Empirical Study Of Mergers And Acquisitions’ Performance And Its Influence Factors Of China’s Listed Companies

M&A is an economic behavior of trading rights of control,it’s also a important way of company’s rapid expansion and the optimal allocation of resources.The five western waves of M&A has created many global household companies.The practice proves that M&A is a tool for enterprise’s development.Although China’s M&A activities started lately,with the split share structure reform and the age of full circulation of capital market,our M&A markets is increasingly active and normative.This phenomenon attracted the attention of the academic circles.Our scholars discuss domestic M&A from different angles.Unfortunately,as one of critical issues-whether M&A can improve the performance of companies,they don’t draw the same conclusion.In this paper,we firstly analysis the performance and influence factors of China’s listed companies’ M&A.Secondly,we selected listed companies as samples,these companies involved in M&A in 2009. We use event study and accounting research to analysis the short-term and long-term M&A performance.Besides,from the angle of factors influencing M&A performance,we divide the sample to make classified discussion according to industry life cycle, payment, associate relationship and related M&A.The empirical results show:in short-term performance,M&A had positive short market effect in China,it brought excess accumulated earnings to shareholders.The CAR was about 2.47%.From the angle of the industry life cycle,the short-term M&A’s performance of enterprises of maturity industry was best.From the point of view payment, performance of M&A for companies using cash payment is better than other companies. The related transaction was more conducive to M&A performance than the non-related transaction. The related and non-related M&A performance is almost same, but the non-related M&A was more normative in information disclosure.As to long-term performance, M&A can enhance companies’performance in two years but without persistence. In influence factors,we discuss ownership concentration.The performance of company with perfect structure of ownership concentration can increase stably after M&A.In two years, performance of M&A for companies with cash payment and related to M&A was declined, but the trend had a tendency to recover in the third year. Generally, non-cash payment and associate relationship was better.Finally, we put forward some policy suggestions about improve M&A efficiency according to this paper’s conclusion. Besides, we also present the shortcomings of the paper.