A Research Into The M&A Performance Of China's State-owned Enterprises

In 2016,the number of M&A in China increased by 53%,the amount of M & A rose by90%,Showing explosive growth.However,the conclusions of the research on M&A efficiency are not consistent.Therefore,the paper takes our country state-owned listed companies 75 cases of M&A events in 2013 as sample,the methods used in the paper including the financial index method and factor analysis method;The paper selects 12 financial indicators which represent the company profit ability,debt paying ability,growth ability,operation ability and capital stock expansion ability five aspects of return on net assets,operating profit margin,net interest rate of the total assets,current ratio,quick ratio,net profit growth rate,earnings per share and revenue growth rate.And these 12 financial indicators reflect corporate performance as the basis of the index system of data,establishing comprehensive performance score model,calculating comprehensive score,studying the change of the M&A performance in accordance with different types of M&A state-owned holding companies in our country from 2010 to 2015.The paper reaches a conclusion that all type of M&A performance have different amplitude rise in declared a year before M&A from the point of M&A types,however,different M&A ways shows different situation after the merger;for example horizontal mergers M&A performance decline after M&A,vertical M&A performance decline in the short term,but the merger performance significantly increased after the third year or the second year of the merger,compared with other two types of M&A performance lag.vertical M&A is better than the other two types of mergers and acquisitions from the point of performance's improvement.Mixed M&A performance decline in the short term,but more and more slowly.This may be because,no matter what kind of mergers and acquisitions,the government's non market behavior seriously interferes with the performance of state-controlled listed companies.Especially in the process of mergers and acquisitions,it carries too many political demands,which leads to the neglect of performance.The development of China's intermediary institutions is not complete,and the state-owned capital investment companies have not fully played a role in the three tier of the State-owned capital investment company-state-owned enterprises.The types of M & A are too concentrated and the integration after merger has not been paid attention to.Therefore,we should reduce the non market behavior of the government,strengthen the function of state-owned capital investment companies,reduce the amount of horizontal M&A,and pay attention to the integration after M&A,etc.