Research On The Influencing Factors Of Corporate M&A Performance

Merger and acquisition activity is a complex and scientific economic activity,which is an indispensable change force in modern capital market.Although merger and acquisition activity has been more than 100 years old since its emergence,it is still impossible for modern enterprise managers to understand it comprehensively and truly.According to our country enterprise merger and acquisition of capital market is a new sample and its progress,use normative research method of qualitative and quantitative empirical research methods to analyze factors related to m&a performance,including the empirical part using factor analysis and linear regression method.Specifically,the standard research that draw lessons from foreign existing explain m&a theory from the final control people and the degree of equity balance degree,the management equity incentive Angle analysis the influence of the m&a performance of listed companies in our country.Empirical study on the deep Shanghai stock exchange in 2014 selected 391 listed companies as samples,using accounting financial indicators constructed the enterprise m&a performance comprehensive evaluation score function,through different m&a of enterprises performance is presupposed by explanatory variables,after adding control variables and the factors affecting the performance of mergers and acquisitions do linear regression analysis,empirically the relationship between the factors and m&a performance.The results showed that the ultimate controller of non-state-owned listed companies is better than state-owned listed company merger and acquisition performance for a long time,the reason may be that the state-owned enterprise merger and acquisition is not purely from the perspective of market,the more intervention by government macro-control;The enterprises with large equity balance of listed companies in China have achieved better m&a performance than those with smaller equity checks and balances.Root when hold company's controlling shareholder equity is too large,the company enjoys absolute control power,the other shareholders are unable to restrain the behavior of the controlling shareholder,prone to encroach on the interests of minority shareholders behavior;It is better for a listed company with a large degree of equity incentive than a company with small or no equity incentive.This is because when the management gets a large equity stake,it can effectively alleviate the problem of agency cost,so that managers can make full use of their professional skills to create more value for the company.There is no correlation between the degree of education and the m&a performance of the CEO.The reason is that the degree of education can only indirectly reflect the knowledge level and ability of the manager from the side,and cannot fully reflect the CEO's ability.Mergers and acquisitions by cash settlement of the listed company m&a performance better than cash settlement,the reason is that cash to get out of the target company is undervalued,mergers and acquisitions party information strength is very strong,it makes acquirers stock prices.Finally,this paper makes a comprehensive empirical test result,and puts forward relevant Suggestions from the perspective of government and enterprise,enhancing the balance of ownership,increasing the shareholding ratio of management and adopting the method of cash payment.