Research on China’s M&A Efficiency Based on DEA–Tobit

  •  Sen Wang    
  •  Zhijun Zhang    


M&A has always been the theme of country economic development and corporate transformation and upgrading, M&A promote the flow of capital between enterprises and make the optimal scale of operation by reallocating the resources and adjusting asset structure. Based on the perspective of acquirers and acquires, Research uses the DEA-Tobit method to measure the dynamic effect of 6 kinds of M&A way in the short and long period. Through empirical research, it shows that there are different effects in the efficiency of different M&A ways. The same way of M&A, due to the enterprises in different status in M&A, efficiency effect will be also different. Through the analysis of efficiency changes, Come to conclusion that for the asset acquisition and absorb and merge by the acquirers should be prevented from being too large, resulting in a decrease in scale efficiency; Debt restructuring can reduce the debt burden, and quickly improve the efficiency. It is difficult to improve the efficiency for acquires, if asset divestiture, asset replacement, equity transfer is related or not great events, enterprises should try to choose the external M&A objects. The conclusion of the research has an important guiding role in today economic background of the adjusting economy structure and de-stocking in china.

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