The M&A Performance Empirical Analysis Of Fast And Slow Growth Enterprise In TMT Industry

Mergers and acquisitions appeared at the end of the 19 th century, but the first real world wave of mergers and acquisitions occur in the early 20 th century. During the next one hundred years, in line with the pursuit of profit maximization as the goal, the productivity and finance development, the global business has experienced five big mergers and acquisitions, enhancing developed countries economic strength and position in the development of the global economy. At present, China as the world's second largest economy, is entering a transitional period, with the urgent needs of economic development, the policy of gradually opening, mergers and acquisitions in China's economic development plays an important role. In 2014, the Chinese enterprise M&A number is 4003, involves the amount more than $2.4949 trillion, compared with 2013 M&A number is 2069, and involves the value of 1.5258 trillion Yuan, increased by 93.48% and 93.48% respectively.This paper takes the TMT industry in our country listed company as the research object, by using the combined method of theoretical research and empirical research, to our country in different growth stages of the TMT industry. TMT industry in China as a buyer of mergers and acquisitions of listed companies in different growth stage, and USES the statistical method, analyzing the factors of influence to the TMT industry in our country enterprise to make better use of mergers and acquisitions increase the return on assets to provide the reference.This innovation points mainly: first, the domestic study of TMT industry mergers and acquisitions pay more focused on theoretical research and case analysis, this paper use statistical methods of TMT M&A performance and its influencing factors. Secondly, based on the different growth stage of TMT group to study the performance of listed companies, TMT enterprise know when to use the TMT company mergers and acquisitions to increase enterprise value. Finally, on the performance evaluation index, use the enterprise after the merger of the total return on assets value minus the return on assets in the same year industry average as evaluation standard, to find out the enterprise M&A performance growth rate, and excludes the effect of the volatile industry.This paper is divided into five parts: the first chapter, this paper selected topic background and significance, research contents and methods, the article structure, the whole article innovations and shortcomings. The second chapter, the paper discusses the general research situation of M&A performance in both, the definition, types and motivation of M&A. The third chapter, expound how the TMT industry and industry mergers and acquisitions, give a detailed discussion on the selection of factor analysis. The fourth chapter, mainly for data selection and statistical analysis, statistical results are obtained. The fifth chapter, the research process are summarized and the research results evaluation, gives the corresponding Suggestions and points out that the research limitations.