With the development of worldintegration, global mergers and acquisitions have been intensified, more and more multinational companies use mergers and acquisitions to expand their territory. Similarly China’s listed companies begin to upgrade their own industries and improve their competitiveness through mergers and acquisitions. In a way, they will be more active in global competition. According to statistics, the number of mergers and acquisitions has increased from150ps in1997to3555ps in2012, each transaction amount has also increased significantly from less than million yuan to more than trillion yuan at present. Consequently, mergers and acquisitions is booming. Mergers and Acquisitions plays a vital role in our listed companies’development, which is also an important research subject for our scholars. The is the core issue of M&A and is the standard to judge the success of M&A. In this perspective, the research is much more practical, so it has also become the focus of this paper.As the institution and market factor of M&A, the marketization process plays an important role to the . Our country has begun the shunt of market since1978. Although we have get a great achievement in the process, the marketization process of each region isn’t balanced for China(Fan Gang. Wang Xiaolu,2004), which is a broad country. The companies in different regions face different institution environments. It leads to a question that the marketization process will have what effect on the performance.This paper selects419companies of Shanghai and Shenzhen state holding listed companies in2009as samples. We use principal component analysis to make an analysis to the performance of the samples to calculate their total scores. Then we regard performance as the dependent variable, the marketization process as the explanatory variables, and we also choose some factors as controlled variables such as related transaction, the proportion of state-owned shares, belong to the jurisdiction, the merger and acquisition scale, pattern of payment, Industry Association. The result shoe that the marketization process and performance have a significant positive relationship. At last, based on the conclusion, we give some policy suggestions to improve the performance according our country’ special case.
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