Researchs On Horizontal Mergers And Acquisitions Value Creation Of China's Listed Companies

Looking at the history of modern economic development, many large-scale enterprises developed by way of mergers and acquisitions, particularly in horizontal mergers and acquisitions. From a global point of view, the most part of the fifth wave of mergers and acquisitions is horizontal mergers and acquisitions. Similarly, horizontal merger is the main trend in China. As enterprises have become increasingly frequent activities of horizontal mergers, whether horizontal mergers and acquisitions can create value for enterprises, what factors affect the value creation of horizontal.These attract the government regulatory bodies, business managers, shareholders and the equity investors's great concern. Therefore, the research on the horizontal value creation mergers and acquisitions is undoubtedly important.From the acquisition of the company's point of view, based on the motivation theory of horizontal mergers and acquisitions, combined with the status of the horizontal mergers and acquisitions in China's listed companies, this article researched on horizontal mergers and acquisitions value creation . The results show that: Generally speaking,the value of horizontal mergers and acquisitions had incresed after a period of consolidation; pre-merger cash flow net pre-merger share of state-owned shares, mergers and acquisitions of the top ten tradable shareholders equity ratio and horizontal value creation in mergers and acquisitions significantly correlated, and the acquisition ratio, the same jurisdiction, related-party transactions and horizontal value creation in M & A relationship is not significant.Therefore,this article gave some suggestions about how to improve value creation in horizontal mergers and acquisitions for China's listed companies: on the one hand, when decision-making enterprises should choose the right M & A strategy, and focus on the target company's value assessment, after mergers and acquisitions ,the listed companies should focus on the target company to integrate the development of core competitiveness, the ultimate realization of economies of scale. On the other hand, government departments should improve the acquisition of the relevant laws and regulations, standardize the M & A market, and provide a good environment for horizontal mergers and acquisitions .