Empirical Research On M&A Performance Of Listed Companies In China M&A Financing

China’s rapid economic development, bring unprecedented opportunities to the development of enterprises, Mergers and acquisitions as an important way for the expansion of enterprises in the same rapid development of China’s capital market. In2006,China’s split share structure reform is basically completed, indicates that China’s stock market realize the full circulation, which will make the shareholding structure of the market is beginning to show the decentralization trend, will also further reduce the valuation of the market, the company’s M&A costs are reduced. In this market environment, the value of the M&A market participant orientation and motivation will change, mergers and acquisitions will be more in line with the market-oriented, mergers and acquisitions will become more rational. At the same time, the introduction of the "Company Law","Securities Act" to modify the new listed company acquisition management approach and to promote the adjustment of state-owned capital and the restructuring of state-owned enterprises guidance","foreign investors mergers and acquisitions of domestic enterprises" by formally implemented, have greatly advanced the Chinese market, the process of mergers and acquisitions market.Gradually prosperity of the M&A market, M&A scale showing an increasing trend, which requires a much larger acquisition of funds, it has become increasingly evident the importance of the issue of acquisition finance.The different ways of financing, the size of the amount of financing, the level of financing costs, the size of the risk and how much financing channels are to a considerable extent determine the conduct of the M&A activity, and thus the impact of mergers and acquisitions, corporate ultimate success.Accordingly, the article will be mergers and acquisitions financing and M&A performance relationship as a starting point, assume that the basis of theory and previous research, by performance differences Empirical Comparison of different financing mergers and acquisitions, and the establishment of financing and M&A performance the regression equation, combined with theoretical analysis of the similarities and differences between the empirical results and assumptions, and gives recommendations for the status quo of China’s M&A financing empirical results. On the specific content of the study, acquisition finance concepts and finance theory be defined and described in the current environment analysis and discussion of China’s M&A financing. In the empirical part, select effective sample of111listed companies classified as equity financing (45) and non-equity financing (66) into two categories, the use of factor analysis, non-parametric tests and multiple linear regression method, has been different financing M&A performance, and analyze the relationship between the different financing and M&A performance. The following conclusions:equity financing and non-equity financing has a significant difference in the M&A performance, including equity financing, mergers and acquisitions on the performance of the overall decline, rather than equity financing, M&A performance overall upward trend; internal financing, equity financing and debt financing of M&A performance of the year with a negative role, and minimal impact on internal financing, debt financing and equity financing; merger and acquisition of long-term performance combined with non-equity financing to see internal financing and debt financing. The combined effects are analyzed; Finally, The thesis makes further analysis of the cause of the empirical conclusions.