The Research On M&A Performance And Influencing Factors Of Chinese Real Estate Listed Companies

With the development of economic society,it is a trend for all the companies to become bigger and improve their core competitiveness.Merger and acquisition provides a new way to achieve this goal.In 2015,the concept of supply-side structural reform was put forward.Under this background,mergers and acquisition will become an important method to promote the reform.However,if M&A can improve the companies' performance and value? It doesn't come to a unanimous conclusion,whether in theory or in practice.Therefore,studies on M&A performance and its influencing factors are beneficial to find the problems and provide guidance for the future M&A activities.The real estate industry is an important part in the national economy,so the result of M&A is vital.In this thesis,we choose the M&A events of Chinese real estate industry listed companies from 2009 to 2013 as the study samples,then use event study method and EVA method to analyze short-term and long-term performance.First of all,on the basis of existing research conclusion,we use multiple regression analysis to find the effects of four possible influencing factors,including type,payment,connected transaction and state-owned holding.After that,we classify the samples into different groups according to the factors,and evaluate their performance in both short-term and long-term.We find that,all of the four influencing factors have significant effects on the performance of acquiring firms.In the short term,horizontal M&A,stock-swap M&A,non-affiliated transactions and non-state-owned holding companies obtain positive excess return,while other groups of M&A have damage to the corporate value.All of the changes are statistically significant.In the long term,the performance of all the samples decreases.In this aspect,horizontal M&A has the best performance,conglomerate M&A works well than vertical M&A.Stock-swap M&A is better than cash M&A.Non-affiliated transactions are better than connected transactions.Non-state-owned holding companies are better than state-owned holding companies.Finally,we combine the study results with practice in Chinese M&A market,and put forward several rational Suggestions.