The Empirical Analysison Mergers Performance Of Listed Companies With Different Modes Of M&A

Nowadays, China is in the crucial stage of rapid development, the company mergers and acquisitions occur in great quantities, and has the potential of increasing year by year; involving the amount of money is becoming larger, and has intensified. But there have also been higher than people predict the probability of failure of mergers and acquisitions; the reason is various, mainly including enterprises before M & Ais too optimistic and lack of discretion, choose the wrong target companies, and the surrounding market environment change, resulting in improper decisions, making it unable to achieve the desired results on both sides.Empirical study shows that in some domestic enterprises mergers and acquisitions, especially in acquisition performance of listed companies is very poor, so, study about M & A performance of listed companies in China is particularly urgent and important.Based on "the company merger and acquisition performance under different M&A mode" as the research content.In order to facilitate research,We set A series of conditions about Data screening and select reasonable research methods. On the basis of previous study, we put forward the corresponding assumptions, the object of study for Chinese A-share listed companies in 2011 the implementation of merger and acquisition of companies, the time span is limited to two years before and after M&A announcement day, namely from 2009 to 2013. We selectresearch methods for accounting method, and use factor analysis method to get comprehensive score model, on this basis to do the empirical research, from its conclusions to analyze different choice of the mode of M&A impact on corporate performance. Research suggests that horizontal M&A can improve corporate performance, so as to enhance the value of the company, but it is worth noting that the second year after the completion of the acquisition of horizontalM&A performance began to appear, possible reason lies in the integration of mergers and acquisitions will take time. Vertical merger is helpful to improve the company’s performance, compared with horizontal mergers, vertical mergers and acquisitions for the M&A enterprise can more quickly to create value,M&A performance is better. Good performance in the mixed M&A exists only in the short term, and improve the company’s performance effect is obvious, but in the long term, after implementing mixed mergers and acquisitions, corporate performance showed the trend of development down, obviously, it is not so good for long-term mixed M&A performance.The final part of this paper, we compiled the results of empirical research and analysis the advantages and disadvantages of each acquisition mode, and based on thiswe put forward opinions, offering reference for future related research.