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Comparative study on DEA-based mergers & acquisition trading efficiency of Chinese listed company

Shu-Rong Yan

Chinese M&A market is just unfolding, and its efficiency evaluation is very impotrant. This paper carries out the innovation in research methods, first to distinguish between M&A transaction efficiency and integration efficiency, and improve DEA model to study the transaction efficiency. It finds: Since 2006,with the M&A marketability gradually the company's M&A can enhance company's value, but there are differences between purchase company and goal company, among Horizontal, vertical and mixed M&A; The strategic M&A performance is better than that of property peeling and asset replacement; The M&A efficiency of corporate-control shareholders is better than that of state-owned and Circulation-stock control Companies.