A Comparative Study Of The M & A Performance Of Companies Based On The Same Binding

Mergers & Acquisitions, as a new driving force for economic development, is the important way of capital concentration and organization growth. Through M&A, not only can promote the optimized combination of stock assets, and promote adjustment of the industrial structure, but also adapted to the need of the enterprise business expansion, and expand business scale of the enterprise, as well as achieve scale economics. Therefore, our inter-company mergers and acquisitions have become increasingly active, such as private enterprises reverse merger, listed companies buy non-listed companies, assets integration between listed companies, M&A has become the important means of rapid expansion of Chinese enterprises and resource integration. A large number of companies are interested in mergers and acquisitions, however, whether or not these acquisitions improve the company's performance, and achieve the optimization of resource, which has aroused the attention of many scholars, many scholars at home and abroad have been conducted empirical research on the performance of M&A. As scholars have used different research methods, sampling and performance evaluation benchmarks, this have not a definite conclusion. In China, for various reasons, corporate mergers have Chinese characteristics, so the M&A performance is bound to different from the performance of foreign countries. So, studying M&A is very important in the situation.With the actual situation in our country, according to the perspective of "whether the two sides belong to the same local government", and" whether the two sides belong to the same control", this paper conducted empirical comparison test of company M&A performance, and gave a reasonable explanation for the results. The innovations of this paper include:in order to obtain the conclusions closer to the current reality through examining the latest sample data, this paper select samples that have experienced M&A in 2007; and in the light of the perspective of "whether the two sides belong to the same local government", as well as" whether the two sides belong to the same control", this paper conduct comparative Study. This paper selected twelve indexes to evaluate the operating performance, and then extracted principal components using factor analysis, as well as constructed a comprehensive evaluation of enterprise performance scoring model, at last examined the M&A performance of the different perspectives by using 155 acquirers' different synthesis scores, testing methods used T test.According to the empirical study, this paper got some meaningful conclusions: enterprises performance under the jurisdiction of the same land goes down after the occurrence of mergers, however, enterprises under the jurisdiction of the different land have a better M&A performance, from the perspective of M&A year, as well as ex-post, the M&A performance of the different land jurisdiction should be obvious superior to the M&A performance of the same land jurisdiction; enterprises under the same control in the M & A year have already seen a decline in the performance, non-same controlled enterprises' performance increase after the occurrence of mergers, compared to business combinations under the same control and non-same controlled business combinations, after the merger, non-same controlled combinations performance is obvious superior to that of the same controlled combinations.Finally, based on the above empirical analysis, author brought forward some countermeasures:the state should strengthen the constructions of the rule related to M&A, build a good social environment for M&A activities, and build up a fair M&A market; governments should recognize the proper involvement in corporate M&A activity, learn "do something "and "do nothing", effectively guide the M&A activities to the healthy development from macroscopic; China Securities'Regulatory Commission should draw up effective measures to reduce the occurrence of the non-normal M&A under the same control, so that we can prevent the group manipulating the profits through the acquisition; acquirers should pay attention to the integration performance, so the asset, human resources, culture can be well integrated, improve the effect of M&A, with efforts to improve the effect of mergers and acquisitions, attach importance to sustainable development of a variety of post-merger synergies.