Research On M&A Performance Of Listed Companies In China's Electronic Information Industry

With the gradual transformation of China's economic system,equity incentive system as a way to get managers to obtain a certain stake in the company,so that they are based on the identity of the identity of a new shareholder of the company's identity,and then dual participation in corporate governance An incentive method,from the beginning by the parties questioned to the development of today,has been more and more listed companies of all ages.At this stage,equity incentive in the country more and more attention,the implementation of equity incentive plan more and more companies,especially listed companies,showing a rising trend year by year.With the increase of domestic enterprises to implement equity incentive plan,domestic scholars have also increased their research on equity incentive.Although the influence of equity incentive on the performance of enterprises in the western countries has the effect of interval effect.This view has been confirmed and accepted by most scholars.However,the development of equity incentive in China is still at the initial stage.The capitalist market is complicated,the internal and external environment of the enterprise and the western There is also a big difference in the country,so even if the equity incentive in our country to develop rapidly,but the equity incentive plan on the value of the enterprise has not been finalized.Industry influence as an important factor in the past,the implementation of equity incentive in the study of the impact of corporate value,has also been a part of the scholars focus on research.In recent years,high-tech industry,the rapid development of the implementation of equity incentive plan for the proportion of enterprises is growing,causing a high degree of concern to scholars.Traditional industries,the two in the means of production,development goals,there are very different.Therefore,even if the implementation of the same policy,in these two different industries,the impact of corporate governance results are not the same.On the basis of the original research,this paper tries to study the effect of the implementation of the equity incentive plan on the enterprise value by first examining the A-share listed companies with the implementation of the equity incentive plan from 2013 to 2015.Then,The effect of the incentive incentive intensity on the enterprise value in the sample enterprise of the incentive plan.Finally,from the perspective of the industry,the difference between the effect of the stock incentive intensity on the enterprise value in different industries is studied.Specifically,this paper to measure the value of business to Tobin Q value,equity incentive plan published in the number of incentives accounted for the proportion of the total share capital to measure the incentive intensity.In order to further explore the differences between the industry,this paper divides the enterprises that have implemented the equity incentive plan into the high-tech industry group and the non-high-tech industry group to further analyze the different effects of the equity incentive intensity on the corporate value of the listed companies in different industries.This paper first summarizes and combs the relevant theories and literatures of equity incentive.Secondly,according to the basic theory,the author analyzes the influence of equity incentive on the enterprise's value,puts forward the basic hypothesis,and determines the regression model and the variable.Then,the empirical analysis is carried out,and then the empirical analysis is carried out.,Which analyzes and compares the influence of equity incentive intensity on firm's value in two industries.Finally,the conclusion of this paper is given and the corresponding suggestions are given.The main conclusions of this paper are as follows:(1)The implementation of the equity incentive plan has a significant positive impact on the enterprise value.(2)In all the sample enterprises that have implemented the equity incentive plan,the stock incentive intensity is significantly positively correlated with the firm's value.(3)the high-tech industry equity incentive intensity relative to the non-high-tech industries,the greater the impact on corporate value;...