| In the rapid development of global economic, the merger and acquisition is very important. Many Large Business Groups are built because of M&A. Since the reform and opening up, SMEs grow up fast. These companies which are mostly of high technology promote development of economics. However, when companies are growing for a long time, they will encounter bottleneck of development because of the limitations of their own scale. So more and more SMEs will choose M&A to achieve rapid development for the consideration of long-term development plan. Thus, the M&A is not only active in large companies, but also in SMEs. One-third of the small companies all over the world grow up because of M&A.The development of small and medium-sized board market started in2004, these companies are typical representatives of the small and medium-sized enterprises. They have good performance and the management level is higher than that of other enterprises. They are looking forward to be stronger because of M&A. They can obtain capital in the capital market. In view of the above reasons, the listed companies in medium-sized and small board participate in M&A.But we should also notice that these companies will meet many problems. Most of these companies are private enterprises which do not have enough government support. And it is hard for them to master the situation after the rapid expanding. The efficiency and effect of the integration is not good. So the study about the effect of the listed companies on small or medium is of significance.The study of this paper is based on the sample companies which conduct M&A of large-scale in2008. Specifically, this paper has summarized the theory and empirical research of M&A effects.Combined with the actual situation of M&A in SMEs of China, this paper uses accounting researching method to conduct empirical research. Conclusions are that the performance of M&A is improved, but it show the trend that rising firstly decreasing then. I also find that the impact of financial indicators to the effect of M&A is not the same. Generally speaking, the impact of profitability, operating capacity and solvency is bigger than that of growth, expansion and cash flow.Specifically, this paper can be divided into six parts:The first chapter is introduction. This part introduces the background, purpose and significance, ideas, content and method of the research.The second chapter is the theory and the literature review section. This paper elaborates the concept of M&A, the effect of M&A and the theory of motivation. Then it summaries the achievement and defects of the existing studies.The third chapter introduces the current situation and the situation of M&A of the listed companies on small or medium-sized enterprises board.The forth Chapter is the empirical research. It includes the object of empirical research, hypothesis, sample selection, performance evaluation indicators, model and the process of factor analysis.The fifth chapter is the empirical results section. This part evaluates the effect and test the relationship of financial indicators and M&A performance.The sixth chapter is conclusions, the innovation and deficiencies and recommendations which can optimize the performance.There are three pieces of contributions. The first is that the objects of the study are the listed companies on small or medium-sized enterprises board. There are seldom studies based on the effect of M&A of these companies. The second is that the samples of the study are companies which conduct M&A in the same year. This method can avoid the impact of the external factors. The third is that the conclusions of the paper are useful for these companies when they are in and after M&A.There are three shortages in the paper. Firstly, the window period of this study is not long. The effect of M&A may not appears in this period. Secondly, the fact that the amount of samples is small may affect the conclusion. Finally, the study does not remove external factors. |
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