An Empirical Study On M&A Performance Of Listed Companies In Our Country

As the market increasingly competitive, M&A has become the effective economicinstrument to optimize the allocation of resources, and improve economic efficiency.M&A is called the mergers and acquisitions. The type of M&A and motivation ofM&A and the performance of M&A have extensive researches at home and abroad.Since reform and openness, the enterprise successively experienced two waves ofM&A. So this paper researches on M&A performance of listed company. After theperformances of M&A of Chinese listed companies of2009which in different typeare analyzed by Event Study, the results show that, the companies benefit haveimproved in the short term after M&A. Detailedly, the effect of horizontal M&A isobvious, so the companies get scale economic effect; the effect of vertical M&A isless obvious, and instability, so the companies have running-in process after M&A;the effect of conglomerate M&A is the least of all, it probable that many companylack effective management in our country, and they cannot manage the mergercompany effectively, so the company cannot run effectively. Finally, this paper givessome suggestions, which are standardize intermediary institutions and the perfectlegal system and strengthen management after the M&A, for improving the M&Abased on the problems which in our country M&A.