Research On The Effect Of Mergers And Acquisitions On Enterprise's Performance

The important background of this paper is the tremendous development of China's real estate industry in recent years and the continuous occurrence of mergers and acquisitions(hereinafter referred to as M&A)in the real estate industry.The number and the scale of M&A are worthy of attention.The purpose of the this paper is to explore whether M&A will affect the performance of China's real estate industry companies,and whether there are differences in the effect of different M&A types on corporate performance.This paper can be roughly divided into five chapters.The first chapter is the introduction part,which mainly analyzes the concept of corporate M&A,introduces the historical background of corporate M&A,overview China's real estate industry and its M&A,and shows the purpose of this paper.The second chapter is the literature review and summary of some theoretical foundations involved in this paper.The third chapter is an analysis of the status quo of the M&A of listed companies of China's real estate industry.It introduces some cases of M&A in recent years and the M&A methods of real estate industry companies and the major risks faced by the real estate industry.The fourth chapter is an empirical study,introducing sample selection and empirical design,and conducting descriptive statistics,also testing the three hypotheses proposed previously.The fifth chapter is conclusions and recommendations,summarizing the conclusions of the research and making policy recommendations.The empirical conclusion of this paper is:As for the listed companies in the Chinese real estate industry from 2009 to 2015 studied in this article,M&A incident has a negative impact on corporate performance within two years after the occurrence,and the related M&A and diversified M&A both has some damage to company's value.The negative impact of diversified M&A on corporate performance is less than that of related M&A...