The Influence On M&A Behavior Of Chinese Listed Compaines Afte The Equity Division Reform

Enterprise can optimize enterprise shareholding structure and promote enterprise expansion. M&A is expanding business scale in an effective way. With China's securities market unceasingly consummates, the listed company's activity will increase, M&A will also present the trend that gives diversity, M&A will become the securities market resources of important mode repositions continuously. But the theory research and practice indicate that the M&A case occurred in China compared with the West capital market, M&A or operation mode are different, the fundamental reason in china's securities market is long-standing problem of non-tradable shares in a certain extent, restricted the development of listed company merger activity. Therefore, the study of this influence not only in theory, but in practice, has the vital significance.In this paper, Firstly, we analyzes the theory of related M&A, such as the transaction cost theory, synergistic effect theory and market forces theory and summarize the M&A activity of the listed companies. Then we reviewed objective the share-trading reform and analyzed and compared M&A action of China's listed companies, After analyzing the influence of M&A action of China's listed companies after the equity division reform. those aspects are M&A motivation, the selection of M&A and M&A payment way. Finally, we conclude the M&A behavior of listed companies in the new situation and put forward solutions and Suggestions.This article from the behavior of Chinese Listed Companied and the actural situation of stock market,based with economics,finance,business management and other related theories. Reference to be listed merger and practice experience, the behavior of other listed companies in China's M&A, trying to influence after the reform of the listed company m&a activities provided theoretical development and practice to learn.