Growth、Strategic Synergy And The Performance Of M&A

M&A has always been the hot topic in the capital market, but in reality a lot of merger and acquisition activities have failed to obtain the desired effect. Many factors that affect the performance of M&A, the existing research mainly from the transaction cost theory, organizational learning theory and resource-based theory angle to study the related factors. Through the collection and analysis of the existing literature, this paper determines the specific research problem, namely enterprise growth and the relationship between M&A performance, at the same time analysis of strategic synergy effect on the regulation of relationships between them.In this paper,243 listed M&A in 2012 occurred as samples, with the relevant accounting index from 2009 to 2013 as the research object, research methods of normative analysis and empirical analysis combining for acquisitions and growth of the former main square of effect of M&A performance of empirical analysis, while exploring strategic synergies regulation of relationship between the two.In theoretical analysis section, respectively from the influence factors of M&A performance, growth theory and measurement method, measurement index and the related theory and strategic synergy angle measurement theory analysis. Eventually determine the metrics in this paper, the relevant variables involved. In the empirical analysis part, using the SPSS 19.0 and Excel software for data processing and analysis, through the establishment of regression model, inspection and put forward the assumption, research conclusions as follows:(1)The rate of assets and liabilities of the main and side of the M&A performance have a significant negative correlation. Master and enterprise’s capital structure is an important aspect influences the performance of its mergers and acquisitions, asset-liability ratio height decide the enterprise’s financing activities, and then decided to the enterprise to the funds needed for the implementation of mergers and acquisitions and mergers and acquisitions integration supply.(2)Accounts receivable turnover ratio as an indicator of the ability to influence business growth, there is a significant impact on improving acquisition performance. Significant negative relationship sales margin exists for M&A performance. Companies increase sales, while net profit margin to strengthen the management of accounts receivable, speed up the turnover.(3)The development of the ability to reflect the total asset growth and business growth impact on the M&A performance is different, the total asset growth there is no significant relationship, business growth there is a significant positive correlation with the acquisition performance.(4)Regulation strategic cooperative relationship between the company’s growth and M&A performance significantly, indicating that strategic synergies in M&A activity there is a big influence on the M&A performance, therefore, in the company’s M&A activity, should be selected suitable acquisition target.(5) Principal and payment of mergers and acquisitions and company size have a quite different effects on its M&A performance. M&A performance of payment method and the main and significant positive correlation, namely the non-cash payment can promote the main and the ascension of M&A performance, cash payment against the Lord and the improvement of party M&A performance. Company size acquisition performance of main and side effect was not significant.Based on the research conclusion of this article, the author believes that the intended to implement enterprise mergers and acquisitions, should first evaluate its own growth and to be and relevance, this is the necessary preparations before the merger. Enterprises should improve their growth, to find themselves with strong strategic collaborative and appropriate scale enterprises as the objects of mergers and acquisitions, "SheTunxiang" type enterprise integration in the late of mergers and acquisitions will increase the difficulty. At the same time, strengthen the control of and party, and mergers and acquisitions left key elements and the spread of enterprise growth ability.