The Research On Motivation And Performance Of M&A About Listed Company

The research on M&A is one of the focuses which modern economist and management researcher, M&A has very important significance to the long-term development of an enterprise. The strategy of modern enterprises makes a reservation and bases on the long-term development of enterprises, enterprises, while developing, will take place a series of annexation and purchase inevitably. And the study of M&A is exactly what enterprises care about, study about the reason and performance of enterprise, performance and risk before and after purchasing, help to reduce merger risk of the merging side, and help to improve the company performance.At present, the evolutionary reform of state-owned enterprise has already entered a new stage, and promoting the reform by merging is going to become the new trend. As "the method of purchase and management on the listed company", "the notice about transferring the state-owned stock of listed company and the corporate share to the foreign businessman", "the temporary rule about utilizing the foreign capitals to reorganize state-owned enterprise ", " the temporary rule about the foreign investor merging domestic enterprise", such a series of laws and regulations involving enterprises' merging as " the regulations of enterprise's state-run assets' supervision and the provisional administration ",etc, legal obstacle and policy barrier of M&A are dispelled progressively . Though the place of domestic enterprise is under the superior environment, the size of the enterprise is small, with the reality of keen competition and constant entries of foreign capitals really bring the severe test to development of enterprises of our country. So, the research of this text is to proceed from this angle, and links with reality.This text draws lessons from the theory and method of enterprises merger and the current situation of studies. Firstly, it has fully shown the research of the reason of merger, performance and risk deeply, the temporary lodging of this text is the performance of merger. The performance index is market performance and management performance among the research of this text. This measurement of the market performance of thesis is to proceed from excess income, structuring the thinking of research taking merging incomes as the main thread, researching on the influence of the long-term excess income after merger. Because the research ofthe excess income is to consider the behavior on the security market after enterprises merge, it can't totally express the truth of enterprises, so, we will research our management performance to enterprises at the same time, which is carrying on research to the influence of the long-term performance from the change of the accounting index. Which can reflect the long-term performance of the whole market basically, and which can offer some feasible suggestions for merging tides at present in our country, too.