The Study On The M&A Performance Of Listed Companies In China Based On The Enterprises Life Cycle

As a process of allocating and reallocating resources, M&A is animportant mode of enterprise development and also a basic representationform of economic progress under the internal motivation and exterior press.Atpresent, the global economy under the influence of the U.S. financial crisis,Some enterprises have been operating difficulties and became the object ofM&A or the ultimate demise On the contrary, some enterprises has taken thepace of growth With the M&A activity, In the process of the M&A activity, wecan feel the presence of Corporate life.This article study the performance of M&A activities of China’s listedcompanies based the theory of enterprises life cycle. On the basis of thetheoretical analysis, this research integrated,the theory of enterprises lifecyclemade10acquisitions hypothesis for the performance of M&A of listedcompanies. In previous studies, based on the identification for enterpriseslife-cycle stages of China’s listed companies enforced M&A activities, Thisarticle compared the performance of M&A of listed companies at differentstages of life cycle by the overall business performance.This paper uses data envelopment analysis (DEA) method as a measuremethods of the M&A performance of listed companies, because the dataenvelopment analysis (DEA) method can better evaluate the relative efficiencybetween individuals, with the Incomparable superiority relative to otherevaluation methods.This article combined the super-efficiency model andwindow analysis to make the relative efficiency of different companies indifferent years can be compared.After gaining the M&A performance index of the listed companies throughDEA,the thesis draw some conclusions using SPSS analysis for the indexaccording to the enterprises lifecycle and the forms of M&A.The conclusions demonstrates that: From the general point, M&A enhanced the performanceof enterprises;Viewing the business performance of listed companies atdifferent life-cycle stage of enterprise, the M&A performance of the listedcompany in development stage are best, followed by the maturity listedcompanies, and the recession listed companies is the worst;From thecorrelation analysis between the enterprise life cycle and M&A forms,development listed companies should select the Horizontal M&A priority,Maturity listed companies is most suitable for vertical M&A, recession listedcompanies can raply achieve the Enterprise transformation by the selection ofmixed M&A.And then which provide a theory basis for the improvement oflisted company M&A performance.