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Comparative Study of Performance between Foreign M&As and Private M&As Based on 1995-2009 Data

QIU Wei-nian OUYANG Jing-bo  
Taking the foreign and private MAs of listed companies as sam-ples,this paper studies both long-term and short-term market performance of the target companies under the two modes of MAs by the comparative test.The study indicates that the short-term performance of foreign MAs tends to be sig-nificantly better than private mergers,while the long-term performance of foreign MAs is significantly lower than that of the private ones.The result shows that in the short term,the capital market’s response to foreign capital is more posi-tive,although in the long run,the foreign MAs is not certainly better than pri-vate MAs.
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