The Research of M&A Performance of Chinese Real Estate Industry Listed Companies

• 1、College of Management and Economics, Tianjin University, Tianjin 300072

Abstract：Studies on the performance of M&A are beneficial to find the problems and provide guidance for the future M&A activities. In this paper, we choose the M&A events of Chinese real estate industry listed companies from 2011 to 2013 as the study samples, dividing them into industrial M&A and conglomerate M&A according to the industries of the acquirers and the targets. We use event study method and EVA method to analyze short-term and long-term performance. We find that, in the short term, the acquirers of both kinds obtain significant positive abnormal returns; but in different period of time, the abnormal returns of different kinds show different changing trends. In the long term, performance of the acquirers of industrial M&A increase in the current year and the following year, and decrease in the second year, but these changes are not significant; While the performance of conglomerate M&A decrease significantly. All of the results indicate that the performance of different types of M&A are different.

Keywords： Business administration Real estate industry M&A performance Event study method EVA method