An Analysis Of The Factors Influencing The M&A Performance Of Chinese Listed Companies From The Perspective Of New Institutional Economics

Enterprise mergers and acquisitions are effective means for companies to expand production scale,realize capital expansion,and strengthen market forces.Mergers and acquisitions enterprises achieve economies of scale through the absorption and integration of target companies and promote optimal allocation of resources.With the transformation of the economy,the consolidation and restructuring of the industry,the restructuring of state-owned enterprises,and the expansion of the expansion strategy,mergers and acquisitions have become an important driving force for economic growth under the "new normal",but this wave of challenges has also presented new challenges to Chinese companies.Therefore,it is of great practical significance to make a scientific and reasonable evaluation of the M&A performance of listed companies and to analyze the factors affecting M&A performance.This paper comprehensively considers the factors such as the degree of M&A motivation of Chinese listed companies,the benefits of stakeholders,and the changes in corporate governance costs,and builds a performance evaluation model for China's listed companies' M&A performance.It conducts empirical research on the short-term and long-term M&A performance of Chinese listed companies.It shows that the performance of short-term mergers and acquisitions of listed companies is poor,and the decline in the performance of listed companies in the long-term is not obvious.After making a scientific evaluation of the short-term and long-term M&A performance of listed companies,this article separately conducted an empirical study of the relationship between the ownership structure,the board of directors system,and management incentives and corporate M&A performance,and reached the following conclusions:First largest shareholder The ratio of stocks is positively correlated with the short-term M&A performance of listed companies.The equity balance mechanism has no significant effect on short-term M&A performance,but it is positively related to long-term M&A performance.Non-state-owned listed company's M&A performance is better than that of state-controlled listed companies.The board of directors system has no significant effect on the performance of listed companies' mergers and acquisitions.The salary incentive mechanism has a positive effect on the short-term merger performance of listed companies.