The Research On Chinese Listed Companies' Performance And Influencing Factors Of Strategic M&A

With the acceleration of the economic globalization, the new wave of the mergers and acquisitions (M&A) embark around the world. Considering the long-term development goal, some enterprises optimized resources and integrated industries through a series of strategic M&A to enhance their market competitiveness. Meanwhile, China is in the process of gradual integration into the world economy and further reformation of state-owned enterprises. The strategic M&A between enterprises are increasing. It will become the mains model of M&A. In this context, we need to do more research on the strategic M&A, especially the following questions: whether the enterprises' performance has improved after the strategic M&A; which factors influenced the performance. This paper evaluates the enterprises performance of the Chinese listed companies' performance of the strategic M&A, and analyses the influencing factors. Hoping it will help enterprises to analyze their own advantage and enhance their core competitiveness through strategic M&A.There are six chapters in this paper. The introductory remarks are in the first chapter which mainly analyzed the meaning of this research, current research related to this issue at home and abroad and new points of this paper. The second chapter briefly analyses the content, features, and the development trends of strategic M&A. The third chapter analyses the specific motivation of the strategic M&A through making a research on domestic motivation of M&A. The forth chapter mainly study the performance of the strategic M&A. Firstly selected indexes from profitability ability, growth ability ,operational ability, solvency ability , and studied the change of performance using factor analysis then made a further evaluation of the performance differences between different way of M&A. The fifth chapter analyses the influencing factors of Chinese Listed Companies' Strategic M&A and make an empirical research using multiple linear regression. The sixth chapter is the conclusion of this paper: overall the results of strategic M&A are good. Most of the listed companies' performance rose after the strategic M&A. The research in different strategic M&A types discovers that the horizontal merger achieves the steady efficiency; then is the conglomerate type and the vertical type. The development strategy, relatively scale and the proportion of the first shareholder are the obvious influencing factors. Along with the length of time, the impact of various factors on the performance is different. Before the strategic M&A, the listed companies should fully analyze its core business and market prospects, and making a long-term strategic development plan to play their advantage and increase their core competitiveness.