Abstract
The thesis focuses on the impact of stock market valuation on the performance of M&A. Listed companies from Shanghai and Shenzhen Stock Exchange M&A events between 2012 and 2014 are chosen as the study sample, the stock market valuation is measured by average PE monthly, and the performance of M&A is calculated by financial data. Through the analysis, the following conclusion is drawn: in the over-valuation period, there are more M&A events. And the performance will be worse when M&A events occur in the over-valuation period. On the basis of the conclusion, the author put forward some suggestions to listed companies.
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