An Empirical Study On The Performance Of Listed Companies In The Later-day Of Share-trading Reform Era

M&A is the control of the economic behavior of a paid transaction.With thedevelopment of economic globalization, M&A has become the mode of operation ofenterprises to expand the scale and improve development efficiency, optimizeresource allocation capital. Since the late1800s, western countries mainly the UnitedStates have gone through five large wave of mergers and acquisitions. And in the1990s, a wave of mergers and acquisitions was still rising. In a certain sense, thecountry’s economic development is a history of mergers and acquisitions marketeconomy first. Relative to Western countries, the behavior of mergers andacquisitions in China started late, the history of mergers and acquisitions of listedcompanies only have a few years. In addition, due to historical reasons, China’scapital market has split share issues in the long time what serious damage to China’scapital market asset pricing. And it plagued by long-term development of listed companies in China M&A activity. In2005, China’s split share structure reform wasofficially launched, it has become a catalyst to promote mergers and acquisitions oflisted companies. October10,2006, the basic completion of China’s A share marketshares change the completely eliminate the different prices of the same stock, withshares of different interest, with different rights of the shares of the phenomenon, atthe same time for the market of mergers and acquisitions of listed companies in Chinahas laid a solid foundation.At present, domestic and foreign academic circles for the study of merger-relatedissues has been very in-depth, one of the most important areas of research on M&Aperformance. However, foreign scholars for the study of the performance of mergersand acquisitions, the use of event study methodology is concerned about the changesin short-term performance of mergers and acquisitions, and the study of M&A isalmost enterprises. China’s stock market is not perfect, our scholars for the M&Aperformance study based on financial indicators Accounting Research. But in ourresearch focuses on the same mostly short-term and M&A performance, and selectedfinancial data for the split share structure in China under the background. As for the split share structure reform after the M&A performance study is still a lack of fullcirculation market context. Therefore, this study as the background of the split sharestructure reform. It uses the method of Accounting Research, empirical research onthe long-term M&A performance.This article selected467M&A activity in the primary and the status of listedcompanies in2008as the study sample. It uses accounting research methods, fromprofitability, shareholder profitability, capacity development, operational capacity,solvency (short-term solvency and long-term solvency) select13financial indicatorsfor factor analysis to extract the common factor, and build a composite score model.Then calculated before and after the M&A composite score of five years (2007-2011), a comparative analysis of the composite score. With paired samples T-test, theM&A sample packet inspection in accordance with the impact of various factors,and explanation of the test results.Based on the findings: Overall, M&A behavior in the short term could enhancethe performance of main performance, but it lack of long-term nature. From the pointof view of the industry life cycle, maturity and decline in the Lord and the performance of mergers and acquisitions is better than in the formative years of theenterprise. From the point of view of the same jurisdiction, belong to the jurisdictionof the Lord and the M&A performance is batter than other enterprises. From the pointof view of the state-owned shares, the M&A performance of containing state-ownedshares enterrprises are batter than other enterprises. From the point of payment, thecash payment is more conducive to M&A performance improvement than thenon-cash payment methods.