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All the MA event study; the ST companies In recent decades, with the rapid development of Chinese economy and the relevant supporting policies complemented by government, the capital market becomes more mature. Many enterprises prefer to expand scale through merger and acquisition, but the fact is that not all the M&A activities can be successful and achieve the anticipated goals, they only enable companies to expand the scale which can not bring benefits for the companies. So it is necessary to measure performance of M&A in order to determine the M&A decision correctly or not. The chose of acquisition targets is correct or not directly affecting the success of mergers and acquisitions and even related to the improvement of performance among many other factors. Few studies on M&A performance consider the listed companies that face delisting risks as the acquisition targets. Although those companies are suffering the financial crisis, but compared to other non-listed companies are stronger with more resources which is more likely to create benefits for the companies with a successful M&A. In order to study the performance of M&A events which the acquisition targets are the delisting companies, this article try to explore the market performance of M&A events through event study method. 2. Theory and hypothesis Performance refers to results of companies engaged in specific business activities, often can be seen as the realization of strategic objectives. Currently, there are two main methods to measure the M&A performance, financial indicators and event study method. Financial indicators method is based on the indicators selected from four aspects, like the profitability, solvency, operational capabilities and growth ability, then using factor analysis method comprehensive analysis on M&A performance. |
