An Empirical Analysis of M&A of Chinese Listed Companies

Choosing the listed companies involving MA in 2004 as samples and introducing case study and financial data method,an empirical analysis is made both microscopically and macroscopically for the performances of different MA events.A conclusion is drawn that,as a whole,the MA had been accepted on market and improved companies' performance to a certain degree.However,the improvement hadn't been fully confirmed yet when taking a long-term view.On the market the MA in form of assets replacement and equity transfer was highly confirmed,while merging another company wholly through direct purchase and corporate divestiture were lowly confirmed comparatively.Therefore,companies should make sufficient demonstration before MA and take assets replacement and equity transfer into first consideration to acquire better MA effects.