Merger, Acquisition And Reorganization Of Chinese Private Listed Companies Continued Competitiveness Impact Study

With the constant improvement of China’s capital market, more and more private enterprise intends to finance in this market with the way of issuing stocks. The M&A behavior in the private listed companies is frequent for the purpose of improving management, enterprise capital structure, improving enterprise production capacity, and expand the market share. If the private listed companies can Improve business performance and enhance the competitiveness level when they keen on M&A? What are the main factors to impact sustainable competitiveness of China’s private listed companies? How to build evaluation system of sustainable competitiveness in private listed companies? Study these problems have important significance to the capital markets, listed companies and investors.This article reviews the motivation theory and performance theory of M&A, defines the related and theoretical analysis of the relationship between M&A and sustainable competitiveness. Lastly, points out the positive influence of M&A to listed companies’ Long-term interests. Next, establishes an evaluation model of sustainable competitiveness of the private listed companies based on CAS theory and Analytic Network Process. At last, tests the factors to impact sustainable competitiveness aiming to private listed companies having M&A in2006.The main conclusion is that after M&A sustainable competitiveness of private listed companies stumbles after rising. The Wilcoxon test value is very remarkable and most of enterprises grow significantly than before M&A occurred. Horizontal transaction, mixed transaction, asset replacement, acquisition, related transaction, cash payment affects the sustainable competitiveness of private listed companies obviously.