The Empirical Research On The Factors Of Mergers And Acquisitions Effects Of The Listed Companies On Small Or Medium-sized Enterprises Board

Since the end of the 19 th century an outbreak of the first wave of mergers and acquisitions, mergers and acquisitions have become the effective ways of expaing production scale,changing structure of enterprises, optimizing the resources reorganization.And it also attracts the attention of many scholars and experts. Mergers and acquisitions have the veyt actual social application value and great academic value.The questions that whether the effects of M&A are impoved and what are the influenced factors of M&A The most core questions of M&A are the most core of M&A.To solve these problems, many scholars who are at home and abroad study the M&A from different angles and use different methods.However, there is no form the theoretical framework of the system because of different degrees of economy development, market environment, and the different research sample.Along with the development of the merger wave, small and medium-sized boards of listed companies in our country have joined the army of mergers and acquisitions.By this way,the companies aim at gaining economies of scale, synergy,and also seek the long-term development of the enterprise.In this context, combining with the characteristics of small and medium-sized boards of listed companies, studying the effects of M&A and influenced factors plays an important role in theoretical and realistic significance for the companies.Based on the theory of M&A and the researches by scholars,this paper choose the M&A events of the small and medium-sized boards of listed companie that took place in 2011 as the research object, and selects a sample of 68 firms by certain standard, selects financial indicators, using factor analysis and multiple regression model analysis, to find the influence factors,then get the corresponding conclusions.