A Study Of China Listde Real Estate Companies In M&A Performance

M&A is one of the most important means of allocation of resources in the development process of an industry, and plays an irreplaceable role in the market economy mechanism. China’s A-share market since the split share structure reform in2005, M&A deal size of A-share market, the rapid growth, especially after2009, China’s mergers and acquisitions, whether from the transaction size or the number of cases have shown exponential growth. Which the real estate market mergers and acquisitions is an important driving force of China’s M&A market to keep growing.Our country has made tremendous achievements in the real estate industry after20years of development, real estate has become a pillar industry. However, the real estate industry is still exist many problems. Meanwhile, with the increase of state control efforts on the real estate market, real estate market is bound to face a reshuffle, mergers and acquisitions has become the main way of China’s real estate industry consolidation, China’s real estate acquisitions since2009, flourishing in the situation, and getting worse.Against this background, in the acquisition of the relevant literature on the basis of the status quo of our real estate acquisitions, historical background and motivation for analysis, and mergers and acquisitions of listed companies in China’s Shanghai and Shenzhen in2009occurred in real estateas the research object, select9from the M&A cases, respectively, use the event study method and accounting method, the sample of M&A market performance and business performance. The empirical results of the study found that in terms of market performance, within the short period of time after the announcement a few days ago, the cumulative excess return of the sample companies upward trend, but the whole event of view, the cumulative excess return of the sample companies negative, indicating that the negative effect mergers and acquisitions to shareholder wealth, M&A performance is negative, the results of this study and the majority of research results. At the same time, through the Chapter selected indicators of the trend can be seen, due to the implementation of the M&A transactions in2009, to measure the sample company performance indicators in addition to the solvency indicators, other indicators are worse after some improving trend, so the effect of the operating performance of the M&A events after the first negative and positive. From the results of empirical research, we can draw the following conclusions:The performance of M&A market in2009, China’s Shanghai and Shenzhen listed real estate companies for negative effects, the operating performance for the first negative and a positive effect.