Research On The Influence Of Acquisition Motivation On Financial Performance

The hostile takeover is a new product in the development of China's capital market in recent years.With the reform of split share structure,it is in progress.The difference between a hostile takeover and a goodwill takeover is that the takeover company is an acquisition method that initiates an acquisition activity for the target company to gain control of the target company without the consent of the management of the target company.The main purpose of this paper is to evaluate the changes in the performance of the listed companies before and after hostile takeovers,and try to find the main factors affecting the change of the hostile takeover performance based on the background of the specific cases.The case analysis method mainly used in the article is based on the case of Baoneng's hostile acquisition of CSG A company in the secondary market in 2016 as the main analysis object.Through comparative analysis of various financial performance indicators,the performance changes before and after the M&A of listed companies are obtained and applied.The event research method analyzes the changes in the stock price before and after the incident and then qualitatively analyzes the background of the specific case.The research results show that in the case of CSG A being hostilely acquired,the hostile takeover does not fully play its role of external supervision and has no significant effect on the improvement of the acquirer's performance;on the whole,it is the motivation to launch hostile takeovers.The choice of the hostile acquisition method and the target company's anti-acquisition will affect the performance.