The Non-relatede Mergers Performance:An Empirical Analysis of China''''s Listed Firms
我国上市公司非关联资产重组绩效的实证研究

Mergers and acquisitions amonglisted firms surged since 1997 and the wave still goes on. The article tries to probe by empirical analysis the impact on of such activities on the listed companies' performance. Acquisitions are divide into two categories: non-related acquisitions and related acquisitions. The research focuses on the impact of the non-related acquisitions. The statistical analyses are conducted on the performance of the acquisitions of listed companies in terms of financial indicators. market reactions and the combinations of the two, by statistical method and event study. The article concludes that mergers and acquisitions during that period can hardly bring any satisfactory performance improvement to China's listed companies, especially to the companies with better pre-merger performances. The different categories of mengers and acquisitions make little difference in improving company's performances. In addition, the market discriminates between related acquisitions and non-related acquisitions, and among different categories of acquisitions.