Research On The Market-based M&A Performance Of Listed Companies In China

Merger and acquisition is a voluntary and paid transaction activity of listed companies.It has gradually become the effective capital operation mode for listed companies to pursue value maximization and improve development efficiency.With the development of economic globalization,the global m&a activity is becoming more and more intense.Throughout the modern economy,most listed companies have grown in this way.Emerging markets in transition,the long-term stability of the listed companies in the business,financial management level of research,the last degree of technology innovation,upgrading of products and the ability to adapt to market economy,etc.,are often not ideal.So how to through the reasonable and effective enterprise mergers and acquisitions,optimizing the economic structure and industrial upgrading,improve the corporate governance structure,attract investors,and active stock market has been the government,enterprise managers,academics and the general investors to focus on important topics.This paper designed a performance evaluation system based on DEA method,and mergers and acquisitions of listed companies in 2013 as the research object,the thorough analysis from different angles the performance change before and after the merger and acquisition,and using single factor analysis of variance method,has carried on the statistical significance test,reveal the influence of various factors on the merger and acquisition,overall m&a can improve the level of corporate performance;From the perspective of the merger and acquisition mode of different industries,vertical merger and acquisition should be better than horizontal and mixed m&a and can effectively improve the performance of the company after the merger.From the perspective of the merger and acquisition of listed companies,the m&a performance of non-related parties is significantly better than the related party's m&a performance.Therefore,it reflects the to make proper merger and acquisition decisions and improve m&a performance on an empirical basis.