Empirical Study On The Performance Of M&A Of Energy And Mining Enterprises In China

M&A is an important way to extend from the inside-out, and it can make both parties share resources, expand scale and optimize the allocation of resource. Many large enterprises through merger, acquisition and reorganization to integrate resources, eliminate excess capacity to realize the rationalization of industrial structure, so that the resources superiority to the enterprise concentration. Based on the above background, this paper combines the event study and accounting index together to research on 60 M&A empirical research samples of China’s energy and mining industry between 2000-2014, then combining the ideological line theory of "research- process- conclusion of the empirical analysis- policy recommendations", on the base of the introduction of domestic and foreign scholars of merger, acquisition and reorganization theory, combed the domestic and foreign research on M&A theory and performance review systematically. Then this paper combines the long-term and short-term of empirical analysis together to reveal the effect of sample companies in the price of before and after M&A and financial performance. The main research results and conclusions are as follows:(1)This paper uses event study method by computing the sample average abnormal returns(AAR) and cumulative abnormal returns(CAR) and finds that the overall acquisition samples in a few days before and after M&A significant abnormal returns in the short term investors access to shareholder wealth effect; Especially the day before the announcement day, before the news spreading has a positive significant abnormal returns, investors may obtain in advance insider news, causing the supernormal fluctuation of the AAR and CAR and getting significant abnormal returns; By double samples heteroscedasticity testing, found the CAR after the announcement has passed the significant T test, and there are significant differences, so M&A can bring Share price performance and it is helpful to improve the overall management level.(2)This article selects 12 kinds of financial index during the six half a year before and after the M&A to do factor analysis, from the perspective of the average of M&A, and it obtains higher financial benefits in the current, what’s more, nearly 50% or more companies of the M&A performance have won improvement of the companies; Although business performance after the mergers presents the trends of "growth- falling- growth"; However, the mean score of the sample in M&A had passed by significance test, shows that whole management level and the financial performance of enterprises after M&A has all increased.(3)In general, not to consider other factors, M&A events can bring a long and short-term benefits to shareholders, overall financial management level of the enterprise has improved, it can improve the asset allocation of listed companies to some extent, although in the long run the effect is not so stable, but the combination of the two methods contrast to observe sample companies can make up for the shortcomings of each other.