Research Of M&A Performance And The Influencing Factors On Chinese Listed Companies

Following with the speeding up of global economic integration, the world within the scope of the market competition intensified. How to quickly become bigger and stronger in the internationalization competition, M&A favored by more and more enterprises. The road of M&A is not smooth, however, corporate performance after the merger focus on more enterprise’s attention. To study the effects of different factors on the enterprise M&A performance, based on the listed company M&A event in China in2009as the research sample, selection five years of financial indicators of M&A enterprises, using factor analysis method to comprehensive performance measured for five years before and after M&A of listed companies, and using multiple regression method is mainly studied M&A payment method, related party transactions, equity concentration, executive compensation, industry correlation factors impact on M&A performance of listed companies.Results concluded that the overall performance of M&A of listed companies in China show unstable state, the first two years after M&A, short-term performance has improved, but performance is not stable for a long time, comprehensive performance began to decline in the third year. Overall our country listed company M&A performance and M&A payment, executive compensation, industry relevancy has significant positive correlation.This article altogether is divided into five parts:The first part is the introduction. Overview the background and significance of this article, and summarizes the current M&A performance and its influencing factors research status and make a simple induction, then explain the research ideas and the innovation and deficiencies of this paper.The second part is the related theory and evaluation method. This part, the first is to introduce the meaning of M&A and M&A performance of listed companies and corporate M&A types. Followed by to the company performance measurement methods are simply introduced, thus this paper uses the method of performance measurement. And finally the introduction of company M&A motivation theory, summed proposed merger affect the performance of listed companies related factors.The third part is the research on M&A performance of listed companies and its influencing factors of the overall design. First, this part introduces the data sources and sample selection criteria; Then is introduced to measure the performance of M&A of financial indicators, this article from the profit ability, operation ability, solvency and development four aspects to select the core seventeen index, and brief explanation for indicators; Finally according to the characters of all sorts of M&A and the hypothesized relationship between M&A performance; Then introduced how to build a regression model and each variable in the model are defined.The fourth part is the analysis of influence factors of M&A performance of listed companies, is the core part of the article. First, factor analysis is used on the sample company the year (2008) before M&A, the year (2009) of M&A, the first year(2010) after the merger, the second year (2011) after the merger, the third year (2012) after the merger five years of data structure comprehensive score model respectively, and concludes that M&A impact on the performance of the listed company of our country; Then to sample companies in each of the comprehensive score difference as the dependent variable, all kinds of influencing factors as the independent variable regression analysis, thus obtains the assumptions in the various factors influence on the performance of M&A, and correlation analysis.The fifth part is the result and suggestions. According to the fourth and fifth part of the empirical research results, this paper summarizes the research conclusion, and raises some countermeasures and suggestions for how to improve our country listed company M&A.The innovation points of this paper mainly reflected in following three aspects:Firstly, In the original enterprise performance comprehensive evaluation framework, increase new variables such as main business profit margins, current asset turnover ratio, quick ratio, and net profit growth rate and so on, the evaluation framework divided of the profit ability, operation ability, debt paying ability and development ability to select seventeen indicators, and comprehensive scores calculated by factor analysis method, makes the enterprise M&A performance integrated embodiment; Secondly, In summarize the experts and scholars for performance based on the analysis of the influence factors, increase the equity concentration and executive compensation and other new factors on the impact of M&A performance of listed companies is analyzed, and the effective control of its own growth, make the results more systemic; Thirdly, Data selection is a long-term, because of the influence of the M&A performance of enterprise happening after M&A, with a lag, therefore this article selects the financial crisis after five years of data, which can avoid financial crisis’s influence on data, and also can effectively measure the changes of long-term performance after M&A.