An Empirical Study of Chinese Manufacturing Listed Companies' Merger Performance

摘要

In this text, we conduct empirical analysis on performance of China's manufacturing listed companies from the perspective of M&A. Taking 285 China's manufacturing listed companies whose M&A is occurred and completed between the year of 2010 and 2013 as object, and adopting the financial index analysis methods, we research the impact of different types of merger and acquisition and different scales to merger and acquisition performance of companies, and discuss the choice of the merger and acquisition ways and orientation of target companies' scale. We finally discover that horizontal mergers and acquisitions have the best performance, and secondly the vertical M&A, but conglomerate M&A have the poorest performance, and the scale of acquired companies has no relevance to merger and acquisition performance. Thus we can come to a conclusion; M&A of companies should focus more on integration of existing industries, rather than blindly pursue diversified operation.