An Empirical Study Of Listed Companies’ Merger Performance

In international economic development boom, companies want to increase their hardware configuration facilitiesimprove the business model development; it must be M & A way to compete. Obviously, with the booming development of Chinese-style socialism, in support of our demand for residential living and national policy, the real estate industry has rapidly turned into a leading role from a utility man in both social and economic sides. However, a serious of problems are turning up with the vigorous development of real estate market, from the perspective of industrial properties and real estate are resource-intensive industries, the demand for land and money are great, both are indispensable, one can not meet, the the risk of failure may occur; from the point of market size distribution and industrial structure of the real estate industry, but within the industry, "law of the jungle" large, so the real estate industry M & A activity in the overall national policy control and the dual pressures of competition within the industry have become more frequent.This paper selected for the study of real estate mergers and acquisitions of listed companies activities. Firstly, the background and significance of research, research methods, research methods, research and reviews the performance of M; followed by the acquisition of related concepts set forth, on this basis, summarizes the relevant theory and research methods discussed performance of M & M’s; again describes the real estate industry development status and characteristics through real reveal the real estate industry to make acquisitions in urgent need, and for M &A motives must be further analyzed;once again, the sample data for empirical analysis to 2010-2012 occurred 59 real estate listed companies as samples, using financial indicators study, with the use of factor analysis, building an M & a performance appraisal system for the industry of real estate, mergers and acquisitions of listed real estate firms which happened in one year ago, M &A year, a year after the merger and post-merger two years, four years of M &Aperformance variation empirical analysis, in general, horizontal, vertical and mixed separately with the mean value, it is determined whether the acquisition will give real estate companies bring increase;finally, in conformity to practical results, put forward reasonable suggestions for policy-related issues, in favor of real estate listed companies better development.