Research On The Influencing Factors Of M&A Performance Of Listed Companies

With the "relaxation" of the national M&A and restructuring policy,the M&A and reorganization transactions in China and the amount of M&A transactions have shown a rapid upward trend.Mergers and acquisitions bring about the integration of high-quality assets within the industry and the industrial chain which has a far-reaching impact on the company's own development.If the merger involves a premium purchase,it will generate goodwill.2018 is the accounting year for the previous round of mergers and acquisitions.The A-share market frequently has disputes arising from the impairment of goodwill.Goodwill plays an important role in the M&A performance of listed companies,but there is not much research in the academic community on the goodwill of M&A.In this context,based on previous research,this research comprehensively analyzes the impact of goodwill for listed companies in the short-term and long-term market performance and financial performance combining with financial and corporate governance variables.Firstly,this research reviews the main influencing factors of M&A performance and the research methods of M&A performance,and further summarizes the variables and research methods needed for the research.Then this research sorts out the development process of mergers and acquisitions and goodwill of listed companies in China.Based on the previous studies and the reality of our country,the research hypothesis of this paper is proposed and the regression model is constructed.Using the data of all A-share non-ST listed companies that implemented mergers and acquisitions from 2013 to 2016,this research conducts multiple regression analysis on the regression model.Finally,this research analyses the results of model regression and proposes recommendations based on the research conclusions.The main innovative work and research conclusions of this research are mainly summarized as the following aspects.Firstly,this research uses the event research method to study the impact of goodwill on the cumulative abnormal return rate of listed companies after mergers and acquisitions from the perspective of goodwill.And through the analysis of corporate governance and financial indicators,the research studies the impact of these variables on the cumulative abnormal return rate of short-term stocks after mergers and acquisitions.Secondly,this paper introduces the long-term stock cumulative abnormal return index by lengthening the window period of M&A events,and comprehensively studies the impact of goodwill on the long-term performance of listed companies after mergers and acquisitions.The research finds that in the market with rising trend,the greater the goodwill,the larger the short-term CAR and the long-term CAR,but it has a significant inhibitory effect on the financial performance after the completion of the merger The higher the proportion of institutional investors,the higher the short-term CAR,but the smaller the long-term CAR.The higher the asset-liability ratio,the smaller the short-term CAR and long-term CAR.After the three-year performance commitment expires,small and medium-sized enterprises face serious problems of goodwill impairment.At this time,the greater the market value of the listed company's market value,the weaker the profitability after the merger.According to the research conclusions,this research further proposes recommendations from the investor level,the manager level and the regulatory level:Investors should have a detailed understanding of the fundamentals of listed companies such as corporate governance indicators and financial indicators for an early detection of potential goodwill impairment risks;Managers should be cautious about small and medium-sized enterprises with high premium and high performance commitments.After the completion of mergers and acquisitions,they should actively participate in the operation and management of mergers and acquisitions.Regulators should strengthen the accounting supervision of the impairment of goodwill and improve the quality of disclosure of capital market information.The research has certain reference significance for investors' investment behavior,company management decision-making and the enforcement of regulatory agencies.