Research On The M&A Performance Of The Listed Enterprises

From 2004 to 2014, small and medium-sized (SEM) board market has experienced 10 years of development. The 10 years’growth makes the SME board market become one of the most successful capital markets undoubtedly. With the aid of the capital market of SME board, a large number of outstanding enterprises in our country were born; the securities industry in our country has made a great development at the same time. Now the development of SME board market has been mature, the promotion of merger & acquisition (M&A) among the enterprises can further strengthen the development of the listed enterprises. With the aid of the capital market, the SME board listed enterprises can expand the enterprises’ scale of themselves through the horizontal M&A; the listed enterprises can also undertake vertical industry chain integration, in order to strengthen the enterprises’ strength. As the typical representatives of SME enterprises, SME board listing corporations usually have more confidence to achieve the target of transition to large enterprises through M&A. However, in many M&A cases, many companies have bad business performances because of M&A. The business goal is to maximize the enterprise value, in other words, the goal means to constantly improve the enterprise performance. Whether M&A can really improve enterprise performance, it is a question worth to study.This paper reviews the relevant literatures of domestic and foreign about the M&A according to the different perspective of M&A performance study, and expounds the related theories of enterprise M&A and M&A performance, at first. Based on the current situation of M&A of the SME boards listed enterprises, we use empirical research method to design the performance evaluation of M&A on the SME board. In order to analyze the enterprise M&A performance, this paper takes the financial indexes of the enterprise as the indicator system of performance evaluation, and using the factor analysis method for empirical research to analysis the M&A events of SME boards listed enterprises. Through the analysis of the empirical results, the enterprises’ performance of M&A is descending at first, and then, the performance start to rise, and through the regression analysis between financial index and M&A performance, we can find that different financial index has a different impact to the enterprises performance after M&A, this illustrates that the enterprise’s M&A behavior should consider their own situation.Now the number of listed enterprises’M&A on the SME board is larger, but the research about the listed enterprises’M&A on the SME board is less; In these situations, this article analyzing listed enterprises’ performance problems focuses only on SME board, and compares the differences about the enterprise performance after M&A between the main board and the SME board. Finally this paper gives the corresponding policy recommendations.