Research On M&A Performance And Related Factors Of Listed Companies In China

Since reform and opening, with the accelerated pace of technological innovation and increasingly sophisticated capital market in China, companies need to get more profits to enhance the resistance of competitors on the market and increase their competitiveness, mergers and acquisitions has become a fast growing business efficiently way, and has shown a number of frequent, large in scale, diversification and other characteristics, is to reconfigure the enterprise resources, practice the scientific concept of development is another major weapon. It can be said that many entrepreneurs are so recognized, in a certain sense, is the acquisition of the company has developed, any one of the big companies and big enterprises, and even multinational companies are adopting the merger and acquisition and development and growth of. Because of China’s capital market was still young, still young in China M&A market, our policy system, the market environment and other aspects of their own, there are still problems with M&A is facing in the development of many of the difficulties, the resulting effect is not as expected so good.Private enterprise as a vital force in our market, after a long-term development, the strength of private enterprises can not be ignored in the development of capital markets, mergers and acquisitions becoming more frequent, M&A event dominated by state-owned enterprises have gradually developed into a state-owned Equal shares, private M&A surging, who will gradually become the leading M&A activity are.China’s market economy gradually improved, mergers and acquisitions have become increasingly frequent, the people of the different military rise of corporate life, has increasingly become the concern of academics and practitioners focus. Of many scholars study the market in case of mergers and acquisitions of listed companies is to create value is no longer of this article our focus on the overall performance of listed companies, mergers and acquisitions change, but more detailed research to try to place private listed companies due to mergers and acquisitions Performance changes.This article discusses the M&A theory, introduced private listed companies merger characteristics, combined with the relevant research methods to study the analysis of mergers and acquisitions firm performance changes, from the classification of factors of affecting factors on the performance of M&A implications. Theoretical and empirical articles from the start of two parts, starting from the acquisition motivation, acquisition of private enterprises were analyzed.The empirical analysis the following conclusions:obtained from the factor analysis of the five integrated score function of the different scores obtained show that the performance is evident in the increased acquisition of the year, dropped the first year after acquisition, merger began to rebound after the second year, changes in scores from the five-year trend, M&A is able to improve business performance, is a positive influence; This paper studied the same relationship, association, payment methods and to study the acquisition of the four factors test their performance on the M&A effect, the study draws on the same relations in general, is affecting performance, the association entered the regression equation because of the two, appears a positive and negative coefficients, obtained short-term relationship is a positive influence on acquisition performance in the long run related party transactions may have negative effects, methods of payment significantly affected the acquisition performance, cash payments in the short term performance was negatively correlated to the acquisition, long-term cash payments may still be under the merger would bring positive impact business performance study by M&A experience in the final analysis did not enter the regression equation had obtained experience of M&A performance is no correlation.