The Studies On Performance Evaluation Of Manufacturing Listed Companies’ M&A

From late19th century to the beginning of20th century, Western countriesexperienced five waves of M&A. In our country, domestic listed companies’M&A appeared very late. But the quantity and the scales of M&A grow rapidly withthe continuous development of social economy, M&A plays an increasingly importantrole in China’s economic development and system reform of enterprises.Whether M&A can create benefits for the enterprise and increase wealth for theshareholders has become a problem concerned by the academic circles, and scholarsall over the world have conducted a great deal of research, but results for the merger’searnings were quite different. These results indicate that we need to strengthen theresearch on M&A transactions, the key of which is whether M&A can create wealthand value for enterprises and society.Under our current national economic structure, the manufacturing industry is in adominant position and during which a lot of M&A have taken placed. The quantityof M&A reached1508in2009, the total transaction amount was up to33596billionYuan, and among this the quantity of the manufacturing industry’s M&A reached561,the transaction amount was up to116670million Yuan. Therefore, this dissertationmakes24listed companies which involved M&A transactions in2009as samples,using8corporate financial indicators to establish a factor analysis model andregression analysis model which is used to make an empirical study on performanceof M&A, and the conclusion of the study shows that the main acquirer can get apositive benefit in the M&A.Finally, on the basis of the empirical research’s result, this dissertation putsforward recommendations to improve the performance of China listed companies’M&A in the government’s and enterprise’s point of view, which is in order topromote the standardization of China’s M&A transactions and the healthydevelopment of China’s M&A market.