Empirical Research On The Impact Of Mergers And Acquisitions On The Market Value Of Listed Companies

After the split-share reform of the stock market and under the domestic entire circulation background.The market value of listed companies has become an important index to measure and evaluate the value of a listed companies.More and more listed companies improve their market value by merger and acquisition,m&a has become an notable way to extend the extension of listed companies in China.At present,the theorists has little research on the effects of the merger for listed companies' market value,besides there's lots of differences between theorists.Through reviewing and concluding the existed documents and theories,this article analyzed such effect from two aspects-the positive side and the negative aspect and expounded the intrinsic mechanism which influence the listed company's market value.On this basis,we established the theoretical model the market value effect of listed companies in China is analyzed empirically,and the policy Suggestions for improving the positive effect of m&a are put forward.Through the research,we think that the listed companies can realize their market through "realizing enterprise growth","realizing collaborative value" and "promoting diversified development of enterprises".Value by the value of a reasonable and effective management,can produce positive effect to market value of listed companies,however,due to excessive tap financial resources in the process of mergers and acquisitions,mergers and acquisitions fusion failure,do not pay attention to the value creation of speculative factors such as mergers and acquisitions and financial m&a could also lead to mergers and acquisitions of listed companies on the market value of negative effects,an empirical analysis of the papers also proved this point.This article puts forward the policy suggestions on the positive effect of the m&a for listed companies from the listed company,the regulatory,and the investor these three levels.