The Empirical Study On The Factors Affecting M&A Performance Of GEM Listed Companies

M & A is an important means for enterprises to seek rapid expansion,expand new business areas and enhance the competitiveness of enterprises.GEM listed companies are mostly small and medium-sized enterprise with high growth,and in recent years,they continue to further promote the merger and acquisition,and the scale and frequency of mergers and acquisitions shows the rising trend,The merger and acquisition of Listed Companies in the GEM market has become one of the main subjects in the field of mergers and acquisitions.So what are the factors that affect the performance of listed companies? How these factors will affect the performance of M & A? In this paper,through the empirical study on the factors affecting the performance of listed companies,we provide a reference for the implementation of mergers and acquisitions of listed companies.In this paper,the GEM listed companies are the research object,the 561 acquisition events happened in 2012-2015 years are the research sample,through the CSMAR database to get the sample data,Factor analysis is used to measure the performance of mergers and acquisitions,and the empirical analysis of the factors affecting the performance of listed companies merger and acquisition by descriptive statistical analysis,correlation analysis and regression analysis.This paper is divided into five parts.The first part is the introduction,introduces the research background and significance,literature review,introduces the research framework;The second part is the theoretical basis of the factors affecting the performance of mergers and acquisitions;The third part is the design of empirical research,firstly,on the basis of theoretical analysis,put forward the relevant hypothesis of the factors of the performance;then choose the design of the study variables,including through factor analysis method to evaluate the performance of mergers and acquisitions;then construct the empirical analysis model.;The fourth part is the empirical analysis and the results were analyzed by descriptive statistics,correlation analysis and regression analysis and robustness test;the fifth part is the conclusion of the study and recommendation.In this paper,we found that:(1)overconfident managers are likely to lead to decline in M & A performance.(2)related M & A performance is better than non-related M & A performance.(3)there is a significant positive correlation between cash payment and M& A performance.(4)there is a significant positive correlation between managerial ownership and M & A performance.(5)there is a significant negative correlation between managerial overconfidence and related M & A performance.there is no significant negative correlation between managerial overconfidence and non-related M& A performance.