Research On The Influence Of Growth Pressure On The M&A Behavior And Performance Of Listed Companines

Enterprise growth is the eternal pursuit of enterprises,mergers and acquisitions growth is an important way of enterprise growth.In recent years,M&A is very active,and the merger of the giant company and the backdoor listing of the two types of mergers and acquisitions has become a new trend.Alibaba,Tencent,Wanda and other companies continue to innovate at the same time,but also frequent mergers and acquisitions,mergers and acquisitions of Chinese companies continue to expand the size of the transaction amount reached 1 trillion and 40 billion yuan in 2015.With the development of China's securities market,M&A activities have gained more standardized legal support and system support.For the relationship between corporate growth and mergers and acquisitions are mainly related to the impact of corporate mergers and acquisitions on the growth of enterprises,and the growth of enterprises in different cycles of choice of the merger and acquisition mode,which the two direction analysis.There are few researches on the pressure of the growth of enterprises,and there are few literatures about the relationship between corporate growth pressure and M&A.Based on the research of domestic and foreign scholars,this paper analyzes the influence of the corporate growth pressure on the enterprise merger and acquisition and the performance,combined with the two factors of capital market and the regional institutional environment.Through theoretical analysis,and puts forward the research hypothesis,the relationship between corporate growth pressure and China's mergers and acquisitions on the different level capital market and regional institutional environment.At the same time analy the performance of mergers and acquisitions,enrich the research on enterprise growth pressure and the relationship between the M&A.Mainly from the following several chapters discuss:the first chapter elaborated the research background,putting forward this paper research questions,the research significance in theory and practice,and explains the research approach of this paper;the second chapter,we introduce the domestic and foreign research about enterprise growth pressure on corporate and mergers and acquisitions and the performance of the conclusion of the review of the previous research,and make comments,lay the theoretical foundation for this research;the third chapter mainly analyzes the relationship between enterprise growth pressure and merger behavior,put forward the research hypothesis,construct the research model,the variable selection and interpretation of specific measurement methods,and data sources from the introduction of the sample,and empirical test;the fourth chapter based on the previous research.Through the empirical analysis of enterprise growth pressure and the performance of mergers and acquisitions.The fifth chapter summarizes the research conclusions of this paper,analyzes the inspiration of corporate mergers and acquisitions,and puts forward the deficiencies of this study and possible improvements in the future.This paper draws the following conclusions:1,for merger occurred at least once at before four years non organic growth enterprises,Enterprise's own growth pressure and the relative industry growth pressurepostively related to mergers and acquisitions,slower growth is more preference to mergers and acquisitions.2,For non organic growth enterprises,the capital market on the relationship between non organic growth enterprise growth pressure and mergers and acquisitions have moderating effect,regional institutional environment has no moderating effect.3,the organic growth of enterprises and non organic growth enterprises,there was a positive correlation between the growth rate and the performance of mergers and acquisitions,corporate mergers and acquisitions performance to grow faster and better,the enterprise growth slower performance worse,namely enterprise growth pressure have negatively related to performance of mergers and acquisitions.4,the capital market have moderating effect on the relationship between growth rate and M&A performance of organic growth enterprises and non organic growth enterprises,and the regulation of regional institutional environment is not significance.