An Em Pirical Study Of The M&A Performance Of Chinese Listed Companies

After the reform and opening-up policy, the first M&A event in China appeared in the1980s, and then M&A becomes an important way of growth gradually for the corporations. With the rapid development of China’s economic strengths capital market and the M&A regulation, mergers and acquisitions have obtained more and more favorable external environment, and both the number and the size of M&A have arised since2002. At present, our country is entering to a crucial stage of economic reform, and China’s enterprises are facing increasingly intense competition in domestic as well as overseas. So it has attracted much attention that whether M&A can achieve the optimal allocation of resources, whether the enterprises can obtain the enhancement of their performance and the long-term development of their strategic target, and then survive in the tide of economic globalization and the domestic economic reform.Compared with the target companies, the performance of M&A companies has more uncertainty, summarizing the domestic and foreign scholars on the performance of M&A research comprehensively. Using213listed companies in China of the M&A events in2010as sample, this paper take integrated use of accounting research method and the EVA method, select14indicators on behalf of the company’s six aspects of profits、value creation、liquidity、operations、growth chance and equity expansion ability to calculate the composite scores of M&A company’s performance with factor analysis method. Then explores the performance changes of overall sample、classified different types of M&A and important industries during the period from2008to2013.The research indicates:(1) The performance of overall M&A companies is not significantly improved, while there’re differences in the performance of different M&A types and the main industry;(2) For the perspectives of M&A types, horizontal and vertical M&A performance improve in the short term, but it is not sustainable, the performance will decline in the long term. While the conglomerate M&A performance decline in the short term, but significantly increase in the second and third year after M&A. Compared with the other two types of M&A, conglomerate M&A has better development of performance;(3) For the point of key industries, the performance of Information-technology companies decline after the merger, while the Medical-care industries increase, but the significances of them are both low. The performance of Car-auto parts production and Metal-nonmetal-mining industries both significantly increase in the short term, but their sustainability is poor. The performance of two industries declines respectively in the first year and second year after the merger. In addition, this paper puts forward suggestions on the three aspects of enterprises、 intermediary organs and government.