| Energy is an important material base of human survival and development, but also the indispensable fundamental conditions of social contemporary's normal operation. With the deepening of our reform and opening up, the capital market is rapid and outspread, the activity of M&A in the listed company of energy sector emerge in endlessly, expected in the next few years will keep rising trend. Taking it as a background, this paper makes an overall investigation M&A activities of energy plate listed companies.Firstly, on the basis of reviewing the domestic and foreign relevant research we summarize the related theory of M&A activties from China's specific conditions.and also expound panel data model and multiple linear regression model.Secondly, give the selection principles and specific financial index of sample companies, propose the research hypotheses, using econometric analysis software Eviews6.0 descriptive statistics of sample analysis, summed up trend of the level of performance before and after mergers and acquisitions, building panel data model, using the likelihood ratio (likelihood radio, LR) test, Husman test to determine model range to "M" as an explanation variables, performance indicators as explanatory variables, research the correlation between "M" and "performance".on the basis of the related hypotheses.;build multivariate linear regression model using one-way gradually back regression method empirical analysis M&A performance impact factors from 6 aspacts about M & A type of regression, whether related party transactions, the proportion of tradable shares, the transaction size and so on.Finally, give suggestions on improving enterprise performance after M&A activies at an angle before the acquisition of planning and after the merger of integration to make such listed company reach the ideal effect, so as to promote our country's energy sector listed companies M&A activies effective continued to implement. |
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