Research On The Influence Factors Of Public Companies' Horizontal M&A Value Creation

With the rapid development of Chinese economy, in recent years, the number of horizontal mergers and acquisitions of listed companies in China is on the rise, more and more enterprises realize that horizontal mergers and acquisitions have become the important way of modern enterprise to realize leap-forward development. But as a result of horizontal mergers and acquisitions in China market is not perfect, the listed companies lack the necessary theoretical guidance and experience for reference, while seeking better and faster development through horizontal mergers and acquisitions, faced with many problems from external and internal, how to effectively solve these problems, to maximize value creation horizontal m&a is very important. Therefore, in the crucial period of China to speed up the transformation of the pattern of economic development, starting from the listed company's actual situation, analysis of horizontal mergers and acquisitions related value creation theory, study the theory of horizontal m&a of value creation, not only enriches the theory of horizontal mergers and acquisitions in China research, also help the listed company to find a feasible path of horizontal mergers value creation, promote the development of horizontal m&a market, promote transformation and upgrading of China's economy.Horizontal mergers value creation is through the enterprise resources integrated movement between the process of realization of the rational allocation of elements. This process makes the elements role into full play, the synergistic effect, improve the enterprise operation efficiency and effect. In horizontal m&a information gathering stage, decision stage, the stage of implementation and integration stage four stages, the resources to complete the confirmation, transfer, restructuring and integration, effective configuration of resources makes the value creation through the whole process of horizontal mergers and acquisitions. Value to the value creation of horizontal m&a theory, efficiency theory, market power theory, scale economy theory and the free cash flow theory as the theoretical basis, under all sorts of horizontal m&a motivation drive, from six classes factors' influence, which are direct stakeholders, horizontal m&a preparation, horizontal m&a implementation factors, operational factors of listed company, the resources matching six factors and social environmental factors. Horizontal mergers value creation comes from the horizontal merger synergies, but as a result of the existence of expected synergies and competition between different m&a participants, acquirers usually have to pay a premium for future operating profits into the compensation, therefore, the value of horizontal mergers create can be measured by the difference between the synergies and premium. When measuring, the calculation of horizontal m&a premium should be based on principles of high cost and market; Horizontal merger synergy estimates can be considered cost cost, sales income and profit, discounted cash flow method is used to estimate. Through the acquisition premium and detailed analysis of synergy mechanism further confirmed the influence of horizontal mergers value creation. On relevant theory of horizontal mergers value creation, merges the judgment of value creation and mechanism on the basis of normative analysis, with six factors of horizontal mergers value creation as latent variable hypothesis model is established, through confirmatory factor analysis shows that the model established, the influence of horizontal mergers value creation through the six factors. Finally, combining the normative analysis and empirical analysis on the results of the proposed should put forward the suggestion starting from the macroscopic and microscopic aspects to achieve maximum horizontal m&a of value creation.