The Study Of Mergers And Acquisitions Performance In Listed Companies In Our Country

With the continued perfection of economic system and further deepening the reform of enterprise, most of enterprises choose a pattern of mergers and acquisitions (m&a) for maximizing shareholder value. According to the history of m&a recent ten years, it’s clearly that there’s an explosive growth. The developing mode of m&a are two-sided. On the one side, resource integration by this model is helpful for enterprise rapid development and expansion. On the other side, it brings negative benefit or even directly leads to the failure if enterprise cannot effectively reasonable integration. Therefore preparations shall be made for efficiency and reasonableness. During m&a, the choice of payment is the key step. After putting forward the rational price in the deal, it is essential to select appropriate payment way according to multiple factors.In the previous studies, most scholars measure the success of m&a by the performance. It’s common to be qualitative rather than quantitative. This paper combines the quality and quantitative methods to research the m&a performance of listed companies in different ways of payment. In the choice of payment, this paper focuses on cash, stock, assets and mixed payment. In order to study the performance of listed companies in CSI market, we combine finance data method and factor analysis method and pay close attention to profit ability, debt paying ability, operating ability, development ability. Then we use factor analysis method to analyse the performance trends of overall sample of m&a and the influence of different payment. In the end, corresponding policies and suggestions are proposed which provides theoretical guidance for the choice of increasingly active m&a.