of all, in the domestic and overseas mergers and acquisitions motivationtheory and control over private income theory, fully from the domestic and foreignrelevant academic research results at home and abroad to changes in the economy, aftertaking some capital market legal environment and regulatory system have greatlyincreased, to be listed merger and acquisition whether or not m&a m&a more strategicDiaoZhengXing tend to m&a, belongs to the substantive mergers and acquisitions, the theory is that in the capital market perfect system environment, have related mechanismcontrolling shareholders m&a constraints of the behavior, can protect the interests ofsmall and medium shareholders, m&a activities on company performance should beproduced a positive effects, which improve the company performance. But the empiricalresults show that m&a is still holding shareholder occupy the interests of small andmedium shareholders a means of m&a listed company after the occurrence of theoverall performance continues to decline, with more than half of the listed companyperformance is increased, nearly half of the listed company performance is down.Finally in the empirical is proposed on the basis of China’s listed companies improvem&a of countermeasures.