A Study on the Factors of Performance of Mergers and Acquisitions in Chinese Listed Companies
|School||Dongbei University of Finance|
|Keywords||M \u0026 A Performance Influencing factors Theoretical analysis Empirical Analysis|
The purpose of the acquisitions is to the complementary between enterprises, and strengthen the market position, increase market share, expand the new space for development, improve the comprehensive competitiveness of enterprises and the ability to resist risks, is based on the M \u0026 A activities of listed companies in China also intensified, these The purpose will be reflected through the company's M \u0026 A performance, M \u0026 A performance of the company has become the focus of everyone's attention, at the same time, the analysis of the M \u0026 A performance influencing factors is also crucial. Only in-depth analysis of its influencing factors, in order to more effectively carry out mergers and acquisitions, to achieve the optimal allocation of social resources, promote strategic adjustment of the national economy, to help shape the industry's comparative advantage and core competitiveness of listed companies, in order to meet WTO challenges lay a good foundation. In this paper, a method of combining normative research and empirical research, an empirical analysis on the basis of M \u0026 A related theory, combined with the financial data of listed company M \u0026 A activity in 2008. First theory of mergers and acquisitions related to the introduction of clearly defined definition of M \u0026 A and M \u0026 A performance, as well as a brief description of the M \u0026 motivation theory, making stakeholders a better understanding of the reasons for mergers and acquisitions generate as well as mergers and acquisitions impact; analyzed theoretically focus all the M \u0026 A performance of listed companies in China will have an impact factors, including the factors about the company itself characterized factors as well as the trading characteristics; once again, based on the previous theoretical analysis proposed the hypothesis of this paper to build a regression model to the successful acquisition of listed companies in China A-share market event in 2008 for the sample data, combined with the 2009 and 2010 data on M \u0026 A performance of listed companies influencing factors regression The analysis, based on the regression results, focusing on analysis of the M \u0026 Payment, acquisition premium, equity structure, related party transactions, mergers and acquisitions scale enterprise life cycle factors such as the impact of M \u0026 A Performance. ROE can effectively reflect the M \u0026 A performance as well as the main business income margin in the empirical analysis of explanatory variables, the influencing factors as explanatory variables, and to establish the appropriate model of the underlying assumptions of the test, the following conclusions : (1) short-term cash payment with the company's performance is related to long might be a negative impact on the performance of the company; (2) the effective acquisition premium with the company's performance was significantly positively correlated; (3) industry and company significantly positively related to performance; (4) related party transactions with the company's performance significantly positive correlation; (5) The shareholding structure of the Company shares stake with the company's M \u0026 A performance was significantly negatively correlated. Finally, the results of the regression analysis, combined with the special circumstances of our country, put forward suggestions and countermeasures to promote effective acquisitions of listed companies in China, to improve the performance of M \u0026. The so-called innovations are relative, in reference summed derived on the basis of previous studies, in previous studies based on combined data of recent years, the mergers and acquisitions of the relationship between the main influencing factors of M \u0026 A Performance support and extend existing research conclusions. Course, there are inadequacies, need to be further improved: (1) M \u0026 A performance evaluation of our performance evaluation system is no clear requirements and provisions, and a lot of existing evaluation select certain subjectivity and personal preferences, this paper selected two indicators (return on net assets, the main business income rate) are indicators of historical data reflect, so this article there are some defects; (2) data acquisition time restrictions the impact, makes no specific industry analysis of listed companies, the conclusions can not be precise positioning of the differences between the various sectors, which are to some extent affected the accuracy of the empirical results; (3 certain) due to the many limitations of the data sources, data collection, despite the company's performance impact of various factors, this article can only consider several major factors without considering all factors, model building and analysis impact. Defects and shortcomings of the above study, the analysis and conclusions of the inevitable inadequacies, you also need to continue the study of the relevant aspects of the learning and practice.