China's Real Estate Listed Company M&a Performance And Its Influencing Factors Of Research

During the development of the securities market, mergers&acquisitions have always been a heated topic. In the development of China’s capital market, the activities of M&A have been increasing in quantity and scale. With the flourishing development of China’s economy, M&A plays a critical role in the resources and business restructuring of the listed company.M&A activities lead many scholars, home and abroad, to deeply discuss the performance of the activities from different perspectives with different methods. But the performance and effect of the M&A activities are uncertain in all these studies. Although many researches have been made on M&A, there are few studies about M&A of a certain industry. Each industry has its unique characteristics and the performance of M&A can be different. When China’s real estate companies’mergers and acquisitions are active, we carry on a research on the performance of M&A of the listed real estate companies and the affecting factors on the performance and give some relevant strategies accordingly. This has practical and theoretical value.The thesis introduces some relevant M&A theories and China’s real estate companies’M&A activities. Then we study the performance of China’s listed real estate companies with the financial ratio analysis. From the M&A theories and some references, we make some suppositions on the on the factors that affect the performance of the real estate corporations. And we the thesis tests the direction of the influence of these factors for further study.The results of the thesis show that M&A activities of the real estate’s corporations have not created value or brought positive effects to the companies and the operations of the companies have worsened after M&A. The empirical analysis result proves that China’s real estate corporations need a long integration process to manifest the achievements of M&A activities. After testing the affecting factors on the M&A activities, the thesis draws to a conclusion. That is, the transaction size of M&A brings positive impact on the performance; whether the transaction is a related party transaction has no effect on the performance; the ratio of the company’s outstanding shares, the holdings ratio of the acquirer’s largest shareholders, the acquirer’s largest shareholder’nature all have negative impact on the M&A performance. All the effects are significant.Finally, to raise the performance of M&A of the listed real estate companies, the thesis put forward some policy recommendations from the company’s construction, the company’s integration after M&A and the development of the capital market.