An Empirical Study Of China、Growth Enterprise Market Of Listing Corporation Merger And Acquisition Performance

From the view of the world, mergers and acquisitions, corporate restructuring hasbecome the main way of the company’s expansion. In China, thirty years of reformand opening up, China’s capital market is improving, the rapid development of socialeconomy, the majority of managers gradually realize that, we first need to grow theirown strength, to enhance their own competitiveness, but also to gain a firm footholdin the fierce competition in the market, and gradually become an effective way ofmerger and acquisition of enterprises rapidly growing. From the situation in recentyears, China’s M&A has become more and more frequent and diverse, has becomean important tool for enterprises to optimize the allocation of resources.Active degree of M&A has become an important indicator to measure acountry’s economic development over the past few years, Chinese enterprise M&Atransactions in the annual growth rate has reached about70%. Since the introductionof GEM Listing of new shares, the high valuation brings high issue price, a lot ofGEM companies raised a substantial excess funds raised, the GEM companies M&adesire to increase. The rise of the wave of mergers and acquisitions of the gem, gemmarket makes the hand has become one of the most important areas of acquisitionperformance, on the other hand, the gem acquisition data and provides the possibilityfor empirical research.This paper reviewed the relevant domestic and foreign mergers and acquisitionsand mergers and acquisitions performance is mainly on the research results, combinedwith the particularity of the gem, to China earlier listed GEM companies the M&abusiness as a sample, a comprehensive and systematic collection of relevant financialdata, these indicators, and using SPSS16.0statistical analysis of empirical researchmethods component analysis and descriptive statistics, factor analysis, software, fromthe perspective of financial performance changes before and after the growthenterprise market of listing Corporation mergers and acquisitions in China, on thehorizontal mergers and acquisitions, mergers and acquisitions, mergers andacquisitions, vertical mixing stock payment M&A and cash payment M&a fivedifferent ways of theory and empirical analysis and the corresponding performance,the conclusion. In general, the gem in China M&a performance achieved a certaindegree of improvement, but still there are many significant problems, especially thevertical merger and conglomerate merger performance is not just as one wishes, M&a year later appeared different degree of decline in performance. The article furtherfinds the reason, there are causes of vertical merger itself defects, more is caused byits own characteristics of the gem companies. Finally, through empirical research andanalysis of the conclusion, we explore the possible effective countermeasures andsuggestions.