The Research Of Motivation And Performance On Listed Company Merger

Relying on external M&A expansion is an effective way for enterprises to rapidly strengthen themselves.M&A helps enterprises obtain the complementary advantages of source and achieve synergistic effect,which has great significance to enterprise's sustainable development.This paper firstly introduces motivation of M&A and the theory and literature of M&A.And then,linking theory with practice,this paper analyses the M&A motivation and M&A performance based on Leyard merging Planar through the case study.Specifically include:first,this paper introduces the basic situation of parties,ways of M&A,financial plan and merging process;second,this paper analyses the motivations of Leyard merging Planar from the perspectives of government policy,globalization strategy,synergistic effects and obtaining resources;third,through adopting events study,this paper analyzes the market performance of Leyard and Planar.Deeply analyze the accounting performance of M&A from the aspects of combining the specific financial data of profitability,operation capacity,debt paying ability,growth ability and cash flow capacity.This paper promotes supervisors and practitioners to understand the motivations and economic consequences of M&A,which also has positive reference to other enterprises in the same field.