A Study On M A Performance Of Chinese Auto Listed Companies

The enterprise through the different kind of M&A can quickly access to resources,advanced technology,new products and markets,etc.,make the enterprise to realize scale effect,improve the management effectiveness or realize the corporate diversification business.But M&A brings the good effect,there is a risk at the same time.The difficulty of resource integration,invalid and wrong information will bring the potential risk to M&A enterprise,which will reduce the performance.After decades of leapforward development,many companies access to M&A actions in the industry.Due to the importance of the auto industry on economic,to study its M&A performance has a realistic significance according to the practical effects of the automobile industry.The research object of this paper is the automobile listed companies,through choosing the CSMAR database of M&A events during 2002-2012 as the sample data of empirical analysis.Using the score of aggregative financial indicators to represent the change of enterprise performance.This paper firstly summarized the relevant theories of M&A performance study,scholars at home and abroad did a lot of research on M&A performance,but still haven’t get a unified conclusion,there are three results: positive effect on performance,negative effect on performance and M&A activity doesn’t have significant influence on enterprise performance.Secondly this paper puts forward the research hypothesis and build the empirical research model,author assumes that M&A activity will bring negative influence to the enterprise based on China’s auto industry has a big gap with foreign enterprises and M&A is not yet mature.Then get the comprehensive score of M&A performance by using the factor analysis method,and do the descriptive analysis and panel data regression analysis between different types,different payment ways of M&A activity.Statistical analysis results showed that the research hypothesis is accepted,M&A activity has the negative effect to automobile listed companies and reduces the enterprise performance.Finally,this paper puts forward some suggestions and give some prospects for follow-up study.