Research On M&A Performance Of Listed Companies Under Different Motive

Mergers and acquisitions is a kind of economic act that a business acquires other company's some or all of the assets or equity in cash, securities or other forms in order to control the enterprises. In recent years, with the accelerating process of economic globalization and arrival of Informationization era, a new round wave of M & A has started around the world.Meanwhile, our country is also on the process of gradual integration into the world's economic integration, especially after the split share structure reform, as a means to optimize the allocation of resources ,mergers and acquisitions is more frequent. As a result of the complexity of M & A activity, it has become particularly important to study different motives for M & A performance and other related issues.This paper makes the listed company's M & A transactions in 2005 as the base period data,and studies a total of four years' financial data before and after the mergers and acquisitions.,then carries out empirical analysis on the performance of listed companies' M&A using principal component analysis.The results show that: on the whole,the performance of overall M & A increased at first, then have a downward trend. And then on this basis,have a classified study on the different motives for mergers and acquisitions .The results show that: the motivation of agent has a negative effect on the performance of mergers and acquisitions; while synergies motivation has a positive performance effect, but not significant; but in comparison, synergies motivation M & A has a much better long-term performance than agents motivated.Finally according to the conclusions of this paper's empirical research,the proposal was given for the listed company to improve the performance of mergers and acquisitions.