|
| Conclusion category | Author | Time published | Number of samples | Sample year | Research conclusion |
|
| Positive short-term performance | Li and Chen | 2002 | 349 | 1999–2000 | M&A brought significant wealth increase to the acquirer shareholders, especially the acquirer shareholders with larger proportion of national or legal person shares [24]. |
| Liu et al. | 2009 | 749 | 1998–2004 | During the window period, acquirer shareholders received an average of 1.39% CAR, explaining the conclusion based on the industry cycle theory [25] |
| Deng et al. | 2011 | 312 | 1997–2000 | Non-associated M&A created significant returns for the acquirers, and the associated M&A did not create wealth for shareholders [26] |
| Zhang and Sheng | 2016 | 55 | 2010–2016 | M&A in the Internet finance industry brought significant positive short-term performance, and mixed M&A performance was better than horizontal and vertical M&A performance [27] |
| Li and Song | 2017 | 333 | 2010–2013 | M&A created significant short-term M&A gain and increased as risk investor participation grows [28] |
| Negative short-term performance | Zhang and Lei | 2003 | 216 | 1999–2001 | The wealth of the acquirer shareholders did not increase due to M&A activity, and the CAR rose first and then decreased, and the reduction was greater than the increase [29] |
| Zhang | 2003 | 1,326 | 1993–2002 | M&A had a negative impact on the acquirer with−16.76% CAR during the window period [12] |
| Zhu and Chen | 2016 | 517 | 2011–2013 | Technology M&A brought significant negative short-term performance to the acquirer, but the company’s establishment period and equity concentration were conducive to improving M&A performance [30] |
| Uncontrollability | Chen and Zhang | 1999 | 95 | 1997 | Due to the immature capital market in China, the main M&A stocks did not show significant fluctuations, and the stock market did not respond significantly to M&A [31] |
| Yu and Yang | 2000 | 18 | 1993–1995 | In the M&A, the enterprise value of the acquirer did not rise, and the shareholders were not able to obtain returns, which did not benefit the development of the enterprise [32] |
| Yu and Liu | 2004 | 55 | 2002 | The M&A performance of the acquirer was not significant, and lacked continuity. From the perspectives of M&A motives and methods, the causes for the high failure rate of M&A in China were analyzed [33] |
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