An Empirical Study On The Factors Affecting M & A Performance Of Listed Companies On The Growth Enterprise Market

As an important part of China’s capital market,the GEM serves as a good platform for the growth and development of SMEs.Mergers and acquisitions(M & A),as a quick and easy way to grow and develop their business,have taken place frequently and rapidly in the GEM market,but M & A performance is not satisfactory.GEM mergers and acquisitions whether to bring business income? Based on this series of questions,this article takes MHI performance and its factors as the research object,aiming to improve the success rate of M & A of listed companies and promote the development and growth of GEM.First of all,it combs the related theories of M & A and M & A performance,and then analyzes the current situation of M & A and M & A performance in GEM.On the basis of this,taking M & A of listed companies in 2014 as the research object,selecting the appropriate financial indicators and establishing the financial evaluation system from the four dimensions,Using accounting method and factor analysis method to calculate the M & A performance of 54 sample companies,found that the M & A performance of GEM companies increased after 2 years of mergers and acquisitions,but generally not ideal,lower than the status of the company before the merger.Then,based on the previous studies,this article summarizes 11 influencing factors,using Plackett-Barman experimental design to screen out the M & A of related parties that have a significant impact on M & A performance of GEM,M & A payment types,M & A types,Unit 4 factors.At the same time,taking into account the high growth and high-tech content of listed companies in GEM,creatively analyze the impact of growth and innovation ability on M & A performance,and put forward research hypotheses and build six regression models of the influencing factors and M & A performance Related party M & A,cash payment,operating profit growth and M & A performance are negatively correlated,the industry horizontal mergers and acquisitions,executives holding,debt ratio and mergers and acquisitions performance is positively correlated with the conclusion.This article is mainly targeted at the GEM market and incorporates the high growth and innovation ability as the influencing factors into the M & A performance research.The higher the growth and innovation ability of GEM companies,the stronger their ability to integrate resources after M & A and the better synergies after M & A.This study clarifies the various factors that affect GEM M & A performance and their interrelationships,provides theoretical guidance for the M & A of GEM companies in China,enriches the relevant theories of M & A,and at the same time provides the M & A strategic decision for the GEM listed companies reference.