The Impact Of Transaction Characteristics And Assembly Information On M&A Performance

While China is in the transition period of economic restructuring,M&A as an important means of extension development of enterprises,China's M&A market has showed a blowout development.After the practice of listed companies,M&A can enable enterprises to grow rapidly relying on the existing asset in a relatively short period of time,but also to stimulate a number of speculations.After reviewing the existing literature and theoretical research results,we has established a performance evaluation model of M&A.First,we use event study method to calculate the cumulative abnormal stock return after the announcement of M&A.Then we use accounting indicators to assess the long-term performance of M&A.Finally we establish a stock portfolio of M&A firms to examine the long-term stock returns.This paper analyzes the influence degree from the perspective of transaction characteristics and information asymmetry.We choose M&A cases happened in Chinese A share market during 2012-2015 as the research object,and the results of this paper has showed that both the short-term and long-term M & A performance are poor,and the effect of different transaction characteristics on short-term and long-term M & A performance is significant.The impact of information asymmetry on M & A performance is significantly negative.