Research On Performance And Efficiency Of Mergers And Acquisitions Based On Short-term And Long-term Analysis

In recent years, with the rapid development of China’s capital market, Chineseenterprises maintain constant development and expansion under the impetus of hightide of mergers and acquisitions (M&A), M&A of Chinese enterprises increasinglybecome a topic of concern to the academic community. Although foreign scholarshave do a lot theoretical and empirical researches on the acquisitions of listedcompanies, because of China’s capital market, M&A events is relatively small scale,the rise relatively late, Chinese scholars study on mergers and acquisitions of listedcompanies is still in its infancy.In this paper, based on the fact that the literatures of the past were morecomprehensive and in-depth study, according to the2008to2013samples of listedcompanies in mergers and acquisitions, Applying event study analysis and dataenvelopment analysis (DEA) approach to mergers and acquisitions were on short-termperformance, long-term efficiency and influencing factors for empirical analysis.Results of the study show the empirical findings are very similar with the past ofthe United States and Europe and other developed countries. From the perspectives ofshort and long-term studies findings, only the acquirer and the target side, payment,industry classification are the significant and effective result of factors. That is,whether in the short or long-term point of view, target side seem to obtain moresignificant positive cumulative abnormal returns (CAR) than the acquirer, cashpayment method than the stock and manufacturing industry than in other sectors.This paper attempts to introduce new variable factors such as whether thejurisdiction belonging to the same region, whether they are related party transactions,whether the shareholders are listed as the largest shareholder into the performance andefficiency of M&A research, in order to make the appropriate supplement for M&Aresearch literatures of the past. In addition, based on the basis of the efficient markethypothesis, this paper innovatively combines the approachs of event studies and dataenvelopment analysis to build long-term performance evaluation methods of the listedcompanies,which, to some extent, can eliminate some interfering factors.