An empirical research on the impact of Chinese private listed companies’ merger and acquisition on their financial performance

Merger and Acquisition(MA) often occurs in enterprises’ expansion process,including private listed companies.The effect on enterprises’ performance of MA has always been a crucial proportion of MA research fields.Based on the MA theory and the character of private company,this essay studies the finance performance effect of Chinese private listed companies’ merger and acquisition with factor analytical method and multiple linearity regression method.According to the data of listed companies,the MA of Chinese private listed companies hasn’t created value of their stockholders nor has it produced enough active effect on this companies’ financial performance.This essay pointed out that private listed(or unlisted) companies should focus not only on the quantity of their expansion,but also on the quality of their expansion,and should concentrate themselves on the advance of their core competence as well as corporate governance.