Research On The Performance Of Mergers And Acquisitions Of Listed Real Estate Companies In China

Mergers and acquisitions(M&A)of listed companies have always been the focus of the capital market.And whether M&A can bring performance improvement to listed companies has always been a hot topic of domestic and foreign scholars.At present,there have been a large number of theoretical and empirical studies on M&A performance both at home and abroad.But there is no consistent conclusion.Let me put it another way,The impact of M&A on the performance of listed companies is very uncertain.The types,roles,targets and Strategies of M&A may have an impact on the performance of M&A.In recent years,China's capital market has been maturing,and the market has basically recognized that China's capital market has reached a weak and effective level.At the same time,with the continuous improvement of laws and regulations and the increasing demand of enterprises for listing,M&A have become increasingly frequent means of self expansion.At the same time,China's real estate market is developing rapidly.Especially in recent years,with the continuous promulgation of relevant national policies,the real estate industry is facing unprecedented opportunities and challenges.In this process,"big fish eat small fish" is inevitable,the industry shuffle accelerated,for real estate listed companies,through M&A to achieve faster expansion is the only way for enterprise development.Under this background,it is of great significance to analyze the M&A performance of China's real estate listed companies.However,due to the imperfection of China's capital market,the information leakage of M&A and the reaction of capital market to information have not reached the level of developed countries,which is bound to have a greater impact on the short-term performance of M&A.Therefore,on the basis of combing the relevant literature at home and abroad,this paper systematically analyzes the relevant theories of M&A,so as to provide a theoretical basis for the follow-up empirical analysis.In the empirical analysis part,by choosing the qualified A-share real estate listed enterprises as the M&A events as samples,the paper analyzes the M&A performance of the sample companies by combining the event research method with accounting research method,and draws the conclusion of this paper.Finally,it puts forward reasonable suggestions and suggestions Opinion.Through my empirical research,this paper concludes that there are information leaks in the real estate listed companies of Shanghai and Shenzhen Stock Exchanges before the announcement of M&A activities.M&A activities have a negative impact on the stock price after the announcement date,and there is a lag in the response of the stock price to the M&A information in the future.Mergers and non-equity mergers and acquisitions have different effects on stock prices.Equity mergers and acquisitions will bring greater stock price fluctuations,and may obtain positive cumulative abnormal returns in a short period of time,while non-equity mergers and acquisitions will bring Stock prices fluctuate,but are more inclined to negative effects.In terms of financial indicators,the performance of listed companies in Shanghai and Shenzhen Stock Markets is also different.The performance of Shanghai stock companies is more dull.The financial indicators of Shenzhen stocks tend to fall first after mergers and acquisitions.For different types of mergers and acquisitions,mergers and acquisitions activities for equity Mergers and acquisitions can indeed improve the business performance of the mergers and acquisitions in the current year,but this improvement is not sustainable.For non-equity mergers and acquisitions,financial indicators tend to improve in the long run,but there is a certain time lag.Finally,on the basis of literature review and empirical research,some reasonable suggestions and opinions on improving the rationalization of M&A performance of real estate listed companies are proposed from three perspectives:government,real estate listed companies and investors.