Innovation Measurement of M A Performance for Chinese Listed Companies

摘要

This paper researches the merger and acquisition happened in 2004 of 92 Chinese A-share listed companies,uses the improved assets yield of net cash flow to measure performance before and after the acquisition,and also uses multivariate regression analysis to test the factors which influence M & A Performance.The results show that: M & A Performance of listed companies has the tendency which rises first and falls later.Total assets growth,the proportion of state-owned shares,the main business income growth,and premium transactions are the primary factors which influence M & A Performance.These factors can explain the changes of operating performance of acquired company.