A Study On The Performance Of Exchanged M&A Of Listed Companies

Since the beginning of the new round of reform of the equity division,the stock exchange and mergers and acquisitions market has become increasingly prosperous and has become an important way for companies to achieve self-improvement.So far abroad has gone through 6 waves of mergers and acquisitions.From the initial cash mergers and acquisitions to exchanges and mergers to comprehensive mergers and acquisitions,exchanges and mergers and acquisitions have become the mainstream of the market.There has also been a mature system of research on share exchange and mergers and acquisitions.However,since China's first stock exchange merger in 1999,it has not been able to develop.Accompanied by the changes in China's policy and financial environment,especially after the completion of the reform of the shareholding structure,the share swap merger has taken a certain position in the market.However,there is a lack of research on the exchange of shares.In today's fierce market competition environment,relying solely on endogenous growth has been unable to meet the development needs of the company,and the exchange mergers and acquisitions provide enterprises with a quick and effective exogenous mechanism,and the exchange of mergers and acquisitions relative cash mergers,there are many advantages For example,the cashflow savings,the expansion of M&A scale,and the reasonable avoidance of taxation,etc.Therefore,in the coming period of time,the M&A will become the main development direction in the M&A market.This paper conducts in-depth and systematic research on the performance of the M&A M&A in China's main board market,which not only enriches the theoretical basis of mergers and acquisitions,but also provides guiding suggestions for the improvement of related policies and regulations.More importantly,it can guide the adoption of rationality by listed companies.The M&A method has improved performance.The purpose of this paper is to systematically study the performance of the swap-and-merger principals,including the construction of M&A performance models and the exploration of influencing factors,which are mainly divided into four parts.In the first part,we first introduce the political and legal environment and the research direction and significance of China's share swap acquisition market,and then summarize the research results of foreign countries from the aspects of theoretical research,value creation,and research methods of M&A performance.The perspectives introduced the research status of our country.The second part is the theoretical level.It is the first chapter and the second chapter of this article.It mainly introduces the related theories of the stock swaps,including the concepts,classifications,and influencing factors of M&A and performance,combined with the actual situation in China.The reasons for the exchange of shares to be analyzed.Chapters3 and 4 form the third part of the paper.They selected 1,758 cases of stock exchange mergers and acquisitions from 2011 to 2015 as research samples,and built a performance evaluation model by using factor analysis and analytic hierarchy process to study the exchange of shares.Medium and long-term performance of M&A and influencing factors.The fourth part is the last chapter of the text.It thoroughly analyzes and summarizesthe empirical results of this paper.The government and enterprises have put forward relevant opinions from various angles.