A Study on the Performance of Foreign M & A of Chinese Listed Company Based on EVA Decomposition Index System
|School||Nanjing University of Aeronautics and Astronautics|
|Keywords||Foreign M \u0026 A Economic Value Added Principal Component Analysis Performance Evaluation Empirical research|
Since the mid- 1990s , cross-border M \u0026 A growth , not only in the formation of a worldwide wave of a new round of mergers and acquisitions , but also become the main way of international direct investment . With loose foreign policy after China 's accession to the WTO , foreign mergers and acquisitions began to occur frequently , and gradually become the hot spot on China's securities market . Foreign mergers and acquisitions , however , is not really enhance the economic performance of China 's listed companies ? Performance or upgrade from what ? This article as a starting point on systematic empirical study of foreign mergers and acquisitions of listed companies in China 's economic performance . Adopted a comprehensive reflection of the the EVA decomposition listed company M \u0026 A value creation index system, and on this basis , the use of principal component analysis method , performance of empirical research on foreign mergers and acquisitions of listed companies in China . The results show that : First composite score changes before and after the merger and acquisition of foreign acquisitions in the sample companies in the short-term performance to be repeated , but in the long run , the composite score is improved ; followed by decomposition of EVA indicator test results are listed destroy or create a source of company value from operating EVA as well as avoidance of EVA; studies have shown that five major microeconomic impact factors final performance on foreign mergers and acquisitions , M \u0026 A mode , and the management of the listed companies in the pre-merger performance of the M \u0026 A performance is more significant . The end of this article on the basis of analysis of the empirical results , our management authorities, as well as listed companies is how to deal with foreign mergers and acquisitions proposals.