An Empirical Study On The Influence Of Merger And Acquisition On The Performance Of The Listing Corporation

As a kind of property right transaction,M&A has gradually become an effective capital operation mode,which is to improve the efficiency of enterprise development,to pursue the optimization of resource allocation and the maximization of enterprise value.Throughout the history of modern economy,most of the enterprises developed through M&A.At present,China’s economy has entered a transition period,and the reform of the economic structure and adjustment is also entering a crucial stage,while China’s enterprises are also facing increasingly fierce competition from domestic and international.Therefore,whether M&A can improve the efficiency of enterprise development,whether enterprises can improve their business performance through M&A in the economic globalization and the wave of domestic economic reform and development,attract the attention of more and more scholars.Combing the empirical analysis of the Influence of M&A on the performance of listing corporations of domestic and foreign scholars,the improvement of the operating performance of Target Corp has reached a consensus,however,acquiring firm’s business performance has more uncertainty.In this paper,293 M&A events occurred in the A shares market of 2009-2011 in our country were selected as a preliminary analysis sample,according to whether conforms to the major asset restructuring criteria for classification,financial index method was used to carry out empirical research.By selecting 11 financial indicators,which respectively represent the profitability,cost control ability,business growth ability,operating ability and debt paying ability of the listing corporation,a comprehensive performance score model was constructed by using the factor analysis method,this paper empirically studied the change of the business performance of the listing corporation of the major asset restructuring sample and non-major asset restructuring sample before and after M&A;then this paper comparatively studied the difference of the performance of M&A between these two groups.Empirical study found that:(1)Major asset restructuring and non-major asset restructuring both significantly improved the operating performance of the listing Corporation;(2)During the study period,although the performance level of these two groups show signs of convergence,but major asset restructuring is more conducive to the improvement of performance levels.Finally,some policy and suggestions are put forward based on the results of empirical research to improve the M&A performance from macro and micro perspectives.