An Empirical Study On Short-Term Performance Of Chinese Listed Companies

M&A is an important way for enterprises to grow and develop,but also an important means for enterprises to strengthen their own strength and enter new areas and new markets.Since the reform and opening up more than 30 years,China's economy has achieved the achievements of the world.In recent years,the demographic dividend has gradually disappeared and the shortage of resources is difficult to support the rapid growth of China's economy.The Chinese economy is facing an opportunity for reform.Technology,production backwardness of the enterprise will be reorganized,eliminated;with advanced technology,a leading edge of the enterprise will also grow an develop through mergers and acquisitions.The analysis of domestic M&A events will help to determine whether the M&A activity can bring the M&A value to the enterprise,and the eventual research method is used to analyze the short-term value of M&A.In this paper,the latest listed companies in 2014 and 2015,the acquisition of mergers and acquisitions occurred(-80,-21)days between the merger rate of return and market returns between the regression equation.Since the real yield of M&A in the market is known in(-20,-1)and(1,20),the regression equation can be used to calculate the expected normal rate of return of the two parties in the interval.The difference is the extraordinary rate of return.(AAR)and cumulative abnormal rate of return(CAR),analysis of AAR and CAR and its significance to analyze whether the M&A event brings short-term M&A value by counting and calculating the extraordinary rate of return of all M&A events.On the basis of the analysis of the overall M&A events,this paper divides M&A activities into vertical mergers and acquisitions,horizontal mergers and acquisitions and mixed mergers and acquisitions to analyze the similarities and differences between M&A values of different M&A types.Through the empirical analysis,this paper holds that the M&A event has a short-term M&A value,and the M&A extraordinary yield is higher than the vertical mergers and acquisitions and horizontal mergers and acquisitions,the article finally put forward policy recommendations.