Performance Of The Empirical Research In Chinese Listed Company Merger And Acquisition

More and more cooperation intend to merge other cooperation knowledge assets which is a way to acquire core technology to strength its’ability and enhance market competitiveness.cooperation want to reinforce its’market achievements and improve financial structure by knowledge assets which attracts more and more attention This paper is aimed at Chinese listed company which have adopted knowledge assets and arrived some conclusion to help people find some problems and give listed company some references in the process of knowledge assets.This paper is formed by two parts. The first part is basic theory of listed company acquisition which summarizes research achievement about acquisition market achievements both abroad and home and summarizes previous definition about knowledge assets, meanwhile, states Motivation Theory of acquisition including Transaction Costs Theory, Market Power Theory, Management synergy theory, operating synergy, Financial synergy effect theory,. Above all, Chinese listed company theory establishes firm foundation for listed company knowledge acquisition empirical analysis.The second part is the main part which is about Chinese listed company knowledge assets acquisition empirical study. Before the empirical study, the author redefine listed company knowledge assets. In the empirical analysis about Chinese listed company knowledge assets acquisition, the author choose54legal companies which also announced knowledge assets acquisition at shanghai and Shenzhen stock exchange center from2001to2010.firstly,the author analyses the financial ratios before and after the announcement to relies how the acquisition announcement affects financial performance in the long run. Secondly, this paper choose CAR which is calculated by event study as the dependent variable and choose many financial ratios as independent variable to analysis influencing factors about knowledge assets acquisition market achievementsAccording to the empirical analysis:First:listed company knowledge assets acquisition CAR is negative which notes that acquisition can’t bring fortune for shareholder.Second:in the comparison about listed company knowledge assets acquisition before and after, all the liquidity index are notable which notes that debt paying ability improves after the acquisition. Third:from the analysis about listed company knowledge assets acquisition we can get that transaction value、free cash flow、 Debt-to-assets are important influencing factors to knowledge assets acquisition.