The Empirical Study On M & A Performance Of Listed Companies In Different Modes

Enterprises in order to adapt to the new economic situation and they have to find a way to make their own advantage in the competition,a firm foothold in the industry and to be expanded in size with the rapid development of economic globalization.This is one kind of M& A transactions by corporate assets or equity,to enable enterprises to generate business practices combined merger,gradually received more and more attention and use by many enterprises.In each country M & A has become a business in the short term to achieve effective ways and means to focus on the accumulation of capital assets,we can say it has become essential for business expansion and development tools.Although China's M & A market later than the Western countries,the short development and have defective.But it still can be expected,as China's capital market continues to mature,the continuous economic development,mergers and acquisitions will to be used as a important way of enterprises' development and expansion of business activities.In recent years,a strong proponent of "going out" strategy which allows the competitive advantage of resources and global resources of the enterprise docking integration and increase their competitiveness.M &A activity is suitable for this strategy,so it become a first choice of corporate merger international.M & A activity more and more to be attented by society,more and more variety of sounds appear by the theoretical study.But the M & A activity itself,and its success will help the formation of enterprise development,and the failure will become a stumbling block for enterprise development,so a successful acquisition strategy is very important.Select the acquisition strategy in M & A mode is the most important part,so this acquisition by taking different modes of empirical research enterprise M & A performance,in order to discuss the issue of mergers and acquisitions mode selection.The text of the enterprises are listed companies as a representative,it is because the listed company as outstanding representatives of enterprises play an important role in mergers and acquisitions,representative,and its acquisition process is very complex,with a multi-game features,and mergers and acquisitions of listed companies performance for the main acquisitions,investors and regulators,it is highly desirable to understand and to know.So this paper is to study the performance of mergers and acquisitions of listed companies in different acquisition modes are important practical and theoretical significance.This paper first describes the historical background of mergers and acquisitions,and then expound mergers and acquisitions of Chinese enterprises the issues and related theoretical literature.Elaborated M & A and M & A mode,related concepts,theories and empirical methods related to the theoretical principles for this study lay the theoretical foundation.Then this paper using two empirical methods,namely EVA and principal component analysis,to be completed in 2012 listed companies in M & A as a sample of listed companies,analysis before and after the acquisition of changes in business performance.Finally,giving some suggestions for the results of the study analyze.