The Influencing Factors Determining The M&As Performance In Listed A-share Companies

Merger and Acquisitions(M&As) are transferring of controllership between companies and are the most complicated activities among capital market operations. It involves organizational behavior, financing & budgeting, human resources management and etc, and the research in M&As have great theoretical and practical value, and usually play a guiding role in practices.The paper is studying on the influencing factors determining the M&As performance, based on the sample of M&As in A-Share companies ranging from 2006 to 2012. The paper reclassify and clearly defines the difference between M&A deals and M&A Restructuring(usually seen on China market).The paper also summarize the research on M&As motivation in China and design the multiple linear regression model to test the popular theory, which are Efficiency Theory and Proxy Agent Theory, and supported them both.Since M&As is closely regulated and monitored by the governing agencies,the paper gives a detailed description about the pipeline of M&As, the regulation policy on M&As, as well as the advancements in theoretical research, trying to have a comprehensive viewpoint on M&As.