Research On The Overseas And Domestic M&A Performance Of Listed Companies

Since the mid-1990s,mergers and acquisitions have been expanding worldwide. In the20th century,the world has experienced a wave of mergers and acquisitions, M&A has become a modern enterprise, especially one of the important means of rapid expansion and integration of large-scale enterprises and high-growth companies. After entering the WTO,.China has gradually stands out in the M&A market in the world. China’s listed companies in mergers and acquisitions can be divided into two stages:the first stage is the enlightenment stage (1993-1996), the second stage is the stage of rapid development since1997.According to statistics from1997to2004, the number of mergers and acquisitions by the Chinese market reached908.Meanwhile, the number of overseas mergers and acquisitions in China are rising, the transaction amount is also growing, China’s listed companies began to seek overseas markets.Therefore, the domestic academic study of mergers and acquisitions has become a hot spot.Based on the above background,the article is starting from the basic theory of M&A, including definition of mergers and acquisitions, M&A performance definition,main types,and motivation theory. In empirical research, the first Intro the capital acquisitions characteristics of China’s listed companies, the combination of these characteristics, selected in line with the research methods of the actual situation of China’s listed companies. The analysis method of factor analysis conducted empirical research on the overall performance of China’s listed companies in mergers and acquisitions, while by contrast overseas mergers and acquisitions and domestic mergers and acquisitions, in-depth analysis of the performance of overseas mergers and acquisitions in China,obtained the overall performance of China’s overseas acquisitions, M&A activity does not play an active role in the performance of the listed companies.Article from the external environment and corporate level of listed companies on the basis of the empirical conclusions put forward recommendations to improve M&A performance of listed companies in China, the external environment includes to improving the legislative system, the right to play the role of the government as well as the level of intermediaries; enterprise level recommendations includes establishing a scientific and reasonable acquisition strategy,and paying particular attention to the full range of integration in the post-merger.