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1、AbstractMergerandacquisition(M&A)isanimportantcontentofachievingrapiddevelopment
ofEnterprises,aprimarymeanstocarryouttheoperationsofglobalization,butalsoa
strategictoolforacquiringtechnology,marketandotherresourcesinotherenterprises.The
performanceofmergersandacquisitions,domesticandforeignschol
2、arslaunchedalotof
research,buthasnotyetcometoaunifiedconclusion.Toachievetransformationfrom
manufacturingtoindustrialpower,thestatehasadoptedaseriesofpolicyencouragethe
automotiveindustrymergersandacquisitions.M&Aasanimportantmeansofmanagement
systemandmarketrestructuringoftheautomotiveindustry,i
3、ntheendistoimprove
performance,orreduceperformance?Shouldcontinuetomergersandacquisitionsinthe
automotiveindustry?ThiswillbethroughM&AeventsofChina'sautomotiveindustrylistedcompaniesin
2007and2008empiricalresearch,inordertoexaminetheimpactofmergersandacquisitions
oncorporateperformance,andtoevalu
4、atetheprosandconsofmergersandacquisitionsof
listedcompaniesofChina'sautomotiveindustry.M&APerformanceathomeandabroad
relatedresearchsummarizedoverviewoftheM&Amoveduetothetheory,followedby
qualitativeanalysisofChina'sautoindustryoveralldevelopmentandmergersand
acquisitionsstatusquo,makeassumptions
5、basedonthetheoryofmovingdueto,andthenuse
theDEAtobuildChina'sautomotiveindustrylistedcompaniesandlong-termM&A
performanceevaluationmodel,quantitativeanalysisoftheM&Aperformanceofthesample
companies.Onthisbasis,theuseofthetheoryofstatisticaltestswereinvestigateddifferent
typeofmergersandacquisitio
6、ns,relatedpartytransactions,M&Atargets,paymentmethod
listedcompaniesoftheautomotiveindustrymergersandacquisitionsandlong-term
performanceimpact,inordertoverifywhethertheassumptionsestablished.Theresults
showedthat:thelistedcompaniesoftheautomotiveindustrymergersandacquisitionsoverall
performancei
7、snotobvious;non-relatedtransactionsM&Aperformanceisbetterthanthe
performanceoftherelatedpartytransactionsmergersandacquisitions;horizontalM&A
performanceisbetterthanverticalmergersandmultipleM&APerformance;equityM&A
pe
